Banks and financial institutions based in Hong Kong are using unreliable Internet connections, threatening the SAR's status as a regional financial hub, according to a survey by a global Internet-service provider. A survey by Uunet, a subsidiary of United States-based MCI WorldCom, of information-technology executives at 53 banks and financial institutions in Hong Kong revealed 33 per cent were still using dial-up modems for Internet access. 'It is remarkable that so many of these institutions are still attempting to operate on the Internet via providers of domestic internet services designed for home use,' Uunet Asia-Pacific managing director Marc Sheldon said. These modems did not provide enough speed, reliability or security features required by businesses, he said. Mr Sheldon warned that high use of these modems could put Hong Kong at risk of losing its financial prowess. About 70 per cent of those interviewed in the survey said their companies had no plans to use the Internet to offer financial services. 'There is a lack of understanding in the financial community about what benefits the Internet can bring as a business tool,' he said. Of the executives interviewed, 97 per cent had Internet access, 34 per cent Web-browsed, and 27 per cent sent e-mails. Only 3 per cent hosted a Web site.
