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Hong Kong Squares Up to Singapore, Australia With Fintech Hub

  • City’s monetary authority to start hub to develop fintech
  • Regulatory sandbox allows trials with looser supervision

The Hong Kong Monetary Authority is establishing a financial-technology hub and adopting a regulatory “sandbox” to allow faster trials of products and applications as it tries to turn around a perception that it’s lagging behind other cities in stoking innovation.

The authority’s Fintech Innovation Hub will provide resources to banks and payment firms to conduct “proof of concept” trials of products and services based on new technologies, Chief Executive Norman Chan said in a speech at a summit in Hong Kong on Tuesday. The “supervisory sandbox” will allow firms to try out fintech products without having to comply fully with the HKMA’s usual requirements, Chan said.