Citibank now opens APIs to API developers in Hong Kong to connect directly

APIs are the same as UIs or User Interfaces, just with different users in mind. These are used by software apps in a much similar way that interfaces for applications and other software are used by humans. Providing API access enable content to be made once and published automatically or made available to a lot of channels. The company’s content is made ready for easy sharing and for redistribution to directly deliver the mission to more people. By making anyone create a new presentation layer, such as a website or application or a widget, APIs could be used to distribute information and ser5vices to new audiences and in particular contexts that could be tailored or customized to provide tailored user experiences.

API DEVELOPMENT TOOLS TO PUT IDEAS INTO PRACTICE

Citi opens APIs to Hong Kong developers. First launched in the United States and selected markets in Asia in November 2016, the Citi API Developer Portal aims on providing a platform for API developers to directly connect to Citi, while driving growth for the Fintech industry as a whole. The launch in Hong Kong by Citi will make it as the first in the local market to release its APIs, as stated by Angel Ng, the current business manager of global consumer banking of Citi in Hong Kong. Furthermore, Ng said that technology evolves at lightning speed and now clients demand faster and more tailored services, which suit their changing lifestyle. By allowing the Fintech community to access the open API architecture, it is the hope of the bank to contribute to developing a positive incubation environment and a healthy ecosystem to pave the way for growth in Hong Kong.

The business manager further said that they are pleased to be the first bank in the area to launch an open API platform. The launch of the innovative solution is an integral milestone on the company’s quest for future compatibility. The 30 app program interfaces or APIs will be available to the local developer community so as to create financial tech solutions. With the API Developer Portal, local developers could build solutions and access the bank’s APIs across seven use categories, including:

1. Onboarding – Tap into the acquisition partner services of the bank for loans and credit cards.
2. Accounts – Provide clients access to their account summaries in an innovative manner.
3. Pay with points – Enable clients to utilize points in order to cover purchases using statement credits when they are using eligible credit cards.
4. Customers – Enable customers to access profile information.
5. Cards – Allow customers to manage both their credit cards and debit cards while abroad.
6. Money movement – Provide clients the ability to move their money across several accounts.
7. Reference data – Have programmatic access to reference data for multi-country development.

Citi has also announced the Citi Hk Fin Tech Challenge launch. It’s an accelerator program that supports the Monetary Authority x Cyberport Haccelerator initiative of Hong Kong. The program aims to let the API developer jobs or the Hong Kong developer community to put their ideas into practice as well as help them build real-world innovations that could function with existing Citi technology with less connectivity integration. API developers are encouraged to come up with solutions that are innovative via using Citi’s APIs as well as through connecting to a development sandbox. The APIs covered seven use scenarios, like customer profile access, funds transfer and credit cards management and made available on the API developer portal of the bank.

The Senior Executive Director of HKMA, Howard Lee welcomes the launch of the API Developer Portal that aims to foster closer collaboration with the FinTech companies in developing apps that provide customers with a bigger choice of financial services. Citi also launched an accelerator program to determine developers who have innovative product ideas and offer the resources to help bring these ideas into production. Citibank stated that applicants would have to submit a product concept that would be evaluated by Fintech and other industry experts. Shortlisted finalists could feature their products in June on Hong Kong Demo Day and could win HK$650,000 or $83,673. HKMA welcomes Citi making use of the Haccelerator platform, promoting sharing of technology and collaboration among the technology and financial sectors and fostering the development of the local financial technology ecosystem.

Registration for both the Citi API Developer Portal and the Citi HK FinTech Challenge has started in March 29. Winners get a chance to take their technologies into production. Those who are interested to join could register until May 14, 2017. Furthermore, participants are also required to submit a concept note of their solutions that would be assessed by a panel of industry experts and leaders. The lists of finalists would be announced in May.