The Fintech Day

(Translation)

Ronnie:

Mina, will you attend the Fintech Day organised by the HKMA tomorrow?

Mina:

As one of the HKMA’s Observers, I will of course take part in this big event. Moreover, as the speakers are heavyweight figures in the fintech sector, it is just impossible for me to miss it.

Ronnie:

I heard that the tickets of the Fintech Day are highly sought after, and tickets were all gone within the first two days of registration. You are lucky to get a ticket.

Mina:

Such opportunity only belongs to those who are well prepared. I learnt that the programme of the Fintech Day features a highlight event, so I have registered in no time.

Ronnie:

Are you referring to the issuance of the DLT white paper? Let me ask you a question – do you know what DLT is?

Mina:

I only know that it stands for “Distributed Ledger Technology”, and blockchain, which many people are talking about recently, is a kind of DLT. As for how blockchain can be applied in financial services, Ronnie, perhaps you may have a better idea.

Ronnie:

While I may be a computer geek and closely follow the latest developments in information technology, advancements in Fintech are just way too fast for me to grasp. I only have very limited knowledge about blockchain. Let’s pay attention to what the experts would say about its applications during the Fintech Day.

Mina:

I know that the HKMA has commissioned the Applied Science and Technology Research Institute (ASTRI) to carry out an in-depth study on the applications and risks of DLT in the financial services sector. The white paper to be issued tomorrow contains the findings of the first stage of their study.

Ronnie:

Right. The study on DLT is not just about concepts and theories. ASTRI has started working with the local banking industry to consider the areas to which DLT can be practically applied, e.g. optimising the procedures of mortgage applications, with a view to putting the technology concepts into practice.

Mina:

I know that apart from DLT, the local banking industry is also actively considering the adoption of different fintech solutions such as biometric authentication and robots to enhance the quality and efficiency of their services. I believe these projects will be rolled out in the near future.

Ronnie:

Coming back to your earlier comment, I think the DLT white paper is not the only highlight of the Fintech Day.

Mina:

What else would it be?

Ronnie:

There are also two panel discussions, namely “A dialogue with regulators” and “The future development of payment technology in Hong Kong”, on the Fintech Day. Panel speakers include Mr Li Shu Pui, Executive Director (Financial Infrastructure) of the HKMA, Ms Julia Leung, Executive Director of the Securities and Futures Commission, and senior executives of retail payment companies. They will have in-depth discussions about the development trends in the Fintech industry. I would say these sessions are also highlights of the Fintech Day.

Mina:

While you are not my boss, I always agree with you!

Ronnie:

Regarding developments in the Fintech industry, the HKMA has introduced a number of new initiatives this year, including the establishment of the Fintech Facilitation Office (FFO), the introduction of the Cybersecurity Fortification Initiative, as well as the launch of the Fintech Supervisory Sandbox and the Fintech Innovation Hub. At tomorrow’s event, we will also have the chance to learn about the latest progress of FFO. You’d better sit back and listen carefully.

Mina:

Sure.

10 November 2016

Written by Ronnie and Mina, the two specially-assigned ‘Observers’ who go around the HKMA office in IFC, Central, collecting interesting facts and sharing them with you from time to time.