Featured Product

    HKMA Assesses Progress in Implementation of Open API Framework

    July 31, 2019

    HKMA published a statement on the implementation progress and the future plans for the open Application Programming Interface (API) framework for the banking sector in Hong Kong. The framework, which aims to facilitate the development and wider adoption of APIs by the banking sector, was introduced in July 2018. Open API framework has four phases: product information (Phase I), customer acquisition (Phase II), account information (Phase III), and transactions (Phase IV). Phase I was launched in January 2019 and Phase II is slated for launch in October 2019.

    Since the launch of Phase I in January 2019, the 20 participating retail banks made available more than 500 open APIs, offering access to information of a wide range of banking products and services. Websites and mobile applications are increasingly making use of these open APIs in the provision of various services such as foreign exchange rate information and deposit rate and loan product comparison. The 20 participating retail banks will further launch Phase II open APIs by the end of October 2019 as scheduled to process applications for banking products and services. However, as in Phase I, it may take time for new applications using these open APIs to gradually emerge in the market, depending on the complexity of the API design of individual banks.

    Phase III and IV open APIs involve access to customer data and processing of transactions; therefore, implementation of these phases is more complex and requires stronger control measures. After discussing with the relevant stakeholders, examining the relevant international practices, and considering the experience in implementation of Phases I and II of the framework, HKMA prefers to define a more detailed set of standards for Phases III and IV open APIs to facilitate secure and efficient implementation across industry, before setting out a concrete implementation timetable. By standardizing data definitions and transfer processes, accurate data aggregation can be achieved and customer trust in using the related services can be enhanced. To this end, HKMA will work with the industry on details of API standardization in the next few months and will then publish a set of technical standards in 2020. Meanwhile, some banks and third-party service providers are collaborating on a bilateral basis for early adoption of open APIs under Phases III and IV. HKMA will keep abreast of market responses and international developments of open APIs to review and refine the implementation plans as necessary.

     

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

    Related Articles
    News

    EBA Updates Filing Rules for Supervisory Reporting

    The European Banking Authority (EBA) published version 5.1 of the filing rules for supervisory reporting.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    ECB Amends Guideline on Procedures for Collection of AnaCredit Data

    The European Central Bank (ECB) Guideline 2021/1829 on the procedures for the collection of granular credit and credit risk data has been published in the Official Journal of European Union.

    October 19, 2021 WebPage Regulatory News
    News

    EBA Publishes Standards on Disclosure of Investment Policy Under IFR

    The European Banking Authority (EBA) published the final draft regulatory technical standards on disclosure of investment policy by investment firms, under the Investment Firms Regulation (IFR).

    October 19, 2021 WebPage Regulatory News
    News

    APRA Finalizes Guidance for New Prudential Standard on Remuneration

    The Australian Prudential Regulation Authority (APRA) published the prudential practice guide CPG 511 to assist banks, insurers, and superannuation licensees in meeting requirements of CPS 511, the new prudential standard on remuneration.

    October 18, 2021 WebPage Regulatory News
    News

    OCC Updated LIBOR Self-Assessment Tool for Banks

    The Office of the Comptroller of the Currency (OCC) published a bulletin that provides an updated self-assessment tool for banks to evaluate their preparedness for cessation of the London Interbank Offered Rate (LIBOR).

    October 18, 2021 WebPage Regulatory News
    News

    TCFD Updates Guidance for Financial Disclosures on Climate Risk

    The Financial Stability Board (FSB) published a report that examines the progress made toward disclosures aligned with recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

    October 14, 2021 WebPage Regulatory News
    News

    BCBS Report Examines Progress on Adoption of Basel III Framework

    The Basel Committee on Banking Supervision (BCBS) published the progress report on adoption of the Basel III regulatory framework in member jurisdictions.

    October 14, 2021 WebPage Regulatory News
    News

    ACPR Implements Updates Related to DPM Version 3.1

    The French Prudential Supervisory Authority (ACPR) has implemented, in its information system, updates linked to the Data Point Model (DPM) version 3.1.

    October 14, 2021 WebPage Regulatory News
    News

    EBA Note Examines Transition Risks of Benchmark Rates

    The European Banking Authority (EBA) published a thematic note that aims to identify and raise awareness of the transition risks of benchmark rates, as the London Interbank Offered Rate (LIBOR) and the Euro Overnight Index Average (EONIA) are close to being phased out.

    October 14, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7571