Report on "The Digitalisation of Financial Services in Hong Kong: Recent Experience, Regulatory Developments and Considerations for Sustainable Innovation and Growth"
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The Hong Kong Institute for Monetary and Financial Research (HKIMR), the research arm of the Hong Kong Academy of Finance (AoF), today (July 12) released a new Applied Research report, titled "The Digitalisation of Financial Services in Hong Kong: Recent Experience, Regulatory Developments and Considerations for Sustainable Innovation and Growth".
The report reviews market and policy factors that have accelerated the digitalisation of financial services in Hong Kong in the past few years. It then discusses the implications of digitalisation for financial inclusion and environmental sustainability, as well as the associated risks for consumers, featuring insights from local financial institutions based on interviews commissioned by the HKIMR. The report also highlights the measures implemented both in Hong Kong and internationally to mitigate the potential risks and enhance consumer protection, and it concludes with considerations for sustainable innovation and growth in the digitalisation journey for financial services in Hong Kong.
"Digital finance is a rich and rapidly-evolving subject. This is why it is an important theme for the HKIMR in its research pursuits. This report is the most recent one in this subject area, following others that have been published in the past few years, and more will be published in the near future. We hope our efforts will provide financial institutions and regulators with a broad overview of digital finance developments and valuable insights which could help to promote a healthy and sustainable digitalisation journey for the financial services industry in Hong Kong," said the Chief Executive Officer of the AoF and the Executive Director of the HKIMR, Mr Kwok Kwok-chuen.
The report is available on the AoF/HKIMR website.
About the AoF
The AoF is set up with full collaboration amongst the Hong Kong Monetary Authority, the Securities and Futures Commission, the Insurance Authority and the Mandatory Provident Fund Schemes Authority. By bringing together the strengths of the industry, the regulatory community, professional bodies and the academia, it aims to serve as (i) a centre of excellence for developing financial leadership; and (ii) a repository of knowledge in monetary and financial research, including applied research.
About the HKIMR
The HKIMR is the research arm of the AoF. Its main remit is to conduct research in the fields of monetary policy, banking and finance that are of strategic importance to Hong Kong and the Asia region. The Applied Research studies undertaken by the HKIMR are on topics that are highly relevant to the financial industry and regulators in Hong Kong, and they aim to provide insights on the long-term development strategy and direction of Hong Kong's financial industry.
Ends/Wednesday, July 12, 2023
Issued at HKT 16:55
Issued at HKT 16:55
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