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Tag Archives: smart banking

Posted in Policy & Regulation Mark Parsons

HKMA reboots virtual banking

On 6 February, 2018, the Hong Kong Monetary Authority (the “HKMA”) published draft revisions to its “Guideline on Authorization of Virtual Banks” (the “Draft Guideline”).

The framework will support the authorization in Hong Kong of ‘virtual banks’, defined as banks which deliver retail banking services primarily, if not entirely, through the internet or other electronic channels … Continue Reading

Posted in Policy & Regulation Mark Parsons

The Dawn of a New Era: The HKMA launches its Open API consultation

On 11 January, 2018, the Hong Kong Monetary Authority (the “HKMA”) published its “Consultation Paper on Open API Framework for the Hong Kong Banking Sector” (the “Consultation Paper”). The Consultation Paper summarizes the approach the HKMA has taken to date in actioning the “Open API” initiative announced by HKMA Chief Executive Norman Chan on 29 September, 2017: one of seven … Continue Reading