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As one of the initiatives to move Hong Kong into a new era of smart banking, The Hong Kong Monetary Authority ("HKMA") published the Open Application Programming Interface ("API") Framework on 18 July 2018. This is regarded as a major development as the much-anticipated Open API Framework is expected to drive competitiveness, foster innovation and deliver better products/services. These benefits include, among others, allowing customers to view and compare foreign exchange rates on offer and conduct transactions seamlessly, and, through systems integration among banks and insurers, considerably reduce the time required for Financial Needs Analysis while also dispensing with the need for applicants to provide their personal information.

The Framework involves a four-phase approach to implementing various Open API functions. Phase I covers read-only data such as product and service information, while Phase II involves facilitating access to financial institutions' customer acquisition interfaces. Phases III and IV address higher risk scenarios, enabling access to customer account information and enabling third party service providers to communicate instructions to financial institutions on behalf of their customers. To help members understand what these developments mean, the Chamber is organising a seminar that will provide an industry update on and the expected benefits of the new Open API initiative.

Mr Lawrence Lam, Consumer Business Manager, Citibank Hong Kong, will speak on the creation of a digital ecosystem that enhances customer experience and user convenience. Mr Mark Parsons, Partner, Hogan Lovells, will compare Hong Kong's approach to those in other jurisdictions such as the EU, UK and Australia and discuss what an open API economy would look like. Mr Sunny Cheung, CEO, Octopus Holdings Limited, will join Lawrence and Mark in a panel discussion on the outlook for financial institutions, their partners and customers under an Open API Framework.

Speaker(s) Lawrence Lam, Consumer Business Manager, Citibank Hong Kong
Mr Lam is a Citi veteran and has over two decades of experience in consumer banking. He was most recently Head of Retail Banking responsible for the management of various client segments, retail banking sales and distribution, and the full range of retail banking products and services, including wealth management products and research, insurance, mortgages, and brokerage advisory.

Mark Parsons, Partner,Hong Kong, Hogan Lovells
Mr Parsons is one of the Asia-Pacific region's leading advisors in commercial and regulatory work in data protection, cybersecurity and FinTech. His practice covers a full range of commercial and regulatory work for different sectors which make use of technology, media and telecommunications to reach their customers and manage their operations

Sunny Cheung, CEO, Octopus Holdings Limited
Mr Cheung has over 40 years' experience in retail banking and payments. Prior to joining Octopus in 2011, he was the Country Manager of Visa International for Hong Kong and Macau.

He also held senior management positions with several financial institutions, including Managing Director and Head of Greater China Consumer Banking at DBS, General Manager of Consumer Banking at Dao Heng Bank and General Manager of Citibank card business in Hong Kong.
Language English
Date and Time 2019/01/22 12:00 to 14:15
Venue Chamber Theatre, 22/F United Centre
Media Closed to media
Enquiries Stephanie Kwan
Tel: 28231246
Fee Members @ HK$190 / Non-Members @ HK$400
+$50 for booking offline
This event accepts Chamber Coupon (terms and conditions)
Members enjoy 30% discount with BOC HKGCC VISA Card
Notes - Bookings will only be confirmed with full payment, on a first-come-first-served basis.
- Substitution is allowed for corporate members only with advanced notice while walk-ins will normally not be accepted.
- Please note that the Chamber reserves the right to decline any booking or cancel the event without explanation. In any such instance, the event fee will be returned in full.
- There will be no refund for attendees cancelling or not showing up for the event unless the cancellation request is made in writing at least 3 days before the event, and in such cases the refund will be subjected to a 10% administration fee, or HK$100 deduction, whichever is higher.
- Members paying with their BOC HKGCC Visa Card will enjoy a 30% discount on their reservation. The discount is only applicable to the card holder, and does not extend to their guests. The discount cannot be used in conjunction with Chamber Coupons.
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- Priorities are given to corporate members. The decision to accept or decline any bookings shall be at the sole discretion of the Chamber.