The Interbank Account Data Sharing (IADS) initiative has its official Chinese name - "戶口互聯"! The banking industry has established codes and standards for information sharing. With data protection and customer autonomy as the main principles, the 28 participating banks will gradually launch innovative products through adoption of the IADS. A major breakthrough is to allow SMEs and Retail customers to consolidate the information of their accounts in different banks to facilitate their financial management and loan assessment. Hong Kong Monetary Authority (HKMA) hosted the IADS Showroom Day on 23 Oct, where banks set up booths to showcase their unique product designs, and arranged 2 sessions of panel discussion to explore more use cases, with the objective to bring along faster and more convenient banking services and products to all walks of life. #IADS #戶口互聯 #SME
Today, the HKMA hosted the Interbank Account Data Sharing (IADS) Showroom Day. We are grateful for the attendance and support from all 28 participating banks, The Hong Kong Association of Banks, and HKSTP - Hong Kong Science and Technology Parks Corporation at the event. The IADS’ pilot programme commenced on 1 January 2024, and aims to allow customers to securely and efficiently share their bank account data with other banks subject to customer consent. Showroom Day highlights: 🌐 There were 18 booths to showcase banks’ IADS applications. 🎤 Retail- and SME-focused panel discussions took place on stage, where experts shared insights into various key issues. 🤝 The HKMA collaborated with HKSTP to announce the launch of IADS Developer Platform to facilitate the development of more innovative data-driven products and services. The IADS is an important step towards realising a more digitalised and streamlined financial ecosystem. For more details, read here: https://lnkd.in/gpcpyMCV #HKMA #Banking #HongKongEconomy #Finance #Data