HK regulator rolls out new framework
HK regulator rolls out new framework | Insurance Business Asia
Insurance News
HK regulator rolls out new framework
It aims to encourage collaboration across sectors
Insurance News
By
Kenneth Araullo
The Insurance Authority (IA) of Hong Kong has introduced the Open Application Programming Interface (API) framework, alongside the Central Register for the insurance sector. These initiatives aim to offer guidance and support to industry participants as they embark on the path of Open API implementation.
In response to the global surge in Open API application and the widespread acknowledgment of its significance in enhancing system interfaces and enabling data exchange, the IA collaborated closely with market stakeholders to craft this framework. It sets forth guiding principles on Open API adoption, encompassing aspects like categorization of Open API functions, governance of third-party service providers (TSPs), risk management, and illustrative use cases to spur innovation.
The overarching aim of the framework, the IA said, is to encourage collaboration across sectors and the application of insurtech, ultimately leading to more streamlined financial services for the public.
To further support the smooth implementation of Open API, the IA also joined forces with the Hong Kong Science and Technology Parks Corporation (HKSTP) to develop the Central Register tailored for the insurance industry. Serving as a standardized and trusted online platform, the Central Register enables authorized insurers, licensed insurance intermediaries, and their affiliated TSPs to manage and introduce their Open API and pertinent data to the public.
“The Open API Framework and the Central Register are indicative of IA’s commitment and efforts in driving greater collaboration among market players, while promoting Insurtech application within and beyond insurance sector,” he said. “The IA will continue to join hands with HKSTP and other market stakeholders to nurture a vibrant Insurtech and Open API ecosystem,” said Tony Chan, IA policy and development associate director.
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