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Friday, September 30, 2016, 19:53

Fintech introduced to sustain HK’s world financial center status

By Dara Wang

HONG KONG- The government is set to introduce new technology for the financial industry in the middle of next year to reduce monetary transaction handling fees by avoiding middlemen or centralized authorities, said Hong Kong Monetary Authority (HKMA) Executive Director (Financial Infrastructure) Li Shu-pui on Friday.

Speaking at the Logistics Summit, Li said the new technology will create a database to record transactions within a network of computers – obviating the handling of agencies – to save business costs.

Li believes that the new technology, co-developed and presented by the Fintech Facilitation Office of HKMA and the Hong Kong Applied Science and Technology Research Institute, will be applied in the whole industry after an encouraging result was seen in a pilot scheme carried out in part of the industry.

In an era of fintech and e-commerce leading the new economy, the backbone to build a robust financial sector lies in advanced infrastructure building with the necessary regulatory regime, said Ceajer Chan Ka-keung, secretary for financial services and the treasury, at the same event.

For online financial privacy and security, the authority launched the Cybersecurity Fortification Initiative (CFI) to provide a more comprehensive approach for looking at cyber risks and assessing cyber resilience, Li said.

In August, the first batch of licenses in the city was granted to five e-payment service providers both from the mainland and locally, including Alipay Wallet, WeChat Pay and Octopus.

The first Hong Kong Fintech Week will be held from Nov 7 to 11 at PMQ in Central to highlight the latest trends in fintech and to facilitate cooperation among incubators and investors.

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