Hong Kong’s monetary regulator has given its new strategy to increase fintech development within China’s special region. With this strategy, the HKMA wants to create a comprehensive set of new technologies within the next four years.The central bank also aims to “help increase fair financial services for the benefit of the economy and for Hong Kong citizens.”

Speaking at an event, HKMA’s leader, Eddie Yue, announced five agendas for “Fintech 2025.” The regulator wants to encourage fintech and future-proof the city for future central bank digital currencies, create next-gen infrastructure, expand the workforce, and grow the ecosystem with policies and funding.

One of their key goals is the complete digitalization of banking operations.

Expanding on the successes of its Smart Banking Era agenda unveiled back in 2017, the HKMA will keep “promoting the use of fintech.” The regulator will also identify fintech areas in need of help.

Their new blueprint aims to enhance and expand the city’s infrastructure. With the Hong Kong Monetary Authority planning to create a credit data sharing system based on blockchain.

The will work to grow fintech skills and talent with new training and cooperation between academia and industry. One such program is the Industry Project Masters Group, a network giving internships for postgraduate students to help fintech projects at banks. The program starts in September.

The HKMA also said it will partner with industry leaders in the creation of a new Fintech Cross-Agency Group that will then formulate policies to help the fintech ecosystem.

The monetary authority will provide funds for qualified fintech programs in partnership with the region’s Technology and Innovation Commission.

The financial regulator also plans to aid in preparing Hong Kong to issue central bank digital currencies. Referring not just to wholesale CBDCs but also to the development of other retail digital currencies.

Author: Scott Dowdy

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