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Hong Kong unveils new measures to boost fintech

Xinhua | Updated: 2021-11-03 14:09
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Photo taken on May 14, 2020 shows the International Commerce Center in Hong Kong. [Photo/Xinhua]

HONG KONG -- The Hong Kong Monetary Authority (HKMA) announced Wednesday two new initiatives to further strengthen Hong Kong's fintech capabilities, building on the momentum of the region's "Fintech 2025" strategy launched in June.

In terms of Green bond tokenization, the HKMA and the Bank for International Settlements Innovation Hub (BISIH) Hong Kong Centre concluded Project Genesis, which, among others, concept-tested the issuance of tokenized green bonds to retail investors in Hong Kong.

As the next phase to encourage adoption of Regtech, or regulatory technology, the HKMA announced the launch of AMLab series which will be held on Nov. 5 in collaboration with Cyberport, aiming to strengthen banks' capabilities to protect customers from fraud and financial crime losses.

Five banks will work with data experts using synthetic data for the first time to explore the use of digital footprints and conduct more comprehensive network analysis.

The HKMA has made good progress on the initiatives implemented under its "Fintech 2025" strategy, covering areas including data, cross-boundary fintech cooperation, talent development, Central Bank Digital Currency and funding support, it said in an online statement.

"In less than five months after announcing our 'Fintech 2025' strategy, the HKMA has made considerable progress on all fronts of the strategy and reached a number of significant milestones," said Eddie Yue, Chief Executive of the HKMA.

"We will continue to double down on our efforts to grasp the opportunities presented by fintech, and strive to build an ecosystem where people across all levels can experience the value and benefits of fintech in their everyday lives," he said.

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