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.

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