Featured Product

    HKMA Publishes Open API Framework for the Banking Sector in Hong Kong

    July 18, 2018

    HKMA published the Open Application Programming Interface (API) framework for the banking sector in Hong Kong. HKMA announced that it will also launch the Open API on its official website on July 23, 2018. The framework takes a risk-based principle and a four-phase approach to implement various Open API functions and recommends prevailing international technical standards to ensure fast adoption and security. It also lays out detailed expectations on how banks should onboard and maintain relationship with third-party service providers in a manner that ensures consumer protection.

    With release of the framework, HKMA expects banks to deploy Phase I Open APIs within six months and Phase II Open APIs within 12 to 15 months. On receiving the deployment roadmaps from banks, HKMA plans to publish a summary of roadmaps of the Open API functions from the banks for reference by the market. HKMA will work closely with the industry in the next 12 months on the deployment timeline for Phase III and IV Open APIs, taking into account implementation progress of Phase I and II, and international development.

    HKMA will closely monitor the Open API adoption progress and looks forward to working with the industry and market participants to develop a healthy banking Open API ecosystem. Nearly 130 sets of information covering all financial data and important information published on the website of HKMA will be made available for Open API by phases. On the day of launch, 50 sets of financial data and important information will be opened via API. These cover the information such as statistics on Hong Kong dollar exchange rates, interest rates, the banking sector and the Exchange Fund as well as press releases and Coin Cart schedule. The remaining 80 sets of information will be opened via API by phases for completion by mid-2019. 

    The consultation for this API framework ran from January to March 2018. During the consultation, HKMA received 41 responses from banks, technology/fintech firms, industry associations, consulting firms, payment card scheme operators, individuals, and other interested organizations. All respondents were supportive of the policy direction in developing an Open API Framework. Some respondents have sought clarification or requested more details on the framework, particularly on the engagement with third-party service providers. HKMA has revised and published the Open API Framework, after taking into consideration the comments received.

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

    Related Articles
    News

    HM Treasury Publishes Policy Statement Amending Benchmarks Regulation

    HM Treasury announced that the new Financial Services Bill has been introduced in the Parliament.

    October 21, 2020 WebPage Regulatory News
    News

    PRA Consults on Implementation of Certain Provisions of CRD5 and CRR2

    PRA published the consultation paper CP17/20 to propose changes to certain rules, supervisory statements, and statements of policy to implement elements of the Capital Requirements Directive (CRD5).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule to Reduce Impact of Large Bank Failures

    US Agencies adopted a final rule that applies to advanced approaches banking organizations and aims to reduce interconnectedness in the financial system as well as to reduce contagion risks associated with the failure of a global systemically important bank (G-SIB).

    October 20, 2020 WebPage Regulatory News
    News

    US Agencies Finalize Rule on Net Stable Funding Ratio Requirements

    US Agencies (FDIC, FED, and OCC) adopted a final rule that implements the net stable funding ratio (NSFR) for certain large banking organizations.

    October 20, 2020 WebPage Regulatory News
    News

    FSB Sets Out Effective Practices for Cyber Incident Recovery

    FSB finalized the toolkit of effective practices to assist financial institutions in their cyber incident response and recovery activities.

    October 19, 2020 WebPage Regulatory News
    News

    ECB Publishes Eleventh Issue of the Macroprudential Bulletin

    ECB published eleventh issue of the Macroprudential Bulletin, which provides insight into the ongoing work of ECB in the field of macro-prudential policy.

    October 19, 2020 WebPage Regulatory News
    News

    HM Treasury Seeks Views on Review of Solvency II Regime for Insurers

    HM Treasury issued a call for evidence seeking views to reform the prudential regulatory regime—also known as Solvency II—of the insurance sector in UK.

    October 19, 2020 WebPage Regulatory News
    News

    ESRB Responds to EC Consultation on Review of Solvency II

    ESRB responded to the EC consultation on review of Solvency II regime.

    October 19, 2020 WebPage Regulatory News
    News

    HM Treasury Consults on Phase II of Future Regulatory Framework Review

    HM Treasury launched a consultation on Phase II of the Future Regulatory Framework Review, with the comment period ending on January 19, 2021.

    October 19, 2020 WebPage Regulatory News
    News

    EC Publishes Work Program for 2021

    EC adopted the work program for 2021.

    October 19, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5991