Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/222780 
Year of Publication: 
2019
Series/Report no.: 
ADBI Working Paper Series No. 1013
Publisher: 
Asian Development Bank Institute (ADBI), Tokyo
Abstract: 
Major fintech advancements in recent years have attracted the attention of financial regulators around the world, including the Hong Kong Monetary Authority (HKMA). HKMA stands ready to embrace technology and innovations that emerge in the course of fintech development. In particular, HKMA adopts a risk-based and technology-neutral approach in its supervision. To achieve that, HKMA emphasizes three key factors: its willingness to learn about and understand fintech; its ability to maintain close contact with the industry and other stakeholders; and its ability to achieve a good balance between market development and customer protection. HKMA also maintains close contact with the industry and regulators in other jurisdictions to ensure the existing regulations are up to date. The most recent fintech developments spearheaded by HKMA include: (1) open application programming interface for banks; (2) faster payment system (FPS) and common QR code standard for retail payments; (3) trade finance initiatives; and (4) virtual banking. HKMA has devoted substantial resources to research and application. Some of the research output has already been adopted and is being used by the industry.
Subjects: 
fintech
trade finance initiatives
virtual banking
Hong Kong
China
JEL: 
B27
G23
O16
P33
P45
Creative Commons License: 
cc-by-nc-nd Logo
Document Type: 
Working Paper

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