OCBC introduces open APIs, claims to be first in region to do so

Photo credit: Terence Ong.

OCBC Bank is taking its first steps towards becoming an open platform. It has introduced a few application programming interfaces (APIs) that’ll allow external developers to build apps based on OCBC’s data. It claims to be the first bank in Southeast Asia to do so.

For now, it offers four APIs. There’s one which lists the various OCBC branches, their locations, and opening hours. There’s another that lets people locate ATM machines. There’s a smart card advisor API that provides information on credit card perks. Lastly, there’s a foreign exchange API that gives currency exchange rates.

Banks in Singapore have been busy this year riding on a fintech boom. OCBC even has a fintech startup incubator called The Open Vault which targets five areas: wealth management, credit and financing, insurance, cyber security, and artificial intelligence.

OCBC’s release of these APIs is certainly an unprecedented step for the region. However, the data that developers can tap on appear limited and peripheral. It’ll be amazing if developers can create third-party applications that’ll allow users to view and make transactions, though the security concerns involved be immense. But if OCBC can make it happen, it’ll truly become an open platform.