Embrace fintech with caution: FS

September 27, 2023

Financial Secretary Paul Chan today said that while financial innovation is to be embraced, the public should beware of the risks associated with making transactions on unlicensed platforms.


Speaking to reporters after returning from his visit to Europe, Mr Chan noted the Government was of the view that blockchain technology is here to stay.


“On the other hand, the Government will continue to impose balanced regulations to put in a balanced and proper regulatory framework to protect investors’ interests as well as protect financial stability and prevent risks associated with anti-money laundering.”


The Government also encourages the responsible and sustainable development of the Web3 sector, he added.


Having just returned from a trip to France, the UK and Germany, the finance chief pointed out that the current geopolitical situation remained challenging.


“We still need to proactively reach out and engage, and find the common ground.


“The European business sector has been very forthcoming. Indeed, they agree with us on the special role that Hong Kong can play and the unique function that Hong Kong can (provide). They do recognise that the Greater Bay Area, Mainland (China) and the Asia market are the future of economic growth.”

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