Hong Kong’s chief financial regulator, the Hong Kong Monetary Authority (HKMA), has issued a call to industry to help guide the drafting of a new Open API (Application Programming Interface) framework for the region’s banking sector.

The one-month consultation process offers industry the opportunity to provide feedback on the draft paper, and sets out the HKMA’s intended approach to Open API.

According to deputy chief executive of the HKMA, Howard Lee, the Open API framework seeks to “facilitate the development and wider adoption of Open API by the banking sector.”

By doing so, the HKMA will maintain the industry’s competitiveness and enhance the consumer experience by facilitating collaboration between banks and technology firms, he added.

Open API allows better and easier system and service integration between banks and other industries such as lifestyle, healthcare and retail services.

Feedback on the framework must be submitted in writing to the HKMA by 15 March 2018.