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Hong Kong’s open API initiative makes banks ‘gatekeepers’ for third-party services

The Hong Kong Monetary Authority’s (HKMA) open application programming interface (API) initiative has made banks “compliance gatekeepers” for the third-party service providers (TSPs) they choose to work with, according to law firm Hogan Lovells. The Hong Kong bank regulator published its open API framework last month, setting out non-mandatory timeframes for banks to deliver their product information and other functions through the…

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