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HKSTP and HSBC Hong Kong to drive open banking innovation

HSBC, Hong Kong, bank, Open Application Programming Interfaces, APIs, bankingHSBC Hong Kong and the Hong Kong Science and Technology Parks Corporation (HKSTP) have entered into a partnership called the API EcoBooster programme. it will help start-ups and technology ventures build Open Application Programming Interfaces (APIs) and develop services for the banking industry. Registration for the programme is open to developers across the globe until August 14, 2020.

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.

Albert Wong, CEO, HKSTP said, “…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.”

HSBC’s digital banking specialists will mentor the developers. In addition, the programme will be supported by beNovelty as a technology partner to provide technical clinics and arrange sandboxes with over 100 banking APIs and mock data on its API integration platform.

Diana Cesar, Chief Executive, 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.”

30 proposals will be selected in August and 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.

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