Hong Kong Govt: Fintech Ranking Behind Singapore Doesn’t Add Up
A new report from Deloitte has been dismissed by the Hong Kong government after it ranked the city fifth for FinTech and three spots behind Singapore. In a report from the South China Morning Post, it’s claimed that the study didn’t compare financial technology development, but financial and business environments together. According to Chan Ka-Keung, Secretary for Financial Services and the Treasury Profession, the report looked at three organizations which subsequently ‘ranked the competitiveness of financial centers, their innovation capacity and business environment.’ However, many....
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Analysts and participants of the Fintech and wider financial industry in Hong Kong and Singapore are seeing an increased cooperation between the two countries with rivalry making way for partnerships. The geographical proximity and technology-forward ideologies that are a traditional staple among Singapore and Hong Kong have often seen the two cities pitted against each other as rivals in industry. These days, however, the two hubs are fast becoming destinations in the financial sector, particularly with new innovations in FinTech (financial technology). More intriguingly, startups and....
The Hong Kong Monetary Authority has revealed that it is establishing a Fintech Innovation Hub and a supervisory sandbox that will permit banks to conduct proof of concept trials and services as the country attempts to boost the development of Fintech in the financial services sector. In a speech at a summit in Hong Kong, Chief Executive of the Hong Kong Monetary Authority (HKMA), Norman Chan, said that the Fintech Innovation Hub ‘allows regulators to provide early inputs to the trial works before the actual implementation.’ He added: While some of the largest banks have built their own....
The Hong Kong Monetary Authority (HKMA) plans to guide local banks towards full adoption of fintech technologies, a new strategy reveals. The region’s central banking institution also stressed that it’s going to “walk the talk” by digitalizing its own supervision of financial institutions. Hong Kong Central Bank to Support Fintech Development Hong Kong’s monetary policy regulator has presented its new strategy to stimulate the fintech development of China’s special administrative region. With the strategy, HKMA aims for a comprehensive adoption of new....
HK$17B has been pledged by the financial secretary of Hong Kong to begin building the key infrastructure necessary to support a thriving Fintech and tech center in the city. In particular, John Tsang Chun-wah in a statement focused on fintech as an area or exploration and interest for Hong Kong. The interest in fintech completely makes sense within the greater context of Hong Kong’s positioning within global finance. And of course, there was a major focus on the potentially ubiquitous solutions within blockchain and cryptos. In last year’s budget meetings, the Steering Group on Financial....
Cryptocurrency regulation in Hong Kong is undergoing changes. The Securities and Futures Commission (SFC) is reportedly introducing a new licensing system to regulate all crypto exchanges operating in Hong Kong. Hong Kong’s New Crypto Regulation The CEO of the SFC, Ashley Alder, talked about implementing a new cryptocurrency regulatory framework at Hong Kong Fintech Week on Tuesday. All cryptocurrency trading platforms operating in Hong Kong or targeting local investors will be required to apply for a license with the SFC, Radio Television Hong Kong (RTHK) reported. “Later....