HKMA Fintech Adoption in Banking

On May 20, HKMA issued report on fintech adoption and usage.

  • Issued report on fintech adoption and innovation in the Hong Kong banking industry.
  • Based on industry-wide survey to assess status of fintech adoption in banking industry and understand banks’ views on prospect of fintech development in the next 10 years.
  • HKMA senior executive director Edmond Lau said that it is encouraging that banks see fintech development more as an opportunity than a threat to their business operations.
  • 86% of banks have adopted or plan to adopt fintech solutions in financial services.

Regulators HKMA
Entity Types Bank
Reference PR 5/20/2020; Fintech
Functions Financial; Operations; Technology
Countries Hong Kong
Products Banking
Regions AP
Rule Type Guidance
Rule Date 5/20/2020
Effective Date 5/20/2020
Rule Id 78088
Linked to N/A
Reg. Last Update 5/20/2020
Report Section International

Last substantive update on 05/21/2020