Hong Kong is a well-known international financial centre, and financial technology (FinTech) is one of the major trends affecting the global financial community. Maintaining our status as an innovative and world-class financial hub requires us to expand and promote the development of FinTech.

Our Hong Kong Foundation’s advocacy study on financial technology considers that a ‘FinTech regulatory sandbox’ is a highly suitable option to accommodate innovative FinTech product within existing regulations, while also maintaining social and economic stability. The advocacy study suggests that four aspects of the FinTech regulatory sandbox of Hong Kong’s regulatory authorities (the Hong Kong Monetary Authority, the Securities and Futures Commission, and the Insurance Authority) could be improved. They are: (1) collaboration; (2) inclusivity; (3) facilitation; and (4) scalability.

In light of Hong Kong’s comparative advantage in finance, we should seize this opportunity and maintain our competitive edge in FinTech development.