On Tue, 03 Feb, the Hong Kong Monetary Authority ("HKMA") published a Fintech Promotion Blueprint aiming to foster responsible innovation and fintech advancement through advanced AI and DLT technologies. Key initiatives include the Quantum Preparedness Index, New Risk Data Strategy, Fintech Cybersecurity Baseline, and competency development support. The Blueprint also introduces activities to address fintech advancement challenges, with plans to launch flagship projects and revamp platforms.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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On 03 Feb, the Hong Kong Monetary Authority ("HKMA") released the Fintech Promotion Blueprint, a strategic document aimed at fostering innovation and advancement within the fintech sector. Aligned with the broader Fintech 2030 initiative, this Blueprint emphasizes the use of advanced technologies, such as AI and DLT, facilitated by high-performance computing infrastructure. It seeks to improve data excellence and cyber resilience in the banking sector.
The Blueprint outlines an initiative framework focused on ecosystem collaboration, technological advancement, and talent outreach. Over the next few months, the HKMA will commence four pivotal projects. These include the development of the Quantum Preparedness Index, aimed at evaluating readiness for Post-Quantum Cryptography; the New Risk Data Strategy, designed to enhance data management capabilities; the Fintech Cybersecurity Baseline, which will establish industry-led cybersecurity standards; and competency development programs for general fintech users.
Additionally, the Blueprint addresses key challenges to fintech advancement through various activities. These include the FiNETech events, responsible innovation competitions, a revamp of the Fintech Connect platform, and practical workshops. Mr. Arthur Yuen, Deputy Chief Executive of the HKMA, underscored that the Blueprint provides tactical guidance to cultivate a resilient and forward-thinking fintech ecosystem that balances risk and opportunity. The full report of the Blueprint is available on the HKMA website.
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