HSBC backs Hong Kong Open Banking initiative

16 Jul 2020

Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC today announced a new partnership that helps drive smart banking innovation in Hong Kong. The collaboration, called API EcoBooster (the Programme), will help start-ups and technology ventures build Open Application Programming Interfaces (APIs) and develop innovative services for the banking industry.

Organised by HKSTP, the Programme will connect start-ups and the developer community with HSBC as the lead partner to co-create API solutions in the areas of loan services, transactions and operation, credit card, digital payments and customer records management for the commercial and retail banking industries.

HSBC’s digital banking specialists will act as mentors to developers and share their understanding of customer needs for banking services. In addition, the Programme will be supported by beNovelty as technology partner to provide technical clinics and arrange sandboxes with more than 100 banking APIs and mock data on its API integration platform for innovators to trial their APIs.

Albert Wong, Chief Executive Officer, HKSTP, said, “HKSTP is proud to collaborate with HSBC on the API EcoBooster Programme, co-creating a trusted network of fintechs and industry practitioners. This Programme will unlock business-to-business opportunities and accelerate smart banking development into a new era, with a view to solidifying Hong Kong as a global fintech hub.

Additionally, HKSTP strives to accelerate the development of Open API through an array of value-added services. At our Data Studio, more than 400 datasets are made available from industry partners of nine categories, and over 1,300 developers have registered to co-create applications with the shared data resources. By leveraging this strategic initiative and partnerships, HKSTP will continue to facilitate exchange of data and help businesses achieve corporate innovation across different industries within the Open API ecosystem.”

Diana Cesar, Chief Executive Officer, Hong Kong, HSBC, said, “Open Banking is playing a pivotal role in driving innovation in financial services. Our collaboration with HKSTP opens an important avenue for HSBC to encourage the development of new smart banking initiatives and industry partnerships, giving support to Hong Kong’s smart city aspirations. HSBC is at the forefront of driving digital innovation. We look forward to seeing the creation of pioneering API solutions that make banking more accessible for both individuals and businesses.”

Registration for the Programme is open to developers across the globe until 14 August 2020. Companies can submit proposals online in the areas of loan services, transactions and operations, credit card, digital payments and customer records management.

In August, HKSTP and HSBC will select 30 proposals for inclusion in the Programme. These companies will work with HSBC and beNovelty in mentorship sessions and training modules respectively to explore and co-create API products and services. The developers will demonstrate their final proposals to HSBC and the banking industry at the conclusion of the Programme in October.