In the digital age, economic and social development has put forward new requirements for the cross-border flow of financial data. Financial data is the carrier of financial information, and it is related to personal privacy, financial institutions’own interests, financial security, and even national security. In practice, if there is a lack of effective regulations on the cross-border flow of financial data, it will not only be difficult to discover the potential value of financial data, but will also cause various risks. Currently, the United States and Europe have adopted different regulatory models for cross-border flows of financial data. The United States has increasingly relaxed restrictions on the cross-border flow of financial data; the EU’s regulation of cross-border flows of financial data is based on the GDPR and more emphasis on the protection of individual rights. In order to cope with the risk of cross-border flow of financial data, it is necessary for China to further improve the regulatory measures for the cross-border flow of financial data, and form a regulatory approach for the classification and supervision of cross-border flows of financial data. At the same time, it is necessary to strengthen the protection of personal financial information, actively carry out bilateral and multilateral cooperation, and effectively utilize the value of financial data.