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Wednesday, June 09, 2021, 09:43
Hong Kong unveils new fintech development strategy
By Wang Zhan
Wednesday, June 09, 2021, 09:43 By Wang Zhan

This undated photo shows the building of the Hong Kong Monetary Authority. (IC)

HONG KONG - The Hong Kong Monetary Authority (HKMA) on Tuesday unveiled "Fintech 2025", the new strategy for driving fintech development of the Hong Kong Special Administrative Region.

The new strategy aims to encourage the financial sector to adopt technology comprehensively by 2025, as well as to promote the provision of fair and efficient financial services for the benefit of Hong Kong people and the economy.

The new strategy aims to encourage the financial sector to adopt technology comprehensively by 2025

"Fintech is, without doubt, a key growth engine for the financial industry in the post-pandemic era, and now is the right time to double down on our efforts to grasp the opportunities," Eddie Yue Wai-man, chief executive of the HKMA, said.

The focus areas of the strategy included promoting the all-round adoption of fintech by Hong Kong banks, encouraging them to fully digitalize their operations, and unleashing Hong Kong's potential for the next generation of banking by enhancing the financial hub's existing data infrastructure.

The other areas included expanding the fintech-savvy workforce and nurturing the ecosystem with funding and policies.  

The HKMA will roll-out a Tech Baseline Assessment to take stock of banks' current and planned adoption of fintech in the coming years, to identify fintech business areas or specific technology types which may be underdeveloped, and would benefit from the HKMA's support. 

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The HKMA will also issue further supervisory guidance to facilitate the uptake of novel technologies and continue to "walk the talk" by digitalizing its supervision of banks through the use of advanced technologies.

To increase the supply of fintech talent, the HKMA said it aims to collaborate with various strategic partners to groom all-round fintech talent, both students and practitioners, through various initiatives, including developing fintech-specific training programmes and qualifications, as well as promoting joint projects between the industry and the academia. 

An example is the Industry Project Masters Network scheme, which will be piloted this September to provide internship opportunities to postgraduate students to work on banks' fintech projects on federated learning and other artificial intelligence technologies, the HKMA added.

The HKMA also said a new Fintech Cross-Agency Co-ordination Group will be established by the HKMA and various industry key players to formulate supportive policies for the Hong Kong fintech ecosystem. 

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It will also enhance its Fintech Supervisory Sandbox and is exploring with the Innovation and Technology Commission the possibility of providing funding support to qualified fintech projects.

With Xinhua inputs

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