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The Securities and Futures Commission (SFC) today hosted the SFC Regtech and Fintech Contact Day 2016 to enhance understanding of emerging regulatory and financial technologies and how they intersect with securities regulation (Note 1).
Sponsored by InvestHK and supported by the Asia Securities Industry and Financial Markets Association and the Hong Kong Investment Funds Association, the event is part of the inaugural Hong Kong Fintech Week (Note 2).
Opening remarks were made by Mr James Lau, Acting Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region. "Financial institutions are investing heavily in Fintech to improve their existing repertoire and develop new products for the mobile world, while startups, a ready source of inspiration and applications, work with them to develop in-house solutions. Hong Kong is committed to supporting Fintech development by enabling innovators to fully leverage on our sophisticated financial markets, presence of major multinational financial institutions, talent pool and effective legal framework," said Mr Lau.
"Today’s event is part of a series of initiatives to enhance our understanding of financial technology and underscores our efforts to work closely with market participants," said Mr Ashley Alder, SFC Chief Executive Officer. "We are closely following the development of Fintech with a particular focus on how it intersects with the rules the SFC administers."
The event featured a keynote speech by Professor Douglas Arner, Faculty of Law, University of Hong Kong, as well as presentations by financial and regulatory technology providers on topics including cybersecurity, business-to-business Fintech, Know Your Client and suitability requirements. A panel comprising representatives of the SFC, Hong Kong Monetary Authority, Hong Kong Exchanges and Clearing Limited and the Office of the Privacy Commissioner for Personal Data discussed the regulatory implications of new technologies.
More than 150 senior delegates from financial institutions, brokers and asset managers attended the full-day event.
Notes:
- The SFC Fintech Contact Point was established in March 2016 as a dedicated channel to encourage businesses involved in the development and application of financial technology in Hong Kong to engage with the SFC. See 1 March 2016 press release for more information.
- The Hong Kong Fintech Week 2016, to be held from 7-11 November, highlights the latest trends in Fintech development and features pitching sessions, demos, workshops and networking events. Details are available on the Hong Kong Fintech Week website.
