Hong Kong regulators to push for greater clarity in fintech market guidance to help companies develop
City looks to burnish credentials as an international hub for financial innovation as it stages second annual FinTech Week this October
Hong Kong’s securities, banking and insurance regulators are looking to offer greater guidance on financial technology innovation in the city, following recent developments in the adoption of blockchain, artificial intelligence and so-called initial coin offerings (ICO).
That would provide the local economy’s growing number of fintech start-ups and more established enterprises with increased clarity on how to pursue initiatives driven by those technologies, according to the regulators.
Their plans took centre stage on Thursday at a press briefing for the city’s second annual FinTech Week, which will be held from October 23 to 27 at the Hong Kong Convention and Exhibition Centre in Wan Chai.
“Financial innovation is changing the way in which securities products and services are being delivered to investors,” said Julia Leung Fung-yee, the executive director for the intermediaries division at the Securities and Futures Commission (SFC).
Leung added, however, that the rush to adopt advanced fintech solutions in the market may need to be tempered by further guidance.