Fintech / Regtech

The HKMA is inviting tenders to provide the regulator implementation services for data automation and big data analytics.

Under the proof of concept system now being developed, bond issuance, management, settlement and recordkeeping will be done using blockchain technology.

New payments connectivity between the two countries is expected to promote trade, tourism, financial inclusion, and the usage of local currencies in cross-border transactions.

The policy tasks include measures to direct capital to SMEs and innovative startups, and promote inclusive finance, fintech and open banking.

The Department of Home Affairs and AUSTRAC say blockchain has the potential to significantly reduce compliance costs and the regulatory burden imposed on reporting entities.

SEBI-registered entities can test new products, services and business models on a limited set of customers, for a specified period of time, with certain regulatory relaxations.

The HKMA is inviting tenders for the provision of professional services to help it facilitate the adoption of regtech by the banking industry.

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FinTech Australia chair Alan Tsen says the roadmap is disappointing, lacks vision and focuses on use cases that "felt like they’ve been written by a consulting firm space".

The SBV says the 49% foreign ownership limit proposed last November would hamper foreign investment in payments and fintech, and present difficulties for existing players.