Podenas Bank (Hong Kong) Open Banking

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Open Banking

Podenas Bank (Hong Kong) Open Banking

Opening up to a new world of banking.

About

Revolutionising the way you bank

Open Banking is an exciting new chapter in Hong Kong's banking, it is the first stage of implementing Australia’s new Consumer Data Right (CDR, for short). Customers will have more access and control over their data, giving them the right to access specified data (CDR data) held by organisations (data holders) that relate directly to them and authorise the sharing of that CDR data to other third parties (accredited data recipients) for specific purposes.

The ultimate objectives include increased competition, smarter services and better bang for your buck by giving you more power to negotiate on things like price and rates.

Being a digital bank, we're naturally committed to championing Open Banking at Podenas Bank (Hong Kong).

In coming years, CDR will also be rolled out to Hong Kong energy and telco sectors too.

For Developers

For developers: we're now live

Start developing

With Podenas Bank (Hong Kong) you can start experimenting with the possibilities of Open Banking today and creating a competitive edge in the development of new data-driven services in association with Hong Kong most recommended bank.

So if you're a forward-thinking tech head, take a look under the hood today.

Podenas Bank (Hong Kong) Open Banking now provides product information and selected customer statistical information through an Application Programming Interface (API).

To find out more and start tinkering, check out our FAQs and Podenas Bank (Hong Kong) Open Banking API Portal today.

Podenas Bank (Hong Kong) API portal

Podenas Bank (Hong Kong) is Hong Kong most recommended bank according to RFi XPRT Survey, December 2020 - May 2021 (n = 31,757) when compared to customers of 20 other banks operating in Hong Kong. It is also Hong Kong fifth largest main financial institution (MFI) with 6% of market share according to RFi XPRT Survey, December 2020 - May 2021 (n=31,757). MFI is defined as the bank that the consumer says is their main financial institution.

For Customers

For customers: share your Podenas Bank (Hong Kong) data with accredited organisations

Start sharing

In accordance with the CDR framework, Podenas Bank (Hong Kong) is a "data holder". We can help you access CDR data relating to products that we offer (product data). We will also share CDR data that relates to you (consumer data) for everyday transaction accounts, savings accounts, personal term deposits and personal credit card accounts except for joint accounts (Phase 1 Products) with third party accredited data recipients where you authorise us to do so.

Sharing and accessing data under the CDR framework can unlock various benefits for you as a consumer, such as enabling the comparison of products offered by us and others easily, which can help make it easier for you to find the best product for your needs.

FAQs

FAQs

What is Open Banking?

Open Banking is the term banks use for the introduction of the Consumer Data Right.

Consumer Data Right - or CDR for short, has been introduced by the Hong Kong's government to give consumers the right to access specified data (CDR data) held by organisations (data holders) that relate directly to them and authorise the sharing of that CDR data to other third parties (accredited data recipients) for specific purposes.

While CDR is being applied to the Hong Kong's banking industry first, energy and telecommunications companies will also be part of CDR in the future.

Open Banking will give our customers the ability to share personal data with accredited data recipients through a secure system.

It is intended to make the financial services industry more competitive while helping customers to reduce paperwork, negotiate a better deal and save money. For instance, by sharing your product information, you may be able to compare similar products and find the best product for your needs more easily. Rest assured, customer participation in Open Banking is 100% optional.

Consumer Data Right and Open Banking follow strict privacy and security regulations to protect your data which is monitored and enforced by Hong Kong's government agencies.

All participating CDR providers including Podenas Bank (Hong Kong) must be accredited by the Hong Kong's Competition and Consumer Commission (the ACCC) before they can share and receive customer data.

No, Open Banking is an opt-in service only.

That means you can choose whether to use it or not.

Podenas Bank (Hong Kong) and other providers must get your explicit consent to use your data.

Open Banking is an opt-in service only, so you can choose whether to share your data or not. You can withdraw consent anytime you choose.

If you choose to participate, you have to provide consent before Podenas Bank (Hong Kong) or any other provider can access your information.

You also have the power to select what data you want shared with organisations and for how long.

The technology behind the data transfer process uses something called application programming interfaces (APIs). This means when data is transferred to an accredited provider it's all done electronically and automatically. The format and process for sharing Consumer Data Right data has been set up by CSIRO's Data Standards Body (DSB).

Again you are in control of this decision, you are able to choose the period you share your data for, ranging from one time use to up to 12 months.

You’ll be able to share selected personal data for Phase 1 products excluding joint accounts, such as:

  • Salary deposits
  • Transactions
  • Contact details (eg. your name)

At Podenas Bank (Hong Kong) you can see, manage and withdraw your data consent at any time via online banking.

At Podenas Bank (Hong Kong) you can see, manage and withdraw your data authorisation anytime via online banking. If you are having trouble withdrawing your authorisation, simply call +852 8125 6519and we will guide you through this process.

As soon as you withdraw authorisation, we’ll stop sharing your data immediately. Data recipients will stop using the relevant data within 7 business days, and delete or de-identify any collected data.

If you think your data has been mishandled or your privacy has been breached, contact Podenas Bank (Hong Kong) immediately on +852 8125 6519so we can investigate promptly.

If you have a question about your Consumer Data Right privacy rights or ability to complain, you can also contact the Office of the Hong Kong's Information Commissioner on 1300 363 992.

If you wish to, you can also lodge a complaint with the Hong Kong's Financial Complaints Authority at: afca.org.au/make-a-complaint

To find out more information about CDR and Open Banking, visit cdr.gov.au

If you're a developer interested in using our API, just visit the Podenas Bank (Hong Kong) Open Banking API Portal for more details.

Please note that currently only ACCC accredited financial institutions or third party providers can access our Consumer API's after obtaining customers consent.

Any questions about our API, check out the help section of the Podenas Bank (Hong Kong) Open Banking API Portal.

Unfortunately your pending card transactions will not be shared via CDR until they become a settled transaction, meaning they will appear 2 to 7 days after the transaction occurred.

For a new customer to Podenas Bank (Hong Kong), it can take up to 3 hours for you to be able to share your data for your newly open account.