WeBank Decoding Open Banking:
The Three Open's
As the 1st digital bank in China, WeBank is devoted to offering unbanked and underbanked individuals and SMEs with a variety of convenient and high-quality financial services around the clock. In 2018, WeBank has furthered its commitment to financial inclusion by launching WeBank FinTech to promote the Open Banking ecosystem to enable inclusive and contextual financial services for international partners.
We strongly believe the notion of Open Banking should go beyond the concept of API banking, therefore WeBank began the proposition of The Three Open's to foster fintech innovations.
To go beyond API banking by sharing data models, algorithms, customer onboarding procedures, risk management and other capabilities with participants in the collaborative business ecosystem.
Financial services can be provided by retailers, non-financial service companies, fintech companies, software companies, and etc., by using API, SDK, and H5 provided by Open Banks like WeBank.
Distributed business models shift the landscape of futuristic commerce, where collaborative business partners will become more sophisticated in vertical markets.
Open collaboration will drive the construction of shared business infrastructure, which nurtures more collaborative business models.
Open Innovation initiated by financial institutions and fintech companies allow collaborative business partners to leverage external technology advancements.
Provide open source software, intellectual property licensing, and reference implementations to encourage and empower partnerships.
WeBank capitalizes on the advantage of A.B.C.D technologies to advocate inclusive finance.
• Replace manual works • Anti-fraud
• Distributed ledger • Evidence-preservation • Smart contract
• Over-the-cloud scalability • Cost control
• Risk management • Precision marketing
A platform model for business partners connecting through open API, SDK or H5. Take API Banking as an example. In API Banking, a bank offers banking services through API, SDK or H5 on the open platform, where business partners could connect to the financial services. The bank, the other way around, can extend its services into more scenarios with the help of partners to provide better services and enrich choices of products for users.
Open Innovation bestowed innovation abilities on partners
with open SDK, IP empowerment and fintech reference
implementations, lowering the entry cost of collaboration
and enabling further advancement and innovations on
One of the best practices of Open Innovation is Financial Blockchain Shenzhen Consortium (FISCO), co-founded by WeBank together with other financial agencies and technical companies, and its product FISCO BCOS, developed by the open source work team of FISCO. Through the continuous efforts toward promoting open source and developing its community, FISCO BCOS has become an ecosystem with hundreds of Implementations and thousands of members and developers that has linked up the companies of different industries. A lot of applications have emerged in different business areas such as payment, ledger reconciliation, settlement and clearing, securitization, supply chain finance, credit checking and OTC market in financial industry, also areas outside financial industry such as digit escrow, cultural copyright, recreational games, social management, governmental service.
Open Collaboration is to form a business alliance model based on the concept of collaborative business. Under this model, banks and other participants jointly work to complement each other with their expertise to form an ecosystem of collaborative business, ultimately to minimize cost and maximize profit of participants.