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I am delighted to have this opportunity to update you on the progress of the Securities and Futures Commission’s (SFC) approach to Fintech regulation in Hong Kong and share some views on the dramatic changes in the global regulatory landscape over the past few years.
The process of metamorphosis
I want to begin by talking about dramatic changes. Many of you would have learnt about metamorphosis when you were in school. The most well-known example of this is the life cycle of butterflies. To start the process, a caterpillar’s body releases hormones which trigger drastic changes to its cells, and even some behavioural changes such as spinning the cocoon that protects it during its transformation.
When metamorphosis is complete, the caterpillar—which once was an unsightly crawling worm—transforms into a beautiful flying insect.
Fintech and virtual assets
The financial industry is also undergoing a kind of metamorphosis. Just like the hormones that trigger the metamorphosis of the caterpillar, technology has triggered the transformation of the financial industry. It has allowed firms to introduce a wide variety of innovative products and services which have enhanced the customer experience and helped achieve better investor outcomes.
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