The Government today announced the establishment of the Steering Group on Financial Technologies to advise it on how to develop Hong Kong into a "fintech" hub.
Secretary for Financial Services & the Treasury Prof KC Chan will chair the group. Its 10 non-official members come from the financial industry, research and development institutions, the Government and regulatory authorities.
The appointments will be for one-year, effective April 1.
Prof Chan noted that fintech can enhance operational efficiency and help foster new modes of development for the financial services industry, adding that Hong Kong is ideal for developing fintech because it is an international financial centre with a highly developed information and communication technology sector.
The Government will work closely with stakeholders to look into the potential of the fintech sector and possible measures to promote developments in this regard, Prof Chan said.
The initiative to set up the committee was announced in the Financial Secretary's 2015-16 Budget.
It will advise the Financial Secretary on economic and business opportunities provided by developing fintech, potential and existing gaps of developing Hong Kong into a fintech hub, and the measures needed to promote the city as a fintech centre.
