OCBC Bank, one of the largest and most established banks in Singapore, has launched a set of open APIs that enable developers to integrate bank products and services within third party apps and programs. The move marks OCBC as one of the first Southeast Asian banks to offer an open API. The API offering aligns with the government's desire to create a Smart Financial Centre.
"The open APIs will put our data to more efficient use as it can be shared both internally across the bank and externally with third-party software developers," Praveen Raina, OCBC SVP of Group Operations and Technology, commented. "It will help us extend our reach to not only our customers but potential customers as well, while creating a better user experience."
Singapore's Smart Financial Centre is a FinTech initiative "where technology is used pervasively in the financial industry to increase efficiency, create opportunities, allow for better management of risks, and improve lives." The project is led by the Monetary Authority of Singapore (MAS) to further the government's Smart Nation Initiative. With such initiatives, Singapore continues to bolster its reputation as a nation of innovation and forward thinking.
The bank's developer portal, Connect2OCBC, provides free access to four open-source APIs. The APIs include Branch Locator, Credit Card Advisor, ATM Locator, and Forex. Branch Locator lists OCBC bank branches with location details and operating hours. Credit Card Advisor provides credit card suggestions based on user lifestyle. ATM Locator presents a list of the bank's APIs with location details. Forex lists updated currency exchange rates enabling calculations across currencies. To learn more, access the API docs, or get started, visit the API site.
The bank envisions a new generation of customer experience, and believes an API strategy will deliver the new experience. The API is RESTful based on the architecture's ability to offer efficient and portable services. As the FinTech industry continues to grow, and users demand more tech-based solutions within their banking ecosystem, OCBC's API strategy should position it well as a bank that meets the modern user.