The Hong Kong Monetary Authority (HKMA) published on 18th July 2018 the Open Application Programming Interface (API) Framework for the Hong Kong banking sector. The formulation of the Open API Framework is one of the seven initiatives announced by the HKMA in September 2017 to prepare Hong Kong to move into a new era of Smart Banking. Open API can help to ensure the competitiveness of the banking sector, encourage more parties to provide innovative and integrated services that improve customer experience, and keep up with worldwide development on the delivery of banking services.
The Framework, gave out HKMA insight (after consultation with industries) that an industrial approach (bilateral agreement between banks & TSPs) will be adopted in HK, different from the central entity approach in other countries (e.g. EU, UK, Australia). Only common baseline will be given out by HKMA.
This seminar will focus on the evolution of Open Banking Initiative in Hong Kong and on the stakes involved for the various stakeholders, FIs, Service Providers, Customers and cover the cyber security aspects of The Open Banking Framework. The event also includes a panel discussion by experts on the Opportunities and Challenges of Open Banking.
1. Presentation: "Background and Future Model of Open Banking"
2. Panel Discussion 1 – Opportunities of Open Banking
3. Presentation: "Challenges of Open Banking"
4. Panel Discussion 2 – Challenges of Open Banking
• Brit Blakeney Anghelakis, Executive Director, Innovation & Ecosystems Head HK, DBS Bank
• Ken Lo, Founding Member, ZA International
• Syed Musheer Ahmed, General Manager, FinTech Association of Hong Kong
• Stefano Fois CISSP, Manager, CIO Advisory at Sia Partners Hong Kong
• (Moderator) Helina Lo, Project Director, Sia Partners Hong Kong