The platform economy has been on the uptick for years now. APIs are at its core, as they provide an easy way to share data or functionality between different applications and systems. Many leaders are asking how they can best adopt a platform mindset to retain a competitive edge.
Developers are at the center of change under API-First transformation. With developer-facing models emerging to support nearly every industry, APIs not only drive efficiency for internal developers but can also help enterprises unlock new business models by sharing valuable data and functionality with third parties – and evolving to be the platform economy.
Hong Kong, one of the world’s leading international financial centers, is launching an Open API Framework for banks in order to create a more streamlined and efficient system. The framework will allow all participating institutions access to common functionalities such as deposit account information or online merchant payments in Phase III and IV. Recently, the Insurance Authority (IA), Hong Kong’s insurance regulator, has put itself on the map by developing an open application programming interface (API) in 2022. Some insurers are already utilizing technology through which they connect their platforms with partners who provide services related to their products & protection plans.
With the focus on API-First Digital Transformation & Platform Economy, this year’s Apidays Hong Kong 2022 conference will analyze how it impacts different industries including banking and insurance through business, technology, and developer perspectives.