The Hong Kong Monetary Authority (HKMA) announced today (23 October) the official Chinese name for the Interbank Account Data Sharing (IADS) initiative and the launch of the IADS Developer Platform, in collaboration with the Hong Kong Science and Technology Parks Corporation (HKSTP), enabling banks to securely and efficiently share bank account data with other banks, subject to customer consent.
The IADS pilot programme commenced in January this year, with a total of 28 participating banks (see Annex). The programme has established the rules and standards facilitating interbank customer-consented data sharing, covering retail, corporate and small and medium-sized enterprise (SME) customer segments. This allows banks to share customers’ deposit account information (including account availability, status, balances and transaction records) with other banks, subject to customer consent. The initiative aims to encourage the industry to launch more innovative data-driven banking products and services, thereby enhancing customer experience.
To showcase the initial results of the pilot programme, the HKMA held the IADS Showroom Day today, allowing banks to share practical applications of IADS, including streamlining loan application process, consolidated financial analysis, and online identity verification. Banks will gradually launch related products to the market.
Additionally, in collaboration with the HKSTP, the HKMA announced the launch of the IADS Developer Platform, a one-stop platform that provides testing account data and simulated application programming interfaces (APIs) from participating banks, facilitating collaboration between banks and technology firms to jointly develop more data-driven products and services.
Mr Howard Lee, Deputy Chief Executive of the HKMA, said, “The rapid development of the digital economy underscores the importance of secure and efficient data transfer. We are pleased to see the banking sector actively supporting IADS and utilising customer-consented data to provide innovative banking products and services that bring convenience and benefits to the public, promoting the steady and healthy development of the fintech ecosystem.”
For more details about the IADS initiative, please visit the HKMA's website.
Hong Kong Monetary Authority
23 October 2024
Mr Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, delivers welcome remarks at the IADS Showroom Day.
Mr Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority (middle); Ms Marina Tong, Chairperson of Fintech Committee of the Hong Kong Association of Banks (right); and Mr Albert Wong, Chief Executive Officer of the Hong Kong Science and Technology Parks Corporation (left), inaugurate the official Chinese name for the IADS initiative and the IADS Developer Platform.
(From left) Ms Carmen Chu, Executive Director (Banking Supervision) of the Hong Kong Monetary Authority; Ms Elsie Gung, Deputy General Manager (Business Banking Segment) of Bank of China (Hong Kong) Limited; Mr Benson Cheung, Director of Yat Fung Telecom (Group) Limited; Mr Eric Fan, Senior Vice President, Head of Digital Transformation Division of Shanghai Commercial Bank Limited; and Mr Kent Chow, Chief Financial Officer of Ideal Wisdom Enterprise Limited, share their experiences in the practical applications of IADS for SMEs in a panel discussion.
(From left) Mr George Chou, Chief Fintech Officer of the Hong Kong Monetary Authority; Ms Janet Sin, Head of Innovation, Open Banking and Government Initiatives, Wealth and Personal Banking, HSBC HK; Ms Sarah O, Head of Digital Growth, Citibank (Hong Kong) Limited; and Mr Jonathan Cheung, Head of Open Banking & New Initiatives, Wealth & Retail Banking of Standard Chartered Bank (Hong Kong) Limited, discuss how IADS enhances banking services and experience for individual customers in a panel discussion.
Mr Howard Lee, Deputy Chief Executive of the Hong Kong Monetary Authority, visits the exhibition booths at the IADS Showroom Day.
