Brokers and insurers in HK urged to use fintech

September 23 2016 by InsuranceAsia News Staff

To better compete with foreign rivals such as Singapore, the government of Hong Kong is encouraging brokerage firms and insurance companies to promote the use of fintech among their clients.

Chan Ka-keung, secretary for financial services and the treasury, said the Securities and Futures Commission (SFC) and the Office of Commissioner of Insurance have introduced regulatory measures similar to the regulatory sandbox introduced by the Hong Kong Monetary Authority earlier this month.

The HKMA sandbox allows banks to implement a pilot scheme to introduce new technology for banking services for selective clients without the need to get full regulatory approval.

Some startup companies said the sandbox was not ideal as their clients are not just banks, so they urged the securities and insurance regulators to make the same move.

Chan said the government has asked the HKMA, the SFC and the insurance regulator to work closely together to promote fintech so that startups introducing new technology across different industries should have no problems dealing with the three regulators.

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