The Hong Kong Monetary Authority (HKMA) has unveiled its new Fintech Promotion Roadmap, as part of its Fintech 2025 strategy and ‘All banks go Fintech’ initiative announced in 2021.
The roadmap outlines the central bank’s activities it will implement in the next 12 months to encourage and promote further integration and adoption of fintech solutions, particularly in the areas of wealthtech, insurtech, greentech, artificial intelligence (AI) and distributed ledger technology (DLT).
These activities included:
- Establishing a Fintech Knowledge Hub to house a directory of fintech service providers and fintech-enabled financial institutions;
- Hosting regular fintech showcases and roundtables to foster more communication and connectivity among financial institutions and fintech service providers;
- Planning interactive seminars and training sessions focused on the specified fintech areas to increase knowledge and information exchange; and
- Publishing industry use cases and research reports to boost insights into a wide range of considerations and solutions across the fintech adoption process.
“As we continue to promote the adoption of Fintech under the ‘All banks go Fintech’ initiative, this new Fintech Promotion Roadmap announced today marks a significant step not only for the banking sector but for the financial services industry as a whole,” Arthur Yuen, Deputy Chief Executive of the HKMA, said.
“It demonstrates the financial regulators’ dedication to innovate as we accelerate our drive to become a leading Fintech hub. 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.”
At the roadmap’s completion, the HKMA will also work “beyond awareness-raising” and “take proactive steps to assist financial institutions to put fintech solutions into action”, a statement said.