Asia-Pacific Circle
Fintechs are trendy and Hong Kong is a major financial place in Asia. So, what are the most important fintech developments your must know about for 2017 and 2018?
Home»Latest Asia-Pacific Insights & Trends»Asia-Pacific Financial Markets Insights»The Future of Fintech in Hong Kong: the FSDC’s fintech hub business plan
The Future of Fintech in Hong Kong: the FSDC’s fintech hub business planSeptember 25, 2017 Asia-Pacific Financial Markets Insights, Latest Asia-Pacific Insights & Trends by The APAC Circle
Asia-Pacific Fintech Insights: In may 2017 the FSDC released a Report named The Future of Fintech in Hong Kong as a means to help promoting the development of Hong Kong Fintech industry. The report has been commented widely, but it was mainly interpreted as pointing to the limits of Hong Kong’s Fintech policy. In reality, however, this document is more like a business plan and roadmap on, as its title suggests, the future of Fintechs in Hong Kong. Hence, it deserves more attention.
In this Asia-Pacific financial insight, Antoine Martin analyses the recent release of the Hong Kong Monetary Authority’s (HKMA) Revised Guideline on Authorization of Virtual Banks. Hong Kong is one of the world’s leading financial places, yet the city’s banking offer is limited for many. This move by the regulator creates a significant new potential from a financial services perspective, i.e. developing virtual banks in Hong Kong. But there is more.
With the Revised Guideline on Authorization of Virtual Banks, the HKMA has several objectives in mind. First, opening access to financial services to non-banks. Second, solving a market deficiency which so far has left many citizens un-banked. Third, pushing Hong Kong’s Fintech policy a little further. Keep reading for more.
On July 18th, 2018, the HKMA released its Open API Framework as a means to promote the development of Hong Kong’s Fintech, banking and financial services industry. The initiative has been commented widely, and the idea that new applications will now be made available is often used as a conclusion.
In this Asia-Pacific financial insight, Antoine Martin goes through the HKMA’s Open API Framework document to explain its ins and outs. After a careful analysis of the document, he concludes that the stakes are much higher than mere flexibility. Especially considering the regulatory and financial burden to be imposed on banks.
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