Hong Kong Sets Out Consumer Protection Pointers For Open Banking

Hong Kong’s financial regulator has urged banks and payment service providers to thoroughly vet fintechs accessing accounts under the territory’s open banking regime, as it suggests a series of measures to protect customers.

This week, the Hong Kong Monetary Authority (HKMA) reminded firms that they remain bound by the Code of Banking Practice and that “it is important for [authorised institutions] to implement consumer protection measures” when dealing with third-party providers.

To continue reading...

Our Key Benefits

PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.

We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.

We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.