The Hong Kong Monetary Authority (HKMA) is introducing the pilot programme of the Interbank Account Data Sharing (IADS) initiative and inviting banking institutions to participate. This initiative enables secure sharing of customer bank account data between banks with customer consent. A preliminary study conducted by the Hong Kong Association of Banks in collaboration with participating banks and the HKMA’s Fintech Facilitation Office (FFO) suggests that IADS can digitalize banking operations, improve risk management, and enhance the customer experience. The pilot programme will examine use cases and implementation issues to shape the future implementation of IADS. The HKMA’s Banking Supervision Department supports the initiative and requests institutions’ enrollment and preparations by year-end.
Resource:
https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2023/20230815e1.pdf
