Personal Financial Data Sharing Mechanisms within the Open Banking Framework

The development model of open banking is a necessary condition for commercial banks to achieve stable development in the digital era, and it can make data as a resource coupled with finance deeply. However, in practice, due to the relevant rules of open banking personal financial data sharing , there is a gap in legislation, inadequate implementation of relevant regulatory systems, the urgent of improving data privacy protection and many other practical difficulties. Therefore, there is an urgent needs to build a system for China's open banking financial data sharing system, which can be designed by drawing on the relevant rules of other countries and combining with China's specific realities, contrapuntally, through the establishment of a classification and grading authorization mechanism, the improvement of the "common vote" mechanism, and the sharing of black and white lists of the target bidirectional co-ordination model and other system designs, to facilitate the digital transformation and upgrade of financial institutions, and ultimately foster the development of new trends centered around consumer-centric personal financial data protection and open banking.