Hong Kong Launches its First API Exchange The APIX exchange will play a vital role in supporting cross-industry operations in the Southeast Asian country
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.
Hong Kong gets its first API exchange for banking with the Joint Electronic Teller Services Limited (JETCO). The JETCO APIX exchange platform will provide over 200 APIs from 13 banks for cross-border payments.
The APIX exchange will play a vital role in supporting cross-industry operations in the country. The platform will help companies in all industries, ranging from banks to third-party service providers and application developers.
Banking Revolution
It connects users across the industries under one platform and provides easy and seamless connectivity by allowing them to collaborate and co-create new products and services in a safe and standardized environment. The platform will also lead to shorter time-to-market at lower cost.
"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 company stated in its statement to press.
At the launch of the APIX exchange, Angus Choi, chief executive officer of JETCO said, "Open banking is a global trend that will help drive innovations and enhance the competitiveness of the local financial industry. JETCO APIX enables 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," he added.
Boosting Cross-border Trade
The APIX platform will help Hong Kong buyers and sellers in the cross-border payments from one country to another. The move will also encourage and facilitate the cross-border trade in the country. This move will also encourage foreign buyers and sellers in their exchange of products.
The company has more than 30 member banks in Hong Kong and Macau and supports a range of banking services for them across both regions. More than 10 banks will be providing APIs for the platform, which include 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.
