It is part of the agency’s initiatives to transition into an era of smart banking.
The Hong Kong Monetary Authority has issued a consultation on Open API framework, setting out the agency’s intended approach to Open Application Programming Interfaces (API) for Hong Kong’s banking industry, according to a government press release.
Open API will enable an easier system and service integration between banks and other industries. Effective implementation of the interface would mean easier financial planning for users as different products and services of banks can be aggregated under the same website or app for comparison.
The formulation of the open API framework is one of HKMA’s seven initiatives to prepare Hong Kong to transition into an era of smart banking.
"By formulating an Open API framework, we aim to facilitate the development and wider adoption of Open API by the banking sector, thereby maintaining its competitiveness and improving financial services for better consumer experience through collaboration between banks and tech firms,” said HKMA Deputy Chief Executive Howard Lee.
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