HKMA site boosts services

Business | Joyce Chen and Avery Chen 19 Jul 2018

Fifty sets of financial data and services such as foreign exchange, interest rates and credit card offers start to become available on the Hong Kong Monetary Authority website from Monday.

That comes with the launch of the authority's open application programming interface, which is coming in four stages.

The first provides financial product information including deposit rates and credit card offerings from retail banks. That should be completed by January. The regulator then hopes to see API allowing new applications for credit cards and loans within 15 months.

Timetables for the other two steps, including account information assessment and transaction operations, will depend on reaction to the first two services.

Open API is a platform to allow retail banks to share information and engage with third-party technology firms. The aim is to provide secure and efficient operating environments for customers.

Another online financial advance sees the Hong Kong and Shanghai Banking Corp revealing that the number of active users of payment app PayMe has surpassed one million.

Greg Hingston, head of retail banking and wealth management for HSBC Hong Kong, said 40 percent of PayMe users are millennials, who use the app to split bills and pay friends for meals as well as for utility bills, shopping and travel.

In June, the way was opened for PayMe to be used on HKTVmall.

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