China's embedded payment system is setting a new standard for the global financial landscape, demonstrating the potential of open banking to revolutionize how consumers interact with financial services. By integrating multiple services into a single platform, users benefit from unparalleled portability, allowing them to seamlessly switch between service providers without friction.
Hariram Chakraborthy Janakiraman, Head of Industry and Innovation at ANZ Bank, emphasized the significance of this model in a recent interview with CGTN's Michael Wang at Sibos 2024. He stated, \"Other markets can learn from China's payment experiences, particularly in creating an ecosystem that prioritizes user convenience and interoperability among financial services.\"
This approach not only enhances the user experience but also fosters a competitive environment that drives innovation and efficiency within the banking sector. As financial technology continues to evolve, adopting open banking principles like those seen in China could be pivotal for markets aiming to stay ahead in the global economy.
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Other markets can learn from China's payment experiences: ANZ
cgtn.com
