Open Banking catching the eye of global regulators: Developments in Hong Kong, Singapore and Australia

The banking industry has undergone rapid change in recent years with the rise of virtual currency, fintech and digital innovation challenging the status quo. One of the key developments emerging in the last couple of years is the concept of Open Application Programming Interfaces (APIs) for use in the banking industry, or Open Banking.

APIs are a set of rules that govern how one type of computer software communicates with another. They enable bank customers to share their personal financial information with third parties, to generate opportunities for better deals on financial products and to use transaction data to access and compare products easily. From the banks’ perspective, the technology enables them to remain competitive by providing them with opportunities to provide improved, customer-friendly services and reach out to untapped markets.

An Open Banking community has recently emerged in Hong Kong, following efforts by the Hong Kong Monetary Authority (HKMA) to formulate a policy framework on Open APIs to facilitate the development and wider adoption of APIs by the banking sector.

Please click here to read our briefing on the HKMA’s initiative as well as the initiatives in Singapore and Australia relating to Open Banking.

Key contacts

Will Hallatt
Will Hallatt
Partner, Hong Kong
Email | Profile
+852 2101 4036
Michael Vrisakis
Michael Vrisakis
Partner, Sydney
Email | Profile
+61 29322 4411
Natalie Curtis
Natalie Curtis
Senior Associate, Hong Kong
Email | Profile
+65 6868 9805
Steven Rice
Steven Rice
Special Counsel, Sydney
Email | Profile
+61 29225 5584
Grace Chong
Grace Chong
Senior Associate, Hong Kong
Email | Profile
+852 2101 4138

 

 


Disclaimer

Herbert Smith Freehills LLP is licensed to operate as a foreign law practice in Singapore. Where advice on Singapore law is required, we will refer the matter to and work with licensed Singapore law practices where necessary.

Leave a Comment

Filed under Asia, Australasia, Regulatory, Uncategorized

Leave a Reply

Your email address will not be published. Required fields are marked *