FinTech Week in Hong Kong: Details

Hong Kong hosted FinTech Week, a week of financial technologies, on November 4-10. The event was attended by over 8 thousand representatives of FinTech companies who talked about their ideas and latest developments.

Some initiatives are voiced by the government providing strong support to FinTech ecosystems in Hong Kong. The event’s attendees also included representatives of private companies operating in the FinTech industry.

FinTech Week headlines:

1. Hong Kong’s Securities and Futures Commission (SFC) drafted a new regulatory and legal framework for crypto exchangers which provides for the issuance of licenses and a range of other rules and requirements.

2. Hong Kong Monetary Authority (HKMA) signed a memorandum of understanding with the People’s Bank of China subsidiary. The main goal of this memorandum is to confirm the concept of the trade finance platform which is to consolidate eTradeConnect projects and PboC.

3. The Bank for International Settlements launched its first innovative hub in Hong Kong designed to research the DLT technology and analyze the impact of technologies on the financial sector.

4. The Chinese online giant Tencent launched its own blockchain-based virtual bank. The company is currently waiting for the approval of Hong Kong’s Securities and Futures Commission.

5. The University of Hong Kong developed two special indices to identify the situation in the FinTech industry in Hong Kong.

6. Tandem, the British neobank, plans to launch in Hong Kong by the end of 2019. The mobile bank offers an extended range of financial services.

7. Hong Kong is committed to greater integration of Asian FinTech hubs and to expanded cooperation with other countries in the domain of FinTech projects.