Shanghai Commercial Bank selects Salt Edge to comply with PSD2

Ellie Duncan
27 Feb 2023

Financial API platform Salt Edge has been chosen by Hong Kong-based Shanghai Commercial Bank (ShaComBank) to enable it to become PSD2-compliant.

ShaComBank will “leverage” Salt Edge’s PSD2 capabilities to create a bespoke banking experience for its individual and corporate customers, who are located internationally, including in the UK, US, mainland China, Hong Kong and Taiwan.

Salt Edge’s ‘PSD2 Compliance Solution’ offers APIs, a complete TPP developer portal, a TPP verification system, a client dashboard, and periodic API updates to keep abreast of regulatory changes.

“In meeting the Open Banking compliance and regulatory requirements, we are delighted to have Salt Edge supporting us on implementing PSD2 capabilities to our online banking, enhancing our personalised service to customers and facilitating business growth,” said Jerome Goh, executive vice president and general manager, London branch at ShaComBank.

Through the TPP verification system, only regulated institutions will be able to access ShaComBank’s Open Banking channels.

Salt Edge’s country manager Andrei Scutari added: “We are thrilled that ShaComBank embraced the power of Open Banking by entrusting us with all the technical and regulatory challenges related to PSD2 compliance.

“Through this, the bank enables its customers to take charge of their finances and make informed decisions when managing their accounts.”

Earlier this year, Salt Edge announced its expansion into the Hashemite Kingdom of Jordan, where it is enabling Jordanian banks to comply with Open Banking in just one month.

The financial API platform was also chosen by financial super-app Curve last year to help it meet the Open Banking compliance and regulatory requirements of both the European Banking Authority and the Bank of Lithuania.