The Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority (IA) have jointly published a new Fintech Promotion Roadmap. This roadmap outlines a series of initiatives that the three regulators will undertake over the next 12 months to drive the adoption of financial technology (Fintech) in the financial services sector. Guided by the “Fintech 2025” strategy, the HKMA has been actively promoting the use of Fintech by banks in Hong Kong. A assessment published in June 2022 highlighted the significant potential for Fintech development in areas such as Wealthtech, Insurtech, Greentech, as well as Artificial Intelligence (AI) and Distributed Ledger Technology (DLT). To accelerate Fintech adoption, the roadmap provides practical recommendations for each stage of the adoption journey and introduces various initiatives, including events, roundtables, seminars, training sessions, practical guidelines, promotional videos, and a Fintech Knowledge Hub. Institutions are encouraged to actively participate in these initiatives to leverage knowledge exchange and effectively implement their Fintech strategies.
Fintech Adoption Roadmap Report:
https://www.hkma.gov.hk/media/eng/doc/key-information/guidelines-and-circular/2023/20230825e1a1.pdf
Resource:
https://apps.sfc.hk/edistributionWeb/gateway/EN/circular/doc?refNo=23EC39