Hong Kong’s HKMA launches pilot for secure bank data sharing

The Hong Kong Monetary Authority (HKMA) is set to launch the Interbank Account Data Sharing pilot on January 1, involving 28 local banks. This programme allows customers to securely share bank data with other banks. By enabling consent-based and secure interbank account data sharing, both banks and customers will benefit from improved efficiency, lowered cost and innovative digital services and solutions, fueling the growth of the digital economy in Hong Kong, the regulator said. Meanwhile, the Hongkong and Shanghai Banking Corporation reported a 348% increase in customer deposits and investments over the past year, with notable rises in travel and entertainment spending. BOC Hong Kong also saw its mobile banking customer base nearly double in the first 10 months of the year.