Australia introduced a Consumer Data Right roughly a year ago. While the government plans to enforce the right in the banking sector first, no legislation has yet compelled implementation. Nevertheless, Data61 published a working draft standard for the core standard principles and a banking API.
JETCO has opened an API exchange for banks regional to Hong Kong. The exchange provides a single access point to over 200 APIs from 13 banks. The APIs provide access to banking services offered from the participant banks. The API exchange is open for developers across industries.
The ripple effects of regulation such as the EU's PSD2 and Open Banking initiatives in the UK and APAC, designed to stimulate increased competition in banking, are being felt worldwide. But what do these changes mean in practice for developers seeking to build fintech apps to work with bank APIs?