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Chapter 8, “Open Banking, Open Data, and Open Finance: Lessons from the European Union,” by Douglas W. Arner, Kerry Holdings Professor in Law, Hong Kong University, Ross P. Buckley, KMPG Law and King & Wood Mallesons Chair of Disruptive Innovation, UNSW Sydney, and Dirk A. Zetzsche, Professor of Law, Holder of the ADA Chair, Faculté de Droit, d’Économie et de Finance (FDEF), University of Luxembourg, compares three approaches to open banking. China does not require banks to share data with fintechs, but Alibaba and Tencent have developed two ecosystems that facilitate data-sharing between these BigTechs and the banks they own. These ecosystems are private credit score systems that use social media and purchasing behavior. The Chinese government is now adopting its own social credit score system that will probably use these private scoring systems with other data. High social credit scores could lead to discounts and rewards. Low scores could lead to bans on acquiring plane and train tickets, property, and loans. In contrast, the European Union and India have or expect to adopt data protection and data-sharing laws. Yet the scope varies in the types of sharable data and categories of firms covered. The European Union’s approach covers only payments, while India’s lack of legacy infrastructure has proven advantageous in building a successful, new payments system. Pursuing its principle of “data empowerment,” India ambitiously plans to expand beyond financial inclusion to healthcare and educational services. The authors thematically analyze these different approaches. |
