HSBC has introduced its first open banking feature on the HSBC HK mobile app, allowing customers to view real-time account balances from Bank of China Hong Kong and Hang Seng Bank.
This functionality is part of the Hong Kong Monetary Authority’s Interbank Account Data Sharing (IADS) initiative and is expected to expand to include more banks.
The feature aims to provide customers with greater transparency across their multi-bank finances, supporting better financial decision-making.
HSBC plans to enhance this foundation with future app features, including expense tracking, budget and wealth management tools, improved offers, and faster loan approvals.
As of February 2023, the HSBC HK app had over 2 million active users, with the net growth in active users for 2022 doubling that of 2021.
A survey conducted by HSBC in May 2024 revealed strong demand for multi-bank account aggregation, with nearly 60% of respondents willing to consent to banks accessing their account data for related services.
Among those, 86% expressed interest in account balance consolidation.
HSBC’s open banking launch follows a successful pilot under the IADS framework in July 2024, where selected customers experienced account aggregation features.
This initiative reflects HSBC’s commitment to enhancing digital banking services in Hong Kong.
Featured image credit: LinkedIn post by HSBC’s Kazimierz Kelles-Krauz and Freepik
