Close this search box.

We are creating some awesome events for you. Kindly bear with us.

Building talent pool, developing proofs-of-concept, bilateral agreements – FinTech initiatives by Hong Kong government

Building talent pool

The Secretary for Financial Services & the Treasury in Hong Kong, Prof. KC Chan outlined a number of initiatives the Hong Kong government is taking for developing the FinTech Industry. He was speaking at the opening of the Internet Economy Summit 2017.

From August 2015 and August 2016, the number of FinTech startups operating in Hong Kong increased by 60%, from 86 to 138. In addition, between 2014 and 2016, Hong Kong attracted around US$400 million of venture capital investment in FinTech companies.

The FinTech Facilitation Office of the Hong Kong Monetary Authority (HKMA) is supporting banks for the rollout of innovative products and services driven by new technologies.

Simultaneously, companies are offering financial services such as online fund distribution, robo-advice, and a fund structure that invests in the peer-to-peer loan market,under the supervision of the Securities & Futures Commission. The commission has also initiated an internal regtech project to actively assess technologies it can adopt.

Prof. Chan also mentioned that insurers are going to establish a cybersecurity platform to exchange intelligence on threats and to handle security incidents.


Building talent pool: Starting from the 2017-18 academic year, local universities will launch dedicated publicly funded first-year first-degree and senior year programmes in FinTech.

Enhancing the local payment ecosystem: Prof. Chan said that the Hong Kong Special Administrative Region Government will enhance the local payment services ecosystem and establish Hong Kong as a hub for the application and setting of standards for cutting-edge FinTech.The HKMA is also planning to introduce the Faster Payment System in 2018 and to facilitate the development of new electronic and mobile payment channels for various government services.

Research and developing proofs-of-concept: Last month, HKMA commenced research and development of proof-of-concept for a project on central bank digital currency in collaboration with the three note-issuing banks, Hong Kong Interbank Clearing Limited and R3, a consortium of financial institutions and other stakeholders to explore the potential of distributed ledger technology (DLT) or Blockchain. HKMA has also developed a Blockchain-based proof-of-concept for trade finance in collaboration with a consultancy firm and five banks in Hong Kong.

Bilateral agreements: The Government, regulators and Cyberport will boost co-operation with other economies through bilateral agreements with key partners. These would enhance market access for FinTech startups in Hong Kong, and attract startups from around the world to establish a presence in Hong Kong to launch their regional business. For example, a Cooperation Agreement on FinTech was signed between the HKMA and the UK’s Financial Conduct Authority in December 2016.

Innovation & Technology Venture Fund: The government is going to launch a $2 billion Innovation & Technology Venture Fund to help bridge the funding gap for technology startups. It will invest jointly with venture capital funds in local innovation and technology startups, which would also support the FinTech industry.

Read the press release here

Featured image: Screenshot of video from


Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.


As a Titanium Black Partner of Dell Technologies, CTC Global Singapore boasts unparalleled access to resources.

Established in 1972, we bring 52 years of experience to the table, solidifying our position as a leading IT solutions provider in Singapore. With over 300 qualified IT professionals, we are dedicated to delivering integrated solutions that empower your organization in key areas such as Automation & AI, Cyber Security, App Modernization & Data Analytics, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Renowned for our consulting expertise and delivering expert IT solutions, CTC Global Singapore has become the preferred IT outsourcing partner for businesses across Singapore.


Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit


SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.


HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 


IBM is a leading global hybrid cloud and AI, and consulting services provider, helping clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,800 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently, and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity, and service. For more information, visit