Open Banking
HKMA Officially Launches Its Commercial Data Interchange
The Hong Kong Monetary Authority (HKMA) has officially launched its Commercial Data Interchange (CDI), one of the key initiatives under its Fintech 2025 strategy. As a consent-based financial data infrastructure, CDI aims to enhance data sharing by facilitating financial institutions
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Hong Kong’s Open API Ambitions Expands to the Insurance Sector
The Insurance Authority (IA), Hong Kong’s insurance regulator, is exploring the development of an open application programming interface (API) framework and has established a working group focused on the initiative, Tony Chan, the associate director of policy and development at
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Hong Kong Enters a New Phase of Open Banking
The Hong Kong Monetary Authority (HKMA) announced the implementation plan for the third and fourth phases of its Open API framework. The next steps in the framework are account information for phase 3 and transactions for phase 4. Following the
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Hong Kong’s Next Phases of Open Banking Presents Exciting Opportunities
Two years into the implementation of open banking and Hong Kong is now heading into Phase III and Phase IV of its strategy, which will see account information and customers’ transactions being made available to third-party providers. As the region
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South Korea Regulators to Expand Open Banking Ecosystem
South Korea’s Financial Services Commission (FSC) has unveiled its work plan for 2021, outlining key areas of focus and policy tasks for the year, including promoting financial innovation by advancing open banking development and adoption, the regulator said on January
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Taiwan Furthers Open Banking Ambitions
Taiwan is moving forward with its plan to embrace open banking. The country’s Financial Supervisory Commission (FSC) recently granted approval to seven banks to enter the second stage of open banking, Regulation Asia reported earlier. The second phase of open
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HKMA Unveils New Data Strategy During Hong Kong Fintech Week
During his opening speech at the Hong Kong Fintech Week 2020, the city’s flagship fintech event, Hong Kong Monetary Authority (HKMA) Chief Executive Eddie Yue announced that the HKMA is exploring a new data strategy and considering building a new financial
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Open Banking Development Stalls in Hong Kong
More than two years after the Hong Kong Monetary Authority (HKMA) issued the Open API Framework for the Hong Kong Banking Sector, development of open banking is stalling as the industry “is clouded by uncertainty on data and privacy governance,”
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HKSTP and HSBC Team Up to Drive Open Banking Innovation in Hong Kong
Hong Kong Science and Technology Parks Corporation (HKSTP) has teamed up with HSBC today to drive open banking innovation for start-ups and technology ventures. HSBC will be the lead partner in the API EcoBooster (Programme) to mentor and co-create API
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APAC Banks Are Backing Open Banking, but What Does ‘Open’ Really Mean?
A survey launched this week by Finastra revealed that close to 100% of financial institutions in Singapore and Hong Kong think Open Banking is important, with two thirds in Singapore calling it a “must have”. Open Banking has not only
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