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A few weeks ago I spent a day interviewing 20 different Hong Kong banks about API availability for cross-border RMB transactions. None at all offered it. They
by gaius 10y ago
A few weeks ago I spent a day interviewing 20 different Hong Kong banks about API availability for cross-border RMB transactions. None at all offered it.
They don't do it because doing it while complying with all relevant regulations is more complicated than you realise. That's what banks are ultimately in the business of, finding ways to do business across jurisdictions. And it's why most fintech companies fail: their beautiful code runs headlong into the messy, illogical, unpredictable real world of regulatory compliance and guess what, the regulator always wins.
- contingencies 10y agoI seriously doubt that, given a signup sheet of legalese, in most jurisdictions any service provided through an appropriately authenticated API is different in legal standing from the same service provided online through internet banking and slow, manual, error-prone process.
- osullivj 10y agoStrongly agree based on my work in the financial sector since 2009. Everything's driven by regulatory compliance now. To the point where RegTech is a thing.
- deleted 10y ago[deleted]