Smart Banking

In light of rapid technological advancement and its growing impact on the banking industry, the HKMA announced in September 2017 a number of initiatives to prepare Hong Kong to move into a new era of Smart Banking. The initiatives aim to help the banking sector to rise to a higher level and embrace the enormous opportunities brought about by the convergence of banking and technology, thereby improving the quality of banking products and services for customers. They include:

  • Full connectivity of digital retail payments through the Faster Payment System;
  • Upgrading of our existing Fintech Supervisory Sandbox 1.0 to Version 2.0;
  • Facilitating the introduction of virtual banking in Hong Kong;
  • Introducing a new Banking Made Easy initiative to reduce regulatory frictions and improve customer experience;
  • Development of an Open Application Programming Interface framework;
  • Stepping up cross-border cooperation in fintech; and
  • Enhancing research and talent development.

Last revision date : 26 August 2019