Smart banking initiatives unveiled in Hong Kong

0 Comment(s)Print E-mail Xinhua, September 29, 2017
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The Hong Kong Monetary Authority on Friday introduced initiatives to prepare Hong Kong for a new era of smart banking.

The measures include the launch of the Faster Payment System next September to enable banks and Stored Value Facility operators to make payments in Hong Kong dollars or Renminbi anytime and anywhere via mobile phone numbers or email addresses.

Another initiative is to introduce the enhanced Fintech (financial technology) Supervisory Sandbox by the end of this year.

It will feature a chatroom to provide speedy feedback to banks and technology firms at an early stage of their fintech projects and to give the firms direct access to the sandbox without necessarily going through a bank.

A task force will be set up within the authority to work with the banking industry to minimise regulatory frictions in customers' digital experience, including remote onboarding, online finance and online wealth management.

The authority's Chief Executive Norman Chan said the authority and the fintech industry must work together to transform Hong Kong's financial ecosystem to prepare for the smart banking era.

"Smart banking will offer full inter-connectivity among retail and corporate customers and allow financial services and transactions to be undertaken with great mobility, speed, ease and safety," he said.

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