The Securities and Futures Commission (SFC) today unveiled new electronic licensing functions on the online platform for submitting information to the regulator, WINGS.
These new functions are a key element of the fully digitalised licensing process which the Hong Kong regulator plans to launch in 2021.
The full digitalisation will support the SFC’s backend processing and data analytics, providing holistic technological benefits. The move will also help sharpen the SFC’s assessment of the fitness and properness of applicants and licensees and make the overall licensing process more efficient and effective.
The new online features include web-based licensing forms with auto-fill and skip logic features and pre-set validation rules to reduce errors. The features also support electronic. Upgraded administration functions will allow separate accounts for licensees and their professional advisory firms, giving them more flexibility in how they handle licensing matters and manage submissions.
Ashley Alder, the SFC’s Chief Executive Officer commented:
The new online licensing platform marks an important milestone in the modernisation of our gatekeeping function to keep abreast of rapid advances in technology. It will provide greater convenience for the industry and at the same time allow the SFC to better integrate its front-loaded, risk-based approach into its licensing work.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.