Hong Kong Monetary Authority launches developer platform for data sharing initiative

The Hong Kong Monetary Authority (HKMA) has launched a developer platform in collaboration with the Hong Kong Science and Technology Parks Corporation (HKSTP), as part of its Interbank Account Data Sharing (IADS) initiative.

The new ‘IADS Developer Platform’ has been described by HKMA as “a one-stop platform” that provides testing account data and simulated APIs from participating banks, “facilitating collaboration between banks and technology firms to jointly develop more data-driven products and services”.

The IADS pilot programme covering deposit account information in Hong Kong commenced in January this year, with the participation of 28 banks.

The programme has established the rules and standards that facilitate interbank customer-consented data sharing, covering retail, corporate and SME customer segments.

The HKMA held a “showroom day” for the initiative yesterday (23 October), during which banks shared practical applications of IADS, including streamlining the loan application process, consolidated financial analysis, and online identity verification.

Howard Lee, deputy chief executive of the HKMA, said: “The rapid development of the digital economy underscores the importance of secure and efficient data transfer.

“We are pleased to see the banking sector actively supporting IADS and utilising customer-consented data to provide innovative banking products and services that bring convenience and benefits to the public, promoting the steady and healthy development of the fintech ecosystem.”

In July, banking group Citi Hong Kong launched a digital wealth management feature called ‘Wealth 360’ on the Citi Mobile App, through the HKMA’s IADS pilot programme.

Through the feature, users of the app get real-time access to a range of wealth management functions, including an interbank account overview, monthly cash flow reports and spending insights.