Fintech Facilitation Office (FFO)
Fintech is driving innovation in financial services globally and changing the nature of commerce and end-user expectations for payments and financial services. In order to support the sustainable development of the fintech industry in Hong Kong and to keep the public confidence in fintech services and the banking system, it is crucial for the banking sector to maintain a high level of cybersecurity and data security.
Against this background, the concept of fintech – the integration of finance and technology in modern-day style – has evolved to become a vibrant industry. While fintech may carry different meanings, it is now commonly considered to cover areas such as payments, Big Data analytics, applications, platforms and cybersecurity. It is important to understand the benefits and risks brought by fintech, and to support its healthy development.
In light of these developments, the HKMA has established a Fintech Facilitation Office (FFO) to facilitate the healthy development of the fintech ecosystem in Hong Kong and to promote Hong Kong as a fintech hub in Asia.
Among other things, the new office acts as
(i) a platform for exchanging ideas of innovative fintech initiatives among key stakeholders and conducting outreaching activities;
(ii) an interface between market participants and regulators within the HKMA to help improve the industry’s understanding about the parts of the regulatory landscape which are relevant to them;
(iii) an initiator of industry research in potential application and risks of fintech solutions; and
(iv) a facilitator to nurture talents to meet the growing needs of fintech in Hong Kong.
To promote a closer dialogue between the FFO and the market participants and interested parties, a dedicated email account (firstname.lastname@example.org) has been set up. We hope that we can hear your views, or help you better understand the regulatory landscape for the banking and payment services in Hong Kong.