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Fintech initiatives outlined

February 26, 2016

There is vast potential for Hong Kong to become a premier Fintech hub, and the Government will work on five areas: promotion, facilitation, regulations, talent, and funding to foster the industry’s development, Secretary for Financial Services & the Treasury Prof KC Chan says.

 

Prof Chan, who also chairs the Steering Group on Financial Technologies outlined the group’s recommendations on promoting Fintech development during a press conference today.

 

It recommended that the Government formulate a vision to underline Hong Kong’s commitment in developing Fintech, and organise annual premier Fintech events and competitions to boost the city’s profile.

 

The group suggested establishing a one-stop office to provide targeted assistance to startups, and promoting Hong Kong as a Fintech hub overseas. More Fintech-themed programmes and innovation laboratories should be attracted to or established in Hong Kong, it added.

 

The city should also position itself as a hub for applying and setting standards for cutting-edge Fintech technologies, and facilitating communication between financial regulators and the Fintech community.

 

Information on funding sources and immigration policy should be clearly laid out to attract foreign talent, and more local young talent should be encouraged to enter the Fintech sector.

 

“The Government shares the Steering Group’s vision to foster a conducive ecology for Fintech so that our consumers can enjoy the benefits brought about by Fintech, while the local financial services industry can stay ahead of the competition and continue to attract talents and innovations,” Prof Chan said.

 

He added that Fintech offers consumers novel experiences in managing their finances and provides financial institutions with tools to improve their operational efficiency.



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