The Hong Kong Monetary Authority (HKMA) has been keen on banks in the island adopting open banking thereby improving customer experience and enabling banks to offer better services. In pushing for the adoption of open banking, the regulator has made it clear that the adoption by banks is voluntary and there will not be any mandate to do so. Broadly, it wants at least 20 licensed retail banks to implement APIs. Also, it wants the scope of the project to be wide, covering open data access to account information and payment initiation. It recommends security standards but no API specifications or standards and banks are free to develop their own specifications.
The formulation of an Open API Framework for banks was one of the 7 initiatives announced by the HKMA in September 2017 to prepare Hong Kong to move into a new era of smart banking. Following a public consultation, it published the Open API Framework for the Hong Kong banking sector on 18 July 2018.
The HKMA states in the Framework document: “The HKMA has taken note of the mandatory approach adopted by some jurisdictions such as the EU, the UK and Australia but has decided that a collaborative and phased approach is an appropriate approach for Hong Kong for the time being. The HKMA will monitor the progress of Open API implementation in Hong Kong and further consider the need for new regulatory measures if necessary.”
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