Hong Kong: Launch of Open API Framework for retail banking sector

The Hong Kong Monetary Authority (HKMA) has published its Open Application Programming Interface (API) Framework for the Hong Kong retail banking sector (Open API Framework). The much-anticipated Open API Framework is one of the key planks in the HKMA’s “New Era of Smart Banking” initiative launched in September 2017.

The HKMA's vision for the Open API Framework is a more competitive, innovative and technologically advanced retail banking environment for Hong Kong, to be achieved through financial institutions opening up their data through new digital interfaces, including those intermediated by fintechs and other third party service providers (TSPs) who are not licensed under the banking regulatory regime.  The increased flow of bank product and customer data is expected to encourage greater flexibility for consumers to make informed choices among competing products and ultimately encourage innovation in the design and delivery of financial services in Hong Kong.

Take a look at our article Hong Kong’s open era begins: your Open API Survival Guide for more on the Hong Kong Open API Framework.

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