|
Hong Kong Monetary Authority has introduced the Interbank Account Data Sharing Initiative to selected licensed banks through its internal circular on 15 August 2023, aiming to allow customers to securely and efficiently sharing their bank account data with other banks subject to their consent. The Initiative started off by the preliminary study among the HKMA’s Fintech Facilitation Office (FFO), the Hong Kong Association of Banks and the participating banks, which suggested that interbank customer-consented data sharing between banks can help digitalize banking operations, strengthen risk management of banks and enhance customer experience.
Through the IADS pilot programme, selected use cases and implementation issues will be examined to help formulate a possible implementation approach. The Banking Supervision Department of the HKMA has been consulted and is supportive of requesting participating banks to implement the IADS initiative to realise the full potential of the initiative and maximise the benefits to the banking industry. The HKMA expects the selected licensed banks to enrol as a participant in the IADS pilot programme and complete all necessary preparations by the end 2023.
Whatsapp : (852) 6499 4686 Phone : (852) 2186 6936 Email : info@intershores.hk
Disclaimer: Whilst reasonable care has been taken in provision of information above, it does not constitute legal or other professional advice. INTERSHORES does not accept any responsibility, legal or otherwise, for any error omission and accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, readers are advised to take appropriate professional advice before committing themselves to any involvement in jurisdictions, vehicles or practice.
|
|
