On July 18, 2018, the Hong Kong Monetary Authority (HKMA) published the Open API Framework for the Hong Kong Banking Sector, which consists of a directional guide for the local banking industry to begin the adoption of open application programming interfaces (APIs) effectively, harmonising innovation and risks. At the current stage, the framework applies to retail banking services in Hong Kong, and it is the banks’ sole discretion to extend the framework to any other banking business.
The framework’s key features are:
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