Jetco: JETCO clears path for Hong Kong's first API exchange platform

In July 2018, the Hong Kong Monetary Authority published the Open Application Programming Interface (API) Framework (Framework) for the Hong Kong banking sector. The formulation of the Open API Framework is one of the seven initiatives announced by the HKMA in September 2017 to prepare Hong Kong to move into a new era of Smart Banking.Fast forward to January 2019, Joint Electronic Teller Services Limited ("JETCO") announced the official launch of its JETCO APIX exchange platform providing a marketplace of over 200 APIs from 13 banks. These APIs cover product and service information including deposit, foreign currency exchange, loans, investment, insurance and other general banking services such as safe deposit box, branch and ATM.The 13 banks participating banks include The Bank of East Asia, Bank of Communications (Hong Kong), Citibank, China Construction Bank, Chong Hing Bank, China CITIC Bank International, CMB Wing Lung Bank, Dah Sing Bank, Fubon Bank (Hong Kong), ICBC (Asia), OCBC Wing Hang Bank, Public Bank (Hong Kong) and Shanghai Commercial Bank.RELATED: Open APIs to drive co-creation and collaborationJETCO APIX is Hong Kong's first open API exchange platform that supports cross-industry operation. Its target customers cover companies in all industries, ranging from banks to third-party service providers and application developers.The platform provides easy and seamless connectivity for users, allowing them to collaborate and co-create new products and services in a safe and standardized environment. It also provides a sandbox for users to test their products leading to shorter time-to-market at a lower cost.Angus Choi, Chief Executive Officer of JETCO, described JETCO APIX as enabling banks to connect with third-party service providers and exchange product and service information easily via API integrations, which will significantly reduce the time required for them to build up business relationships."This will greatly facilitate the growth of Hong Kong's API economy. Going forward, we will focus on expanding our cooperation with third-party service providers, helping them to connect to the bank's platforms so that consumers can enjoy more one-stop service and better customer experience," concluded Choi.Caption: Image from iStockPhoto/Jesussanz