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Hong Kong Monetary Authority (HKMA)
BusinessBanking & Finance

Former HKMA chief executive Norman Chan latest bureaucrat to join fintech bandwagon, sets up digital payment firm

  • Round Dollar Wallet Technologies is backed by five investors
  • Norman Chan is the latest former Hong Kong finance official to join the private sector after John Tsang and Chan Ka-keung

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Former Hong Kong Monetary Authority chief executive Norman Chan Tak-lam has set up a new fintech company. Photo: Nora Tam
Enoch Yiu
Norman Chan Tak-lam, the former chief executive of Hong Kong Monetary Authority, said on Wednesday that he has set up a fintech company, his first major undertaking since leaving the de facto central bank last year and the latest former bureaucrat to join the private sector.

Round Dollar Wallet Technologies, backed by five investors, will offer digital payment services to facilitate cross border payments, said Chan, who will serve as its chairman.

“Many companies suffer because of the slowness and difficulties in making cross border payments and in managing foreign currency risks,” Chan said in a statement. “I hope Round Dollar Wallet Technologies can promote cross border trading and further enhance Hong Kong’s status as an international financial centre.”

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The move to launch a digital payment system comes as global central banks race to launch to their respective sovereign digital currencies. The People’s Bank of China has been conducting tests involving its Digital Currency Electronic Payment system, with state media reporting in August that it had moved closer towards the official launch of a home-grown digital currency.
As the head of HKMA between 2009 to 2019, Norman Chan was instrumental in promoting fintech in Hong Kong and the launch of eight virtual banks. Photo: SCMP
As the head of HKMA between 2009 to 2019, Norman Chan was instrumental in promoting fintech in Hong Kong and the launch of eight virtual banks. Photo: SCMP
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Chan, who turns 66 at the end of this month, retired as the head of HKMA last October. During his tenure between 2009 to 2019, he was instrumental in promoting fintech in Hong Kong and the launch of eight virtual banks, to inject new technology and drive competition in the local banking industry.

Chan said Round Dollar Wallet Technologies was funded by Hong Kong-based family office Bright Venture Investment, Dragonfly Round, Eminent Vision, HashKey Holdings, and ZhongAn Digital Asset Group, with each owning a 20 per cent of the company. He did not reveal their investment.

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