Hong Kong launches FinTech advisory group

Hong Kong is setting up a FinTech steering group to advise its government on how to develop the region into a FinTech hub.

The Steering Group on Financial Technologies will consist of 10 non-offical members drawn from the industries and research and development institutions, as well as relevant Government officials and representatives from the regulatory authorities. All appointments will take effect from April 1, 2015 for one year.

“FinTech can enhance operational efficiency and help foster new modes of development for the financial services industry. As an international financial centre with a highly developed information and communication technology sector, Hong Kong is an ideal place for developing FinTech,” said the group’s chairman, Secretary for financial services and the treasury, Professor K C Chan.

The group will advise the country’s financial secretary on economic and business opportunities provided by the development of FinTech for Hong Kong, potential and existing gaps in the country’s financial technology development, and  the measures needed to promote Hong Kong as such a hub.

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