Singapore's OCBC Bank has launched a developer portal and set of open APIs to promote the integration of its data sets and applications with third-party networks and fintech startups working at its Open Vault unit.
At launch, Connect2OCBC provides free access to a branch and ATM locator API, a 'Smart Card Advisor' API (providing recommendations on which OCBC credit card to use for different purposes) and an FX rates programme.
Praveen Raina, SVP, group operations & technology, OCBC Bank, says: "The open APIs will put our data to more efficient use as it can be shared both internally across the bank and externally with third-party software developers. It is about being social. We want to create a “data social network” which facilitates free flow of certain non-customer data that will benefit any third party and the community as a whole in a secure manner."
The portal features self-serve registration and instant API access, “sandbox” testing environments, documentation, code snippets and reference applications with sample code.
OCBC's initiative is in line with the Government's plans to promote a Smart Nation, and follows the recent announcement by the Monetary Authority of Singapore that it intends to move towards an API-led architecture for regtech.