January 11, 2018

HKMA issued a consultation on Open Application Programming Interfaces (API) framework. The consultation sets out the intended approach of HKMA to Open API for the banking industry in Hong Kong. Comments on the consultation are due by March 15, 2018. The proposed Open API framework, in this context, comprises a selection of Open API functions and deployment time frame, technical standards, third-party service provider governance, facilitation measures and the maintenance models.

The formulation of the Open API framework is one of the seven initiatives announced by HKMA, in September 2017, to prepare Hong Kong to move into a New Era of Smart Banking. Open API allows better and easier system and service integration between banks and other industries such as lifestyle, health care, and retail services. Effective implementation of Open API will enable, for example, information of different banks’ products and services to be aggregated under the same website/app for comparison and financial planning. New service providers can also make use of the open information to offer unique products and new customer experience. Consequently, users can conveniently stay on one system to enjoy all services offered by both the banks and other industries in a secure environment.

 

Comment Due Date: March 15, 2018

Keywords: Asia Pacific, Hong Kong, Banking, Fintech, Open API Framework, HKMA

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