Nigeria FinTech Landscape - Impact Assessment
Global FinTech Enablers - HKMA Hong Kong
The Hong Kong Monetary Authority has launched a number of initiatives to
transition into what they call a New Era of Smart Banking
FPS supports the use of mobile phone numbers or email addresses for payments in HKD or
RMB, anytime and anywhere
Both banks and Stored Value Facilities (SVF) can participate
Aim to create a common QR code standard, which would promote the wider use of
mobile retail payments and greater convenience to customers and merchants.
FSS 2.0 will have three new features:
-
A FinTech Supervisory Chatroom to provide speedy feedback to banks and tech
firms
Tech firms have direct access to the sandbox by seeking feedback from the
Chatroom without necessarily going
through a bank;
The sandboxes of the HKMA, the SFC and the Insurance Authority will be linked for
a single point of entry.
New task force within the HKMA
to minimise regulatory frictions in
customers' digital experience
Topics include remote on-
boarding, online finance and
online wealth management.
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2
3
Faster Payments System
(FPS)
Enhanced FinTech
Supervisory Sandbox
(FSS) 2.0
Promotion
of Virtual
Banking
The HKMA has allowed the entrance of
digital banks into the Hong Kong
economy
Together with banking industry will
review and amend the Guide to
Authorization of Virtual Banks issued in
2000
Development of an Open API policy framework
which will:
Improve banking sector competitiveness
Banking Made
Easy initiative
Open Application
Programming
Interface (API)
Closer
cross-
tion
4
Encourage FS companies to provide innovative services that
improve customer experience
Keep up with worldwide innovation
5
Enhanced
border coll bo research and
talent
development
The HKMA will aim to build international bridges in
order to further develop FinTech
Initiatives include:
-
Cooperating with the city of Shenzhen on FinTech
and digital banking topics
A joint effort with Singapore to develop a trade
finance solution using DLT
Already partnering with
high-tech companies to offer internships
for Hong Kong students
Conducting research and publishing
whitepapers on FinTech and
technology with the potential to help
banking, such as DLT
SOURCE: Hong Kong Monetary Authority
EFINA
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