Hong Kong Monetary Authority Launches 'Account Connectivity' Initiative

According to Odaily, the Hong Kong Monetary Authority (HKMA) has officially named its 'Bank Interbank Account Data Sharing' initiative as 'Account Connectivity.' In collaboration with the Hong Kong Science and Technology Parks Corporation, the HKMA has introduced the 'Account Connectivity Developer Platform.' This platform aims to facilitate secure and efficient data sharing between banks based on customer consent. The pilot phase of the 'Account Connectivity' initiative began in January this year, with participation from 28 banks. The program has established guidelines and standards for interbank account data sharing, covering retail, corporate, and SME customers. This initiative allows banks to share deposit account information with other banks as per customer preferences, promoting the development of data-driven innovative banking products and services, thereby enhancing the customer experience.