Regulatory Alerts2023-08-25
Added · Updated
New Roadmap to Promote Fintech Adoption in Financial Services Sector
The Hong Kong Monetary Authority, in collaboration with the Securities and Futures Commission and the Insurance Authority, has issued a roadmap to accelerate the adoption of financial technology across the banking, securities, and insurance sectors. The strategy utilizes a PACE framework—Propagate, Assess, Connect, and Equip—to address key adoption barriers such as talent shortages, data availability, and regulatory uncertainties. This initiative targets five focus areas: Wealthtech, Insurtech, Greentech, Artificial Intelligence, and Distributed Ledger Technology, aiming to bolster Hong Kong's position as a leading global fintech hub by 2025.
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