HONG KONG
Hong Kong has enthusiastically adopted Open Banking,
With the introduction of the Open API Framework by the Hong Kong Monetary Authority (HKMA). This framework, implemented in four phases, encourages banks to develop APIs and collaborate with third-party providers.
The first two phases focused on product information accessibility, while the latter two phases enabled account access and facilitated payments and transfers. By March 2023, the majority of banks had successfully launched all API functions, showcasing significant progress in open banking adoption.
Hong Kong's open banking approach balances innovation and data control. Banks develop APIs while retaining partner flexibility and API access control. This commitment creates a competitive and innovative financial landscape, providing customers with enhanced access to products and services while safeguarding data security and privacy.
Updated: November 2023
