Introduction

On 25 August 2023, a new Fintech Promotion Roadmap (the “Roadmap”) was published by the Hong Kong Monetary Authority (“HKMA”).  The Roadmap contains a series of initiatives to be undertaken by the HKMA over the next 12 months to further drive the adoption of Fintech in the financial services industry.

 

Background

 The HKMA unveiled the “Fintech 2025” Strategy (the “Strategy”) on 8 June 2021, aiming to encourage the financial sector to adopt technology comprehensively by 2025, as well as to promote the provision of fair and efficient financial services for the benefit of Hong Kong citizens and the economy.  One of the five key directives suggested under the Strategy was “All banks go Fintech”, which targeted at fostering the adoption of Fintech solutions in Hong Kong’s banking sector.  A core component of the “All banks go Fintech” initiative was a Tech Baseline Assessment that evaluated banks’ current and planned adoption of Fintech.

Building upon the results of the Tech Baseline Assessment published in June 2022, the HKMA identified five key Fintech focus areas including (1) Wealthtech / Investech; (2) Insurtech; (3) Greentech; (4) Artificial Intelligence (“AI”); and (5) Distributed Ledger Technology (“DLT”), recognising the potential for further growth in these areas.

The Roadmap

With the assistance from external consultants, the HKMA formulated the Roadmap by undertaking extensive research and consultation with financial institutions, industry associations and Fintech solution providers.

To implement the Roadmap, the HKMA will launch a series of activities in the coming 12 months, including:

 

 

Analysis and takeaways

The Roadmap proposed a wide range of tactical initiatives to tackle the challenges and concerns in relation to Fintech adoption in Hong Kong.  As acknowledged by the HKMA in the Roadmap, these initiatives require “extensive planning, dedicated resources and cross-sectoral collaboration”.  It is anticipated that as these initiatives mature, more details will be released to further guide Fintech adoption in Hong Kong.

Please contact our Partner Mr. Rodney Teoh for any enquiries or further information.

This news update is for information purposes only. Its content does not constitute legal advice and should not be treated as such. Stevenson, Wong & Co. will not be liable to you in respect of any special, indirect or consequential loss or damage arising from or in connection with any decision made, action or inaction taken in reliance on the information set out herein.

The ALB Hong Kong Law Awards is one of the most prestigious and longest-running awards in Hong Kong’s legal community, recognizing the outstanding performance by private practitioners and in-house teams in the region.

Our firm was named finalists in five award categories: “Civil Litigation Law Firm of the Year”, “International Arbitration Law Firm of the Year”, “Matrimonial and Family Law Firm of the Year”, “Private Wealth Law Firm of the Year” and “Hong Kong Law Firm of the Year”. In addition, Ms. Chui was also nominated as “Woman Lawyer of the Year, whilst our Partner Gordon Tsang, was nominated as “Young Lawyer of the Year”.

We would like to take this opportunity to thank ALB for organizing such an incredible event and congratulate all the winners and finalists.

Congratulations to Ms. Chui on this well-deserved recognition!

Throughout the programme, our interns had the opportunity to delve deep into the inner workings of a full-service law firm. They participated in department seat rotations, department talks, and networking sessions.

We were impressed by the enthusiasm and dedication displayed by our interns. To our interns, we hope you enjoyed your time with us and found the experience both enriching and rewarding. We wish you all the very best in your legal studies and future endeavours!

For more information about our internship programme, please contact Ms. Lai Lam, Mr. Rodney Teoh, Ms. Milly Hung or Ms. Janice Chin.