>insights>HKMA: Open Banking (Open API Framework)

HKMA: Open Banking (Open API Framework)

Key Initiative of HKMA Driving Hong Kong to a "New Era of Smart Banking"

HKMA--Open Banking (Open API Framework): Key Initiative of HKMA Driving Hong Kong to a "New Era of Smart Banking"

HKMA introduced seven initiatives to drive Hong Kong into a “New Era of Smart Banking.” After the launch of Faster Payment System, the Framework of Open API has been announced recently for banks to participate.

To achieve Open Banking – as part of the banks Digitalization approach – banks are to share client’s data with Third-party Service Providers in a safe and effective way, in order to streamline current customer journeys and further embed the banks into clients’ day-to-day lives.

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