Hong Kong: Recent developments in the HKMA’s new era of smart banking

In September 2017, the Hong Kong Monetary Authority (HKMA) launched seven initiatives aimed at creating a “new era of smart banking”. The HKMA has recently published consultation papers relating to two of these. Firstly, on 11 January 2018, the HKMA launched an industry consultation setting out its planned approach to Open Application Programming Interfaces (Open API), and secondly on 6 February 2018, the HKMA published revised guidelines on the authorization of virtual banks for public consultation. Open API enables more seamless integration for systems and services between banks and other industries (such as retail services). The HKMA in its consultation emphasised both the increased integration, and the added benefit to users of being able to stay on a single secure system whilst carrying out complex transactions. For example, Open API will enable information about the products and services offered by a range of banks to be shared on one system, thereby aiding…

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