Hong Kong Needs to Catch Up in Race to Attract Blockchain Startups

Photo: Bloomberg

Hong Kong’s Financial Services Development Council (FSDC) today released a research report to promote the further development of FinTech in the territory. Titled “The Future of FinTech in Hong Kong”, the report provides recommendations on how Hong Kong could better embrace financial technologies.

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As blockchain or distributed ledger technology (DLT) is one of the major fields in FinTech right now, a subset to the report entitled “Hong Kong – Building Trust Using Distributed Ledger Technology” sets out more specifically the actionable items that Hong Kong could consider in this regard.

The Chairman of the FSDC, Mrs Laura M Cha, said, “Hong Kong has a world-class financial sector, but only a nascent FinTech and DLT sector. In the furtherance of the financial sector in the long run, Hong Kong should develop these technologies on par with its mainstream finance.

Chairman, FSDC, Laura Cha

“As the global FinTech and DLT ecology is maturing, Hong Kong needs to catch up in the race and demonstrate to local and international FinTech firms that Hong Kong offers opportunities for developing their businesses. The two reports set out both the broad directions and the focused areas to build a thriving FinTech sector.”

The blockchain report gives an account of the benefits and challenges brought about by DLT for the financial services industry. With reference to the experience of overseas jurisdictions, the report suggests that the Government and the financial services industry should leverage Hong Kong strengths in DLT using a four-pronged approach which involves establishing a leadership function within government, establishing a hub or focal point for the DLT community, embracing digital currency development, and stepping up the commissioning of DLT-based proofs of concept.

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