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Hong Kong banks to share account data to ‘improve efficiency, lower costs’ under HKMA pilot scheme
- The pilot scheme will cover deposit account information for the retail, corporate and SME customer segments
- The programme ‘marks a significant milestone in fostering a customer-centric banking landscape,’ says Howard Lee, deputy chief executive of the HKMA
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The Hong Kong Monetary Authority (HKMA) is set to launch a pilot programme that will enable customers to use a consent-based and secure way to share their account data with other banks.
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The initiative, called Interbank Account Data Sharing (IADS), is set to launch on January 1 with the participation of 28 banks, the city’s de facto central bank announced on Thursday.
The pilot scheme will cover deposit account information for the retail, corporate and small and medium-sized enterprise customer segments.
It is expected that the banks will gradually develop new and innovative banking services, such as streamlined loan applications, consolidated account views and tailored data-driven services.
HSBC, Bank of China (Hong Kong), China Citic Bank and DBS Bank, are among the lenders participating. Some of the city’s digital banks such as Livi Bank, Welab Bank and ZA Bank, will also take part in the pilot scheme.
“The IADS pilot programme marks a significant milestone in fostering a customer-centric banking landscape,” said Howard Lee, the deputy chief executive of the HKMA, in a statement released to the press on Thursday.
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