FiNETech aims to give financial institutions a single point of contact for the most recent data regarding sourcing choices offered by the technology community as a whole.

In order to investigate next-level collaboration in fields like as wealthtech, insurtech, greentech, artificial intelligence (AI), and distributed ledger technology (DLT), HKMA brought together approximately 100 banks, securities, insurance, and technology organizations.

Financial institutions may jointly access HKMA's Fintech Supervisory Chatroom, which aims to give supervisory input to banks and tech companies at an early stage when innovative technology applications are contemplated, along with strategic technology partners connected via FiNETech.


Under its "Fintech 2025" strategy, the HKMA plans to build on the Tech Baseline Assessment in order to take advantage of the significant advantages that the wider financial services sector can gain from an expanded network of local fintech solutions, as well as the enormous growth opportunities in the five fintech sub-sectors and technology types.

Growing use of fintech

Regulators of finance Along with the Hong Kong Association of Banks and the Fintech Association of Hong Kong, the HKMA, the Securities and Futures Commission, the Insurance Authority, and the Mandatory Provident Fund Schemes Authority are all supporting FiNETech.

Supported by independent strategy consulting firm Quinlan & Associates and KPMG, the program will also have the backing of the Hong Kong Science and Technology Parks Corporation.

Before the suggestions are fully adopted, testing and early supervisory comment on them will be possible in the HKMA's Fintech Supervisory Sandbox 2.0.

The HKMA will increase collaborative efforts in fintech domains in the next six to twelve months by means of the FiNETech series: DLT and greentech, as well as AI, especially generative AI, through additional FiNETech sessions.

Additionally, through the FiNETech series, the HKMA intends to expand the use of fintech by banks and other financial institutions, track down novel examples and disseminate best practices in the sector, and provide more useful advise for the priority issues.