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.
Enable scenario-based financial innovation
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.
Enable collaborative business innovation
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.
Enable technology community innovation
WeBank capitalizes on the advantage of A.B.C.D technologies to advocate inclusive finance.
• Replace manual works
• Distributed ledger
• Smart contract
• Over-the-cloud scalability
• Cost control
• API/SDK-enabled services
• Risk management
• Precision marketing
• Risk modeling