Hong Kong Launches FiNETech to Foster Next-Level Fintech Collaboration



by Fintech News Hong Kong

April 29, 2024

The Hong Kong Monetary Authority (HKMA) has launched the inaugural FiNETech series, an initiative designed to enhance collaboration across the fintech landscape.

It involves around 100 entities from the banking, securities, insurance, and technology sectors. This new platform focuses on key areas such as Wealthtech, Insurtech, Greentech, Artificial Intelligence (AI), and Distributed Ledger Technology (DLT).

FiNETech, part of HKMA’s broader “Fintech 2025” strategy, aims to leverage vast growth opportunities across five critical fintech business areas and technologies. 

Through an enhanced network of local fintech solutions, FiNETech will provide substantial benefits to the financial services sector. The initiative will offer financial institutions one-stop access to the latest information on sourcing options from the technology community.

Supported by financial regulators, industry associations, and technology communities and driven by market experts, FiNETech allows financial institutions and their technology partners to engage with Hong Kong Monetary Authority’s Fintech Supervisory Chatroom directly.

This interaction facilitates discussions on innovative fintech proposals. The HKMA’s Fintech Supervisory Sandbox 2.0, linked with other financial regulators’ sandboxes, will be available for testing and early supervisory feedback before full implementation.

Over the next six to twelve months, the HKMA plans to expand FiNETech’s efforts in AI, including Generative AI, as well as DLT and Greentech, through additional sessions and collaborations. 

This expansion will also focus on making tangible progress in fintech adoption by banks and other financial institutions, following up on innovative cases, sharing good industry practices, and issuing practical guidance on priority themes informed by global development and international experience.

Featured image credit: Edited from HKMA

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