Firms still take more than a day on average to resolve reconciliations and disputes caused by a lack of data transparency through the trade lifecycle.
Initially, mobile payment services, offline payment solutions, and contactless payments will be considered for inclusion in the regulatory sandbox.
As part of an ecosystem approach to fintech development, HKMA chief Eddie Yue wants to work with FIs, end users and technology firms to drive innovation in financial services.
Under the new framework, announced at Hong Kong Fintech Week, platform operators that offer trading in virtual assets classified as securities may seek Type 1 and Type 7 licences from the SFC.
AFIN and FTAHK will collaborate on initiatives to support the development of financial innovations on APIX, an online marketplace and sandbox for cross-border fintech services.
New HKMA guidance for banks using big data analytics and AI applications focuses on four major areas: governance and accountability; fairness; transparency and disclosure; and data privacy and protection.
Tokenised securities will impact traditional finance and act as a bridge between legacy finance and the new digital world, taking benefits from each system, ASIFMA says in a new white paper.
The POC was a test of a private-permissioned blockchain-driven solution for securities borrowing and lending that can enhance market discovery, efficiencies and transparency.
Korea has passed new legislation establishing a legal basis for the operation of P2P lending businesses and the regulatory oversight role of the FSC and FSS.