Opening Banking: Time to Accelerate
Open-banking models possess the potential to enhance competition, foster innovation, and improve accessibility to financial services for consumers and small businesses. They also empower customers by granting them control over the sharing of their data, enabling them to determine when, how, and why it is shared. This control plays a vital role in ensuring users receive superior financial services and products.
In line with its Fintech Roadmap 2025, the Hong Kong Monetary Authority recognizes the significance of #open banking and has implemented crucial updates to the regulatory framework aimed at fostering its development.
This report presents the observations of the FTAHK and provides recommendations to regulators, fintech companies, and banks to ensure the successful implementation of an #open-banking framework, resulting in industry advancements and benefits for users.