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Hong Kong on track to become global fintech hub

Hong Kong Financial Secretary John C. Tsang speaks at the fintech breakfast meeting in New York on October 12.

Hong Kong has what it takes to become a global financial technology (fintech) hub, Hong Kong Financial Secretary John C. Tsang said during a fintech breakfast meeting in New York on October 12.

The Financial Secretary underscored the city’s suitability for fintech by highlighting Hong Kong’s existing talent pool of more than 200,000 financial service professionals and its world-class information and communications infrastructure.

To ensure that the city remains a major international financial center in the digital age, Hong Kong is investing in the development and application of fintech, Mr. Tsang said. For instance, InvestHK has set up a dedicated team to assist overseas fintech startups, investors and institutions in establishing a presence in Hong Kong, while the Hong Kong Monetary Authority has established the Fintech Facilitation Office to support related initiatives.

One such initiative is the Fintech Innovation Hub, which will focus on exploratory and experimental solutions. The Fintech Facilitation Office also launched the Cybersecurity Fortification Initiative, which aims to strengthen the security of financial institutions using fintech. A third initiative, the Fintech Supervisory Sandbox, allows financial institutions to conduct trials of applications on a pilot basis before a fintech product is formally launched.

Hong Kong has already attracted dozens of overseas institutions, innovation labs and incubators, including Accenture, a leading global professional services company that established the FinTech Innovation Lab in Hong Kong in 2014, as well as the Massachusetts Institute of Technology, which launched the world-renowned MIT Innovation Node in Hong Kong this year.

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