Hong Kong’s Securities and Futures Commission (SFC) today established a Fintech Contact Point as a dedicated channel to encourage businesses involved in the development and application of financial technology in Hong Kong to engage with the SFC.
The SFC has also established a Fintech Advisory Group which will focus on the opportunities, risks and regulatory implications of developments related to Fintech.
According to the Government’s Report of the Steering Group on Financial Technologies, Fintech has developed rapidly in recent years.
A variety of Fintech activities are relevant to the SFC’s regulatory work. Among these are automated trading systems; financial product investment and distribution platforms, including robo-advisors; financing platforms, including peer-to-peer lending and equity crowdfunding platforms; and distributed ledger technology, including the application of blockchain to licensed intermediaries, securities and capital markets.
Other Fintech activities relevant to the SFC’s work include big data, data analytics and artificial intelligence to support front and back office operations of licensed intermediaries; compliance, risk and regulatory technologies, including technologies that support regulatory compliance, regulatory reporting and know-your-client; and cyber and data security technologies, including those for client authentication.
To see the official release click here.