OCBC Bank launched open API for developers to integrate apps with their open data

In line with Singapore Government's Smart Nation Initiative and the Monetary Authority of Singapore's vision to create a Smart Financial Centre and move toward an open API architecture, OCBC Bank has on 17 May 2016 launched their open Application Programming Interface (API) platform, namely CONNECT2OCBC,  that allows software developers to integrate their apps or websites with OCBC's open data related to their products and services.

OCBC claims to be the first in Southeast Asia to introduce such open API service, playing a bigger role in growing the FinTech ecosystem.

For a start, 4 APIs are made available:

• Branch Locator provides a list of OCBC Bank branches with their respective location details and operating hours.
• Credit Card Advisor provides credit card suggestions based on user's lifestyle.
• ATM Locator provides a list of OCBC Bank ATMs with their location details to facilitate users in finding them.
• Forex provides a list of updated currency exchange rates by OCBC, allowing the integrated apps to perform calculations across currencies.

Although these 4 APIs looks limited, it is deemed as a good start. Hopefully more APIs will be made available for broader and deeper usage in the near future.

Click here for more information about the CONNECT2OCBC APIs.

Besides, OCBC has also established a new business unit called The Open Vault @ OCBC, which is a FinTech innovation center aimed to incubate FinTech startups, helping them make products and services that the bank can add to its digital banking arsenal or bring to the market.

The 5 areas of interest of Open Vault @ OCBC are:

• Wealth management
• Credit and financing
• Insurance
• Cyber security
• Artificial intelligence

The center has partnered with Hong Kong venture capital firm Nest to run the OCBC FinTech Accelerator incubation program to provide selected start-ups with business and technical expertise mentorship.