Open Banking: Salt Edge Gains Shanghai Commercial Bank as Customer

Hong Kong-based Shanghai Commercial Bank (ShaComBank) has enlisted Salt Edge to help power its open banking services, including PSD2 options, according to a blog post. ShaComBank currently has more than 50 branches in both Hong Kong and mainland China, as well as the United States and elsewhere. The bank serves both individuals and corporate customers and touts its ability to provide personalized services.

Andrei Scutari, Country Manager at Salt Edge, said they would help ShaComBank become PSD2 compliant and they are pleased that the bank has embraced the power of open banking.

ShaComBank will utilize Salt Edge’s compliance solution that allows customers to integrate various financial platforms. The service is API based and offers a developer portal and client dashboard. API updates keeps pace with regulatory changes. Through its TPP verification system, only regulated institutions can access ShaComBank’s open banking channels, keeping the personal accounts of its clients protected.

Jerome Goh, Executive Vice President & General Manager of the London Branch at ShaComBank, said they were delighted to work with SaltEdge to meet their regulatory requirements.

Salt Edge reports that it is currently integrated with over 5,000 financial institutions in 50+ countries.

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