General Information & Client Service
  • Americas: +1.212.553.1653
  • Asia: +852.3551.3077
  • China: +86.10.6319.6580
  • EMEA: +44.20.7772.5454
  • Japan: +81.3.5408.4100
Media Relations
  • New York: +1.212.553.0376
  • London: +44.20.7772.5456
  • Hong Kong: +852.3758.1350
  • Tokyo: +813.5408.4110
  • Sydney: +61.2.9270.8141
  • Mexico City: +001.888.779.5833
  • Buenos Aires: +0800.666.3506
  • São Paulo: +0800.891.2518
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

EBA Single Rulebook Q&A: Third Update for March 2019

EBA published answers to seven questions under the Single Rulebook question and answer (Q&A) updates for this week.

March 15, 2019 WebPage Regulatory News
News

OCC Updates Recovery Planning Booklet of the Comptroller's Handbook

OCC updated the Recovery Planning booklet of the Comptroller’s Handbook.

March 15, 2019 WebPage Regulatory News
News

EBA Publishes Report on Convergence of Supervisory Practices Across EU

EBA published annual report on the convergence of supervisory practices in EU.

March 14, 2019 WebPage Regulatory News
News

CPMI-IOSCO Publish Update to Level 1 Assessment of PFMI Implementation

CPMI and IOSCO jointly updated the Level 1 Assessment Online Tracker on monitoring of the implementation of the Principles for financial market infrastructures (PFMI).

March 14, 2019 WebPage Regulatory News
News

Agustín Carstens of BIS Speaks About New Role of Central Banks

While speaking at the 20th anniversary conference of the Financial Stability Institute (FSI), Agustín Carstens, the General Manager of BIS, highlighted the need for regulatory actions in light of the continued evolution of financial technology.

March 14, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement on Group Supervision Under Solvency II

PRA published a policy statement (PS9/19) that provides feedback on responses to the consultation paper CP15/18 and the final supervisory statement SS9/15 (Appendix) on group supervision under Solvency II.

March 14, 2019 WebPage Regulatory News
News

ECB Announces Start Date for Euro Short-Term Rate

ECB announced that it will start publishing the euro short-term rate (€STR) as of October 02, 2019, reflecting the trading activity of October 01, 2019.

March 14, 2019 WebPage Regulatory News
News

PRA Proposes to Update the Pillar 2 Capital Framework for Banks

PRA is proposing (CP5/19) to update the Pillar 2 capital framework to reflect continued refinements and developments in setting the PRA buffer (Pillar 2B).

March 13, 2019 WebPage Regulatory News
News

PRA Publishes Policy Statement Related to Credit Risk Mitigation

PRA published a policy statement (PS8/19) that contains the final policy in the updated supervisory statement SS17/13 on credit risk mitigation (Appendix 1) as well as the statement SS31/15 on Internal Capital Adequacy Assessment Process (ICAAP) and the Supervisory Review and Evaluation Process or SREP (Appendix 2).

March 13, 2019 WebPage Regulatory News
News

FED Updates Supplemental Information and Q&A for Form FR Y-14

FED updated the supplemental instructions and the questions and answers (Q&A) document for the information collection on capital assessments and stress testing, which is covered by the reporting form FR Y-14A.

March 13, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 2750