Open Banking

Open API

HKMA Open Banking initiative provides a framework for 3rd party programmatic access to banks/FIs.

About HKMA's Open Banking Initiative

Application programming interface (API) is a computer programming approach for facilitating exchange of information and executing instructions between different computer systems. Open APIs refer to APIs that allow third party access to systems of an organisation.

Open API allows financial institutions to open up their internal IT systems and data for programmatic access by third-party service providers (TSPs) or their counterparts in an open and documented manner. Effective implementation of Open API enables, for example, information of different banks’ products and services to be aggregated under the same website / application for comparison and financial planning by users with ease. New service providers may also make use of the open information to offer unique products and new customer experience.

The Framework takes a risk-based principle and a four-phase approach to implement various Open API functions, and recommends prevailing international technical and security standards to ensure fast and safe adoption. It also lays out detailed expectations on how banks should onboard and maintain relationship with TSPs in a manner that ensures consumer protection. The HKMA believes that the Framework will serve as an important guide for the banking industry in Hong Kong to adopt APIs effectively and strike a good balance between innovation and risks. Learn more from HKMA's website.

How does ReadyFX work with Open Banking?

ReadyFX natively supports the Open Banking initiative. We consume Open APIs from several major retail banks for use in our real-time asset pricing and risk control services. Going beyond this, Pecutus actively works with Financial Institutions, Regulators and MNCs to improve adoption of Open APIs, cross-industry collaboration and technology sharing in general.

About HKMA's Open Banking Initiative

Application programming interface (API) is a computer programming approach for facilitating exchange of information and executing instructions between different computer systems. Open APIs refer to APIs that allow third party access to systems of an organisation.

Open API allows financial institutions to open up their internal IT systems and data for programmatic access by third-party service providers (TSPs) or their counterparts in an open and documented manner. Effective implementation of Open API enables, for example, information of different banks’ products and services to be aggregated under the same website / application for comparison and financial planning by users with ease. New service providers may also make use of the open information to offer unique products and new customer experience.

The Framework takes a risk-based principle and a four-phase approach to implement various Open API functions, and recommends prevailing international technical and security standards to ensure fast and safe adoption. It also lays out detailed expectations on how banks should onboard and maintain relationship with TSPs in a manner that ensures consumer protection. The HKMA believes that the Framework will serve as an important guide for the banking industry in Hong Kong to adopt APIs effectively and strike a good balance between innovation and risks. Learn more from HKMA's website.

How does ReadyFX work with Open Banking?

ReadyFX natively supports the Open Banking initiative. We consume Open APIs from several major retail banks for use in our real-time asset pricing and risk control services. Going beyond this, Pecutus actively works with Financial Institutions, Regulators and MNCs to improve adoption of Open APIs, cross-industry collaboration and technology sharing in general.

About HKMA's Open Banking Initiative

Application programming interface (API) is a computer programming approach for facilitating exchange of information and executing instructions between different computer systems. Open APIs refer to APIs that allow third party access to systems of an organisation.

Open API allows financial institutions to open up their internal IT systems and data for programmatic access by third-party service providers (TSPs) or their counterparts in an open and documented manner. Effective implementation of Open API enables, for example, information of different banks’ products and services to be aggregated under the same website / application for comparison and financial planning by users with ease. New service providers may also make use of the open information to offer unique products and new customer experience.

The Framework takes a risk-based principle and a four-phase approach to implement various Open API functions, and recommends prevailing international technical and security standards to ensure fast and safe adoption. It also lays out detailed expectations on how banks should onboard and maintain relationship with TSPs in a manner that ensures consumer protection. The HKMA believes that the Framework will serve as an important guide for the banking industry in Hong Kong to adopt APIs effectively and strike a good balance between innovation and risks. Learn more from HKMA's website.

How does ReadyFX work with Open Banking?

ReadyFX natively supports the Open Banking initiative. We consume Open APIs from several major retail banks for use in our real-time asset pricing and risk control services. Going beyond this, Pecutus actively works with Financial Institutions, Regulators and MNCs to improve adoption of Open APIs, cross-industry collaboration and technology sharing in general.