The Hong Kong Monetary Authority (HKMA) published a new Fintech Promotion Roadmap on 25 August, setting out the key initiatives that it will undertake over the next 12 months to give further impetus to Fintech adoption in the financial services industry.
As part of its ‘Fintech 2025’ strategy, the HKMA launched an ‘All banks go Fintech’ initiative in 2021 to encourage banks to fully digitalise their operations. A key component of the initiative was a Tech Baseline Assessment that took stock of banks’ current and planned adoption of Fintech in the coming years.
Based on the results of the assessment published in June 2022, the HKMA decided to formulate a Roadmap with the aim of further promoting developments in the Fintech business areas of Wealthtech, Insurtech and Greentech – as well as the technology types of Artificial Intelligence (AI) and Distributed Ledger Technology (DLT) – recognising the substantial potential for further growth exhibited by these areas.
The HKMA will now expand its scope of promotion beyond awareness-raising and take proactive steps to assist financial institutions to put Fintech solutions into action. To implement the Roadmap, it is to launch a series of activities in the coming 12 months, including:
- Establishing a Fintech Knowledge Hub, which includes a new cross-sectoral directory of Fintech service providers and financial institutions to enhance accessibility of resources for various stakeholders in the Fintech ecosystem.
- Hosting more regular Fintech showcase events and roundtables to establish more in-depth communication among financial institutions and Fintech service providers.
- Organising interactive seminars and training sessions on the specific Fintech areas to encourage exchange of practical knowledge across different financial sectors.
- Publishing use case videos and research reports to provide insights into a wider range of practical considerations across the entire Fintech adoption lifecycle.
“As we continue to promote the adoption of Fintech under the ‘All banks go Fintech’ initiative, this new Fintech Promotion Roadmap marks a significant step not only for the banking sector but for the financial services industry as a whole,” said HKMA Deputy Chief Executive Arthur Yuen.
“The overarching approach of the Roadmap revolves around cultivating collaboration. It extends beyond banking, encompassing areas such as insurance, wealth management and capital markets activities. Through close collaboration with the other financial regulators and on-going engagement with stakeholders, we are committed to building a sustainable and inclusive Fintech ecosystem in Hong Kong,” he said.