HKMA issues guidelines on smart banking

Monday 13 August 2018 13:04 CET | News

Hong Kong Monetary Authority has issued a set of guidelines on open API framework for banking sector to help lenders develop services for customers.

The Hong Kong Monetary Authority unveiled a regulatory framework on how banks can use open application programming interface to develop various types of partnerships in the banking industry. Open API technology enables third-party developers such as restaurants, retailers, ecommerce platforms and travel agencies to create fintech apps and services using bank data.

This was also one of seven measures announced by Hong Kong Monetary Authority in September 2017 year to encourage banks to develop financial technology.

Citibank has previously launched its API developer portal in the US, Australia, and Singapore. Hong Kong was the fourth market where the bank made it available in March 2017. In March this year, it formed its first API partnership with ecommerce shopping site HKTVmall, which was also the first commercial API use in Hong Kong. In addition, Citibank officials have stated that the API developer portal allows the bank to develop tie-ups with multiple partners simultaneously.

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Keywords: Hong Kong Monetary Authority, HKMA, API automation, API framework, smart banking, banking guidelines, fintech, Citibank, Citi
Countries: World