'All Banks Switch to Fintech': Hong Kong Announces 'Fintech 2025' Strategy

A new strategy reveals that the Hong Kong Monetary Authority (HKMA) plans to lead local banks towards full adoption of fintech technologies. The region's central banking agency also stressed that financial institutions will "talk" by digitizing their own supervision. Hong Kong Central Bank Supports Fintech Development Hong Kong's monetary policy regulator has presented its new strategy to boost fintech development in China's Special Administrative Region. With the strategy, the HKMA aims to drive comprehensive adoption of new financial technologies over the next four years. The central bank also wants to “promote the provision of fair and efficient financial services for the benefit of Hong Kong residents and the economy.” At a seminar organized by the Hong Kong Banks Association, HKMA CEO Eddie Yue identified five focus areas for "Fintech 2025". The regulator wants to encourage all banks to future-proof Hong Kong for CBDCs, move to fintech, build a next-generation data infrastructure, grow a fintech-savvy workforce, and nurture the ecosystem with finances and policies. One of the main directions in which the monetary authority intends to step up its efforts is the complete digitization of banking. Building on the performance of its Smart Banking Age strategy announced in 2017, the HKMA will continue to support "all-round adoption of fintech by banks in Hong Kong". The regulator will identify specific fintech areas where the industry is lagging and needs support. So will its regulatory framework: the HKMA will issue additional supervisory guidelines to facilitate the introduction of new technologies and continue to "talk" to digitize banking supervision through the use of advanced technologies. HKMA works with stakeholders to implement the 'Fintech 2025' strategy The new strategy provides for the improvement and expansion of the city's existing data infrastructure.

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