On 11 January, 2018, the Hong Kong Monetary Authority (the "HKMA") published its "Consultation Paper on Open API Framework for the Hong Kong Banking Sector" (the "Consultation Paper"). The Consultation Paper summarizes the approach the HKMA has taken to date in actioning the "Open API" initiative announced by HKMA Chief Executive Norman Chan on 29 September, 2017: one of seven programs forming part of the HKMA's "New Era of Smart Banking". Our briefing note summarizes and provides commentary on the Consultation Paper, and sets out high level planning for the formalization of an Open API policy framework going forward. Industry comments are requested by 15 March, 2018.