Hong Kong's government monetary authority recently released an Open API framework. Further, the government entity announced that it will launch an Open API next week. The framework includes a four phased approach that it expects Hong Kong banks to adopt in compliance with a roadmap.
Open Banking is aiming to give consumers access to real-time banking data through the use of APIs. The successful implementation of this type of system will change the way people save, borrow, spend and invest their money, as well as encourage healthy competition in the financial services industry.