Hong Kong unveils new fintech development strategy

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.

"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, 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.