Hong Kong securities watchdog sets up fintech contact channel

Hong Kong securities watchdog sets up fintech contact channel

Hong Kong's Securities and Futures Commission (SFC) has established a 'Fintech Contact Point' as a dedicated channel to encourage businesses involved in the development and application of financial technology.

The establishment of the new channel, alongside the creation of a 'fintech advisory group', comes just days after the Hong Kong Government promised to pump cash into the startup ecosystem and create a dedicated space to support up to 150 new financial technology companies over the next five years.

Much like its counterparts in the UK and Australia, the SFC initiative will seek to encourage new startups to engage with the regulator and provide a focal point for addressing the opportunities, risks and regulatory implications of emerging technologies and their applications in financial services.

The SFC identifies activities in P2P lending, crowdfunding, robo-advisors and distributed ledger technology as key areas for future investigation.

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