Hong Kong is losing out to Singapore in fintech development because securities and insurance regulators have not done enough to encourage the development of a flexible regulatory culture supportive of new services, several lawmakers said at a monthly financial affair panel meeting on Tuesday.
“While the Hong Kong Monetary Authority has introduced the sandbox to help banks to develop their fintech services, the Securities and Futures Commission [SFC] and the Insurance Authority have not had much progress. This is not good for Hong Kong as fintech is not only related to banks but it is also an important area for brokers, insurance companies and other non bank organisations,” said Charles Mok, a lawmaker representing the information technology sector.
Fintech refers to the emerging industry where companies use new technology to compete against services provided by traditional financial institutions and intermediaries.
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