Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.
Upcoming SlideShare
What to Upload to SlideShare
Next
Download to read offline and view in fullscreen.

Share

apidays LIVE Hong Kong 2021 - API Ecosystem and Banking Open API Phase III & IV by Carl Seto, JETCO

Download to read offline

apidays LIVE Hong Kong 2021 - API Ecosystem & Data Interchange
August 25 & 26, 2021

API Ecosystem and Banking Open API Phase III & IV
Carl Seto, Director, Product and Marketing at JETCO

Related Books

Free with a 30 day trial from Scribd

See all

Related Audiobooks

Free with a 30 day trial from Scribd

See all
  • Be the first to like this

apidays LIVE Hong Kong 2021 - API Ecosystem and Banking Open API Phase III & IV by Carl Seto, JETCO

  1. 1. Confidentiality This document (“Document”) and the information contained herein constitutes “Confidential Information”, which has strict restrictions on sharing and use. The Document may not be further distributed or reproduced, in whole or in part, without the written consent of Joint Electronic Teller Services Limited (“JETCO”). JETCO APIX Aug 26, 2021
  2. 2. © 2021 Joint Electronic Teller Services Limited. All rights reserved. 2  The Open API Framework released by HKMA requires the banks in Hong Kong to open up and encourage B2B connections.  JETCO established the first industry platform facilitating banks to comply with the new regulations and connect with third-party service providers (TSPs). What is JETCO APIX? “銀通的API平台名為JETCO APIX, 有如連鎖超級市場, 讓不同銀 行及第三方機構將服務「 上架」 , 在平台上發放產品及服務資訊” “銀通行政總裁蔡炳中表示, 開放銀行是全球大勢所趨, 有助促進 本地金融業持續創新, 加強競爭力” “What started as a simple cross-bank ATM network has entered the API-age and is providing cutting edge, open banking technology” “Users will be able to use the platform to collaborate and co-create new products at a lower cost and with a shorter time to market” Fintech Awards 2018 Outstanding Cross Industry Innovative Platform 2019年度深圳市金融 科技专项奖 Awards
  3. 3. © 2021 Joint Electronic Teller Services Limited. All rights reserved. 3 APIX helps cross-industry players optimizing integration efforts and time and bloom API usage in Hong Kong, especially for finance industry Extended Digital Value Chain Banking Open API (Phase I & II launched) Non-bank API Providers How does APIX Work? FI as API consumers TSP as API consumers API CONSUMERS API PROVIDERS
  4. 4. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Confidential. 4 How does APIX Support Tech Companies?  For tech companies who would like to be TSPs of Banking Open API  Do risk-free and cost-free testing of the API from multiple banks on APIX sandbox  Streamline process from sandbox testing to go live  Onboard qualified tech companies to APIX Sandbox as API providers to increase their business exposures  Being featured on APIX website  Connect to a fast growing developer community registered on APIX  Leverage JETCO as bank consortium and our business partner network
  5. 5. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Confidential. 5 How does APIX Support Tech Companies?  Provide use case cultivation opportunities with banks and other potential business partners  Being invited to have direct dialogues or POC opportunities with banks or potential partners if there are good potential use cases  Perform onboarding assessments for both API providers and consumers on APIX  APIX will conduct assessment for every API providers and consumers to provide a secure and controlled environment for innovation
  6. 6. © 2021 Joint Electronic Teller Services Limited. All rights reserved. 6 Tools/Solutions Search API Directory Search Cross-industry Innovations Governance & Standardization Banks Investment Insurance Co. eCommerce FinTech F & B Lenders Wealth Mgmt Travel Telecom Public Services Product Aggregator Enable Open API Ecosystem
  7. 7. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Confidential. 7 HKMA announced the Fintech 2025 strategy on June 8, 2021, with the 1st focus of “All Banks Go Fintech”:  Continue to promote the all-round adoption of Fintech by banks  Encourage banks to fully digitalize their operations, from front-end to back-end  Identify Fintech business areas or specific technology types which may be underdeveloped and provide corresponding support Opportunities Ahead Business Opportunities in Different Aspects
  8. 8. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Banking Open API Phase III & IV 8
  9. 9. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Confidential. 9 HKMA Open API Framework – Scopes for Phase III and IV Phase Functions Timeline III Deposit account information  Account availability (yes/no)  Account status  Account balance  Transaction details  For corporate & SME customers: Mar 2022  For retail customers: Jun 2022 IV Faster Payment System App-to-app payments Dec 2021
  10. 10. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Confidential. 10 Below is a typical Phase III case where customers can access their bank account information via a TSP, with customers’ consents being granted How it works with JETCO APIX? Bank A Bank B Bank C Customer Bank D Bank E Bank F TSP Benefits for TSP  1 connection setup  1 TSP assessment  Multiple bank connections
  11. 11. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Confidential. 11 Unlike UK and Europe, Hong Kong’s open banking use cases are not government-driven but business-driven. If you would like to be a TSP, below are some challenges:  Cost vs Benefits  The use case should be beneficial to banks, e.g. incremental business, customer stickiness, process enhancement, regulatory requirements, etc.  Customer Data  How to gain the trust from customers to share their bank data with you?  How to convince banks that you can handle customer data properly?  Readiness for TSP Onboarding  Fulfill the requirements of the Common Baseline Key Challenges for TSPs Find out more: carlseto@jetco.com.hk
  12. 12. © 2021 Joint Electronic Teller Services Limited. All rights reserved. Confidential. 12 THANK YOU

apidays LIVE Hong Kong 2021 - API Ecosystem & Data Interchange August 25 & 26, 2021 API Ecosystem and Banking Open API Phase III & IV Carl Seto, Director, Product and Marketing at JETCO

Views

Total views

1,031

On Slideshare

0

From embeds

0

Number of embeds

7

Actions

Downloads

10

Shares

0

Comments

0

Likes

0

×