Hong Kong Financial Sector Outpaces Regulator On Open Banking

Hong Kong will press ahead with plans to develop common standards for open banking, the city-state regulator has said, despite signs that the industry is already outpacing the official schedule.

A total of 20 retail banks form the first cohort of financial institutions involved in open banking, participating in the first phase of the programme: allowing third parties access to information about their products and services via application programming interfaces (APIs).

The Hong Kong Monetary Authority (HKMA) announced on Wednesday that more than 500 such APIs had already been unveiled, ahead of a coming expansion of the programme to cover access to consumer account data and payment initiation services.

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