HKMA Launches Inaugural FiNETech to Promote Fintech Adoption

The Hong Kong Monetary Authority (HKMA) has launched the FiNETech series, a platform aimed at fostering collaboration between financial institutions and technology firms in the areas of Wealthtech, Insurtech, Greentech, Artificial Intelligence (AI), and Distributed Ledger Technology (DLT). With the participation of around 100 banks, securities and insurance companies, as well as technology firms, the HKMA aims to capitalize on the growth opportunities in these fintech areas and leverage the benefits of an expanded network of local fintech solutions. FiNETech provides financial institutions with centralized access to the latest information and sourcing options offered by the technology community. Supported by financial regulators, industry associations, technology communities, and powered by market experts, FiNETech enables financial institutions and strategic technology partners to collaborate and approach the HKMA’s Fintech Supervisory Chatroom with innovative fintech proposals. The platform also facilitates testing and obtaining early supervisory feedback through the HKMA’s Fintech Supervisory Sandbox 2.0, which is connected to other financial regulators’ sandboxes. Over the next six to twelve months, the HKMA plans to focus on AI, DLT, and Greentech through FiNETech sessions, drive fintech adoption in banks and other financial institutions, share industry best practices, and provide practical guidance on priority themes while considering global development and international experience. Resources: https://www.hkma.gov.hk/eng/news-and-media/press-releases/2024/04/20240426-4/