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HKMA - Open API

The Hong Kong Monetary Authority published a framework for an open API in the Hong Kong banking sector to encourage collaboration, innovation, and improve customer experience while maintaining security and competitiveness. The framework provides guidance to facilitate a healthy API ecosystem and defines a phased implementation plan starting in 2019 with product information and customer acquisition APIs, followed by account information APIs in 2021 and transaction APIs.

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Muhammad Anugrah
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Download as PDF, TXT or read online on Scribd
82 views

HKMA - Open API

The Hong Kong Monetary Authority published a framework for an open API in the Hong Kong banking sector to encourage collaboration, innovation, and improve customer experience while maintaining security and competitiveness. The framework provides guidance to facilitate a healthy API ecosystem and defines a phased implementation plan starting in 2019 with product information and customer acquisition APIs, followed by account information APIs in 2021 and transaction APIs.

Uploaded by

Muhammad Anugrah
Copyright
© © All Rights Reserved
Available Formats
Download as PDF, TXT or read online on Scribd
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Open API Framework for

the Hong Kong Banking Sector

Hong Kong Monetary Authority

1
Objectives of Banking Industry Open API
• Provide secure and controlled operating environment
• Encourage collaboration and innovation
• Improve customer experience
• Maintain banking sector competitiveness

2
Benefits to consumers
• Efficient product comparison
– Single view comparison of credit cards, interest rates, service charges
etc.

• Customer acquisition via comparison/lifestyle


– Application after comparison or in response to offers

• One-stop management of multiple accounts


– Easier financial planning/management

• “Banking beyond banks” apps


– Banking services appear at the right time in lifestyle apps
3
HKMA’s Approach
• Provide guidance and directions for industry
• Facilitate healthy development of API ecosystem
• Strike a balance between innovation, risk control and
customer protection
• Define practical implementation timeline

4
Implementation Plan
Phase API functions Examples Delivery time
Deposit rates, credit card offerings,
Product
I service charges and other public Jan 2019
information
information
Customer New applications for credit cards,
II Oct 2019
acquisition loans and other products
Account balance, credit card
Account outstanding balance, transaction To be
III implemented
information records, credit limit change and
others starting from
December 2021
IV Transactions Payment and transfers
5
References
• Open API for the Banking Sector
https://www.hkma.gov.hk/eng/key-functions/international-
financial-centre/fintech/open-application-programming-
interface-api-for-the-banking-sector/

• Open API Framework for the Hong Kong Banking Sector


https://www.hkma.gov.hk/media/eng/doc/key-
information/press-release/2018/20180718e5a2.pdf

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