Tag: Open API Framework
Hong Kong HKMA Open API Framework.
On July 18th, the HKMA released its Open API Framework – also known as the Framework for the use of Open Application Programming Interfaces (APIs). The initiative was widely approved by Hong Kong’s banking and financial industry, but it was not a surprise. On September 29th, 2017, the HKMA had indeed announced that Hong Kong would enter ‘a new era of smart banking’ through seven initiatives, including the creation of frameworks for virtual banking and for third-party Open source API development.
From a Fintech policy perspective, the smart banking era has a simple goal, i.e. “stimulating innovations and improving financial services through collaboration between banks and tech firms”. But what would be the impact for banks?
Read our Open API Framework analysis:
On July 18th, 2018, the HKMA released its Open API Framework as a means to promote the development of Hong Kong's Fintech, banking and financial services industry. The initiative has been commented widely, and the idea that new applications will now be made available is often used as a conclusion. In this Asia-Pacific financial insight, Antoine Martin goes through the HKMA's Open API Framework document to explain its ins and outs. After a careful analysis of the document, he concludes that the stakes are much higher than mere flexibility. Especially considering the regulatory and financial burden to be imposed on banks.
