The HKMA plans to implement multiple initiatives to support innovation in the banking sector and embrace the opportunities brought about by the convergence of financial services and technology. This memo focuses on the proposals for an Open Application Programming Interfaces (Open APIs) Framework for the retail1 banking sector. As the HKMA has highlighted, Open APIs are an essential technology component of how modern digitally-enabled businesses operate. There are special considerations for their wide-spread adoption in the banking sector.
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