The adoption of open banking in Hong Kong has been in the works since July 2018, when the Hong Kong Monetary Authority (HKMA) released its Open API framework, allowing users to share their banking habits with third parties who then passed recommendations back to the banks.
The key to getting residents of Hong Kong to accept open banking is that if banks can see that consumers have strong budgeting skills and manage their outgoings effectively, then they will be more likely to gain access to higher deposits and more favourable loan rates.
When Accenture carried out its work in Hong Kong, it also used the same methodology in both Australia and the UK to try to paint a clearer picture of consumer interests. While over half of those in Hong Kong would readily hand over banking data to receive better and more personalised loans, 66% of those surveyed in Australia would not. The figure is slightly higher in the UK at 69%.
This indicates a wide gap in culture and reception of how banks have behaved in the past. Just 31% of Hong Kong respondents said that they would not support open banking in its current form.
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