Compliance & Regulation

HKMA lays out guidelines to help banks in FinTech push

The Hong Kong Monetary Authority has announced a range of measures to encourage banks to work with third parties to promote financial technology.

Analysts welcomed the move but raised concerns about whether there are sufficient oversights for technology companies able to access customer information but not subject to regulation by the monetary authority.

The HKMA yesterday unveiled a regulatory frame­work on open application programming interfaces in the banking industry, which regulate how banks develop their computer software communication systems.

READ THE ARTICLE by scmp