Since 2019, Hong Kong, one of the world’s leading international financial centers, launched the Open API Framework for banks. The purpose of the Open API Framework is to create a more streamlined and efficient banking system through open collaboration. The framework allows all participating institutions to access common functionality such as deposit account information or online merchant payments in Phase 3 and 4. Additionally, the Insurance Authority (IA), Hong Kong’s insurance regulator, has also started exploring ways to develop an Open API Framework for the insurance sector. Some insurers are already utilizing technology through which they connect their platforms with partners who provide services related to its products & protection plans.
“With the public awareness of Open API Framework for banking and insurance sectors, more companies are now exploring possibilities from collaboration with Open APIs. They are now more open to collaborate with 3rd parties partners via sharing data and creating embedded finance scenarios in order to deliver better & more effective services to customers.” explains Patrick CS Fan, organiser of apidays Hong Kong & founder of beNovelty Limited. “Open Banking is a How and Embedded Finance is the Why. The key success factors are not only API (Application Programme Interface) technology itself, but how the embedded context addresses customer needs at the right time. Nowadays, customers are less willing to walk into specific branches or turn on a not so often used mobile app for a specific service. The services need to be distributed through different channels under various scenarios, which ends up requiring services and data sitting in third-party applications. It also leads to new business models with the platform economy – where banks or enterprises become a platform to empower partners in doing contextual business”
The platform economy has been on the uptick for years now. APIs are at its core, and they provide an easy way to share data or functionality between different applications and systems. Many leaders are asking how they can best adopt a platform mindset to retain a competitive edge. Developers are at the center of change under API-First transformation. With developer-facing models emerging to support nearly every industry, APIs not only drive efficiency for internal developers but can also help enterprises unlock new business models by sharing valuable data and functionality with third parties – and evolving to be the platform economy.
“We believe there are some commonalities in challenges from different regions and we should learn from the successful and failed experience from each other to speed up the progress.” Patrick says, “That’s why we bring apidays Hong Kong here for the 3rd year and line-up sessions with API domain thought leaders from the east and the west.”
The 2-day API conference has confirmed 40+ sessions with speakers from regional banks, leading enterprises, technology companies and fintech companies with 2 focused tracks
- Industry Focus
- BFSI & Platform Economy – How Banking, financial services and insurance (BFSI) players build up API use cases in regulated environments as a platform
- Data Driven API Practices – How enterprises leverage API & Data technologies in maximizing their business efficiency & growth
- Open Banking & APIs – Overview of essential technologies in building up Open Banking platforms
- API Architecture & Development Focus
- API First Architecture – How should we better design, architect & govern API infrastructure
- API First Challenges – Learn about the best practices in API product design, with security considerations and more
- API First Development – Understand the needs of developer experience and how it helps accelerate API adoption
The apidays Hong Kong 2022 is lead organised by beNovelty Limited with the Hong Kong Computer Society, the Hong Kong Science Park Startups Alumni Association and OpenAPIHub Community as supporting organisations. The 2022 API conference is sponsored by Confluent. Amazon Web Services (AWS) and New Relic.
For more information and to sign up to the event, check out the links below:
Free Registration: https://bit.ly/apidays-hongkong-2022-reg
Organiser Website: https://www.benovelty.com/events/apidays-live-hongkong-2022
Global Apidays Website: https://www.apidays.global/hong-kong
About beNovelty Limited
beNovelty is a Hong Kong API technology company founded in 2015 and the lead organiser of apidays Hong Kong since 2020. The team dedicates to the development of Open API ecosystem & community in Hong Kong and empowering 1000+ API Portals / Providers in APAC area. beNovelty is an API ecosystem partner of various leading banks and enterprises accelerating their Open API adoption, including the API Ecobooster program that connects startups and the developer community with the bank to co-create API solutions with HKSTP and HSBC. beNovelty is an acceleratee company of HKSTP Acceleration Programme and awardee of Hong Kong ICT Start-up Awards (2020) , IFTA Fintech Achievement Awards (2019) etc.
Company website: https://www.benovelty.com
Platform website: https://www.openapihub.com