The Hong Kong Monetary Authority (HKMA) has launched its new ‘FiNETech’ series, in an effort to bolster opportunities for collaboration across the fintech industry.
FiNETech will look to provide financial institutions with one-stop access to the latest information about sourcing options provided collectively by the technology community.
HKMA gathered around 100 banks, securities and insurance companies, as well as technology firms to explore next-level collaboration in the likes of wealthtech, insurtech, greentech, artificial intelligence (AI), and distributed ledger technology (DLT).
Financial institutions, alongside strategic technology partners connected via FiNETech, can jointly approach HKMA’s Fintech Supervisory Chatroom, which looks to provide supervisory feedback to banks and tech firms at an early stage when new technology applications are considered.
Building on the Tech Baseline Assessment under its ‘Fintech 2025’ strategy, the HKMA hopes to capitalise on the vast growth opportunities in the five fintech sub-sectors and technology types, as well as the substantial benefits that the wider financial services sector can derive from an expanded network of local fintech solutions.
Increasing fintech adoption
Financial regulators HKMA, the Securities and Futures Commission, the Insurance Authority, and the Mandatory Provident Fund Schemes Authority are all supporting FiNETech; alongside the Hong Kong Association of Banks and the Fintech Association of Hong Kong.
The Hong Kong Science and Technology Parks Corporation will also back the initiative, which is powered by KPMG and Quinlan & Associates, an independent strategy consulting firm.
The HKMA’s Fintech Supervisory Sandbox 2.0, will also be available for testing and obtaining early supervisory feedback on the proposals before full adoption.
In the next six to twelve months, the HKMA will expand the joint efforts in fintech areas through the FiNETech series: AI, including generative AI, as well as DLT and greentech through further FiNETech sessions.
HKMA also hopes to increase fintech adoption by banks and other financial institutions; to follow up on innovative cases and share good industry practices; and to issue further practical guidance for the priority themes via the FiNETech series.
