Gov’t welcomes fintech sandboxes

October 8, 2017

The Government has welcomed the unveiling of sandbox initiatives by three financial regulators to facilitate Hong Kong’s fintech development.

The Monetary Authority today unveiled a plan to upgrade its Fintech Supervisory Sandbox, while the Securities & Futures Commission and the Insurance Authority announced the launch of the Regulatory and the Insurtech sandboxes.

Secretary for Financial Services & the Treasury James Lau said sandboxes provide a testing environment for fintech innovation and help expedite the launch of new fintech products.

“We welcome the move by our three regulators to introduce and upgrade sandboxes to promote innovation in the financial services industry.

“Their initiatives will certainly help reinforce Hong Kong’s status as a vibrant fintech hub.”

Source: news.gov.hk

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