World champion Selby eased into Sunday's final with a 9-3 victory over fellow Englishman Martin Gould, and Allen's success against Bingtao was every bit as impressive.
World number 10 Allen enjoyed breaks of 105, 102, 90, 72, 70, 64, 55 and 50 to maintain his push for a fourth ranking victory to add to his success at the World Open in 2012 and 2013, and his Players Championship title last year.
'Phenomenal Selby stopped Murphy playing in final' - White
The 17-year-old Bingtao had enjoyed wins over Ronnie O'Sullivan and John Higgins in reaching the final.
But he struggled to cope with the scoring power of the Northern Irishman, who sped to the four frames and the final five after his opponent had briefly threatened to recover by winning frames five and six with breaks of 73 and 98.
The winner of the best-of-19 frames final on Sunday earns a cheque for £150,000.
'He broke me' - Emotional Murphy on loss to 'super-granite' Selby
'He hid round the corner!' - Selby reveals bizarre distraction on final black