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The Hong Kong Science and Technology Parks Corporation (HKSTP) announced a partnership with the Hong Kong Insurance Authority (IA) to spearhead the Open Insurance movement. This initiative is being realised through the launch of the OpenAPI Platform for the Insurance Sector, often referred to as the Central Register.
Open insurance revolves around the concept of facilitating the exchange of insurance-related information among insurance companies and third parties using Application Programming Interfaces (APIs), thus fostering innovation in insurance products and services.
The OpenAPI Platform for the Insurance Sector serves as a trusted repository that houses open insurance APIs. Its primary function is to connect authorised insurers, licensed insurance intermediaries, and their third-party service providers, allowing them to seamlessly display and manage their product and service information. By granting public access to this valuable data, this central hub serves as a catalyst for enhanced connectivity, further fuelling the development of groundbreaking insurance products and services.
The Head of the STP Platform at HKSTP expressed her enthusiasm for this initiative, stating that it is a significant step toward the realisation of Open Finance. By harnessing the potential of open APIs, businesses can unlock new avenues for growth through enhanced connectivity, collaboration, and innovation. The OpenAPI Platform for the Insurance Sector empowers both insurance companies and tech ventures to leverage open APIs, thereby delivering transformative financial experiences to the industry.
The Associate Director of the Policy and Development Division at the IA urged the insurance industry to embrace the OpenAPI Platform as a driver of innovation and collaboration. He emphasised that the establishment of this platform underscores IA’s unwavering commitment to fostering greater cooperation among market players, while also promoting the application of Insurtech both within and beyond the insurance sector. IA remains dedicated to working in tandem with HKSTP and other stakeholders to nurture a dynamic Insurtech and Open API ecosystem.
HKSTP has been at the forefront of catalysing Hong Kong’s thriving API ecosystem by enabling businesses to undergo transformative changes through data and technology. The recent introduction of the API Hub further solidifies its role as a dependable source of data and functional APIs for a wide range of industries.
Enterprises now have easy access to a vast array of market-ready data and digital solutions, while technology enablers can seamlessly connect with partners and customers. Additionally, HKSTP has established partnerships with 27 banks, providing access to over 1,200 Open Banking APIs, thereby enriching the API landscape and promoting further innovation in the financial sector.
The collaboration between HKSTP and the IA to launch the OpenAPI Platform for the Insurance Sector marks a significant milestone in the evolution of Open Insurance. This innovative platform is poised to reshape the insurance landscape by facilitating the seamless exchange of information and fostering collaboration among industry stakeholders.
As businesses and tech ventures embrace open APIs, the insurance sector is set to experience a wave of innovation and transformation, ultimately leading to more impactful financial experiences for all stakeholders involved. The dedication of both organisations to nurturing a vibrant Insurtech and Open API ecosystem further underscores their commitment to driving positive change within the industry. With the groundwork laid by this partnership, the future of insurance in Hong Kong looks brighter than ever.
The partnership between the Hong Kong Science and Technology Parks Corporation (HKSTP) and the Hong Kong Insurance Authority (IA) to launch the OpenAPI Platform for the Insurance Sector aligns with key goals of the HKSAR Government. It promotes innovation and technology development in the insurance industry, enhancing the efficiency and accessibility of financial services while fostering the growth of Insurtech.
The platform also contributes to financial connectivity and regulatory cooperation, supporting Hong Kong’s status as an international financial hub. Furthermore, it exemplifies the government’s commitment to digital transformation across industries, collectively positioning Hong Kong for sustained economic growth and global competitiveness.
OpenGov Asia earlier reported that Invest Hong Kong (InvestHK) soft-launched the FintechHK Community Platform, a centralised fintech platform to connect local and global fintech companies with Corporate, Investor, and Service Champions.
The platform is fully supported by the Financial Services and the Treasury Bureau (FSTB) and curated by InvestHK; the initiative comes as an extension of the Global Fast Track Programme, which garnered great industry participation in 2022.
