Hong Kong’s top banking regulator, the Hong Kong Monetary Authority (HKMA), unveiled two FinTech initiatives today. The announcement was made at the Hong Kong’s annual Treasury Markets Association gathering by HKMA chief executive, Norman Chan.
Also read: China’s Constant Bubbles Drive Investors to Bitcoin in Droves
Hong Kong’s FinTech Market Is Bitcoin Focused
While the announced initiatives are not specifically for Bitcoin startups, China’s FinTech scene, including the one in Hong Kong, is Bitcoin-focused. In July, the 2016 Top Markets Report of Financial Technology revealed that bitcoin is one of the three top focuses of China’s FinTech market. The report was produced by the U.S. International Trade Administration (ITA), a bureau within the U.S. Department of Commerce.
“Overall,” the report said, “the Chinese FinTech market is currently focused on payments, lending and bitcoin.”
Two FinTech Initiatives
The two initiatives are the FinTech Innovation Hub and a FinTech
Supervisory Sandbox, which the HKMA will set up. These initiatives are aimed at “spurring banks to embrace technology to make financial transactions safer, speedier and more convenient for consumers,” South China Morning Post reported.
The move should strengthen Hong Kong’s status as a growing FinTech hub. “While some of the largest banks