Regulatory Alerts2019-10-29
Added · Updated
Consumer Protection Measures of Authorized Institutions in respect of Open Application Programming Interface Framework
The Hong Kong Monetary Authority issued this circular to clarify consumer protection expectations for Authorized Institutions implementing Open API frameworks. It requires institutions to adopt risk-based measures, including rigorous third-party service provider governance, transparent disclosure of partnerships, and clear liability arrangements for unauthorized transactions. Additionally, the regulator permits the use of third-party service providers for retail financial products under Open API, distinguishing this partnership model from previously banned lending intermediaries.
More like this from HKMA
HKMA published 11 documents in the last 30 days. We email you each new one the day it's published.
Topics
consumer
open-banking
Share