Banks And Service Providers Are Joining JETCO APIX
Hong Kong’s First Open API Exchange Platform Built To Enable Connections And Co-Creation Across Industries
Hong Kong, 12 December 2018 ─ Joint Electronic Teller Services Limited (“JETCO”) today announced that 13 banks and popular e-service providers, including OpenRice, Price.com.hk and MoneyHero.com.hk, have signed on to JETCO APIX, Hong Kong’s first open API (application programming interface) exchange platform, that will commence operation in January 2019. JETCO APIX aims to provide easy and seamless connectivity for businesses across industries via API integrations and a highly secure platform for them to collaborate and create new services that will help enhance customer experience.
Banks and other API providers can upload and distribute product and service APIs on the platform, while third-party service providers (TSPs) and developers can easily discover and access available APIs and integrate them into their own applications to create new financial or lifestyle products or services for consumers.
JETCO Chief Executive Officer, Angus Choi, said: “Open API offers an incredible collaborative opportunity for banks and different industries to launch new services and grow their revenues in a symbiotic manner. Providing connectivity has been a barrier to this development in the past, involving complex technology, substantial time and cost investment, as well as cumbersome processes associated with due diligence check on every TSP. In collaboration with IBM, our important partner, we have made connectivity easier and simpler through the adoption of advanced automation technology and standardised interfaces. JETCO APIX also provides a sandbox for users to test and experiment their new ideas in a secure environment with just one simple registration. The result is higher operational efficiency and quicker time-to-market.”
“We’re pleased that 13 bank members will be supporting the platform with more expected to join in 2019. JETCO APIX will help banks comply with regulatory requirements in line with the government’s Open API initiative,” said Mr. Choi.
JETCO is also working collaboratively with TSPs in a range of industry sectors. The initial projects with Price.com.hk and MoneyHero.com.hk will facilitate the integration of their applications with banks’ APIs, while OpenRice will allow banks to access their e-voucher APIs to improve their offerings to bank customers.
The JETCO APIX exchange platform also boasts world-class security and authentication standards, application firewalls and multi-layered data encryption protecting the entire API lifecycle, so API providers and TSPs can work -together on a highly secure platform.
“JETCO’s vision is to leverage our technology and strong reputation as a trusted financial brand to offer an open API exchange platform that all businesses can use and connect with each other easily, helping to enable and grow the API ecosystem in Hong Kong,” said Mr. Choi.
About Joint Electronic Teller Services Limited
Joint Electronic Teller Services Limited (‘JETCO’) was established in 1982 by five banks: Bank of China (Hong Kong) Limited; The Bank of East Asia, Limited; Chekiang First Bank Limited (currently OCBC Wing Hang Bank Limited); Shanghai Commercial Bank Limited; and Wing Lung Bank Limited (currently CMB Wing Lung Bank Limited). In 2015, China UnionPay Co. Ltd. became a strategic investor of JETCO. Today, JETCO has more than 30 member banks in Hong Kong and Macau and supports a range of banking services for them across both regions.
JETCO currently operates more than 3,000 ATMs in Hong Kong, Macau and over 20 cities across mainland China, offering convenient, reliable local and cross-border ATM services.
JETCO also provides a range of value-added services to help member banks deliver innovative, secure online and mobile banking services to their customers. In February 2018, the company launched JETCO Pay Merchant Payment service offering in-store QR code payment as well as in-app and online payment solutions.
For more details, please visit www.jetco.com.hk.