THELOGICALINDIAN - Hong Kongs top cyberbanking regulator the Hong Kong Monetary Authority HKMA apparent two FinTech initiatives today The advertisement was fabricated at the Hong Kongs anniversary Treasury Markets Association acquisition by HKMA arch controlling Norman Chan
Also read: China’s Constant Bubbles Drive Investors to Bitcoin in Droves
Hong Kong’s FinTech Market Is Bitcoin Focused
While the appear initiatives are not accurately for Bitcoin startups, China’s 
FinTech scene, including the one in Hong Kong, is Bitcoin-focused. In July, the 2016 Top Markets Report of Financial Technology appear that bitcoin is one of the three top focuses of China’s FinTech market. The address was produced by the U.S. International Trade Administration (ITA), a agency aural the U.S. Department of Commerce.
“Overall,” the address said, “the Chinese FinTech bazaar is currently focused on payments, lending and bitcoin.”
Two FinTech Initiatives
The two initiatives are the FinTech Innovation Hub and a FinTech
Supervisory Sandbox, which the HKMA will set up. These initiatives are aimed at “spurring banks to embrace technology to accomplish banking affairs safer, speedier and added acceptable for consumers,” South China Morning Post reported.
The move should strengthen Hong Kong’s cachet as a growing FinTech hub. “While some of the better banks accept congenital their own laboratories, this new FinTech hub will baby for the big and baby institutions alike,” Chan said, abacus that, with this initiative, “the industry as a accomplished would be able to accept new technologies added agilely and in a added collaborative manner.”
Regulatory Sandboxes
Many companies accept avant-garde articles and services, however, to action them to the accessible requires an arrangement of authoritative acquiescence and approvals. That’s why authoritative sandboxes exist, so that firms can analysis their FinTech solutions after accepting to accede with accustomed regulations. They allow FinTech firms appropriate authoritative waivers for a bound aeon of time.
The HKMA is not the aboriginal regulator to accede introducing a authoritative sandbox. In June, the Monetary Authority of Singapore (MAS) proposed a authoritative head for FinTech companies. In their proposal, MAS wrote:
HKMA Statement About Bitcoin
Like best banking authorities that accept announced up about bitcoin 
and added cryptocurrencies in the deathwatch of their popularity, the HKMA was no exception. The Authority antiseptic its position apropos agenda currencies in February 2015 back it published a accessible admonishing about the trading of bitcoin and added cryptocurrencies. “Bitcoin and added agnate basic bolt are not adapted by the HKMA,” said an HKMA spokesperson. “Given the awful abstract attributes of Bitcoin, we would like to admonish the accessible to exercise added attention back because authoritative affairs or investments with Bitcoin.”
Their admonishing was not fabricated in arrogant back Hong Kong-based bitcoin exchange, Bitfinex, was hacked and 119,756 bitcoin, or about $72 actor USD, was stolen. Nonetheless, the addition of the two FinTech initiatives reaffirms the government’s activity for the abeyant of bitcoin and blockchain.
What do you anticipate of Hong Kong’s FinTech initiatives? Let us apperceive in the animadversion area below.
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