Page 33 - Innovation_Hong_Kong

FINTECH Hong Kong is the ideal place for developing
FinTech. The FinTech ecology in Hong Kong is
booming with over 250 FinTech companies in
Cyberport alone and world-renowned FinTech
innovation laboratories and accelerators are
also present.

We are continuing to build our FinTech
infrastructure. The Hong Kong Monetary
Authority (HKMA) just published a revised
guideline in May 2018 to help companies obtain
virtual bank licences. It is also working on a
common QR code standard for retail payments
to streamline the mobile payment experience.
A Faster Payment System will be online in
September 2018 to provide a round-the-clock
real-time payment and money transfer platform.

A Hong Kong Trade Finance Platform using
Distributed Ledger Technology (DLT) for a more
efficient trade finance process is being built.
Another cross-border DLT infrastructure named
Global Trade Connectivity Network is also being
developed in collaboration with Singapore to
facilitate cross-border trade finance.