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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Authored by: Simon Deane and Michelle Ng

The Hong Kong Institute for Monetary and Financial Research has released a new report, entitled “The Digitalisation of Financial Services in Hong Kong: Recent Experience, Regulatory Developments and Considerations for Sustainable Innovation and Growth” (“Digitalisation Report”).

The Digitalisation Report provides insights into the digitalisation journey of financial services in Hong Kong. It begins with a discussion of the factors driving the digitalisation of financial services. These factors include high information technology penetration rates, advancement of the FinTech ecosystem, various policy initiatives and the COVID-19 pandemic.

The Digitalisation Report then explores the implications of digitalisation for financial inclusion and environmental sustainability. It highlights how digital advancements have made financial services more accessible and convenient for individuals and businesses, as well as how digital solutions, such as paperless transactions and electronic documentation, can contribute to the reduction in the environmental footprint of financial services.

Last but not least, the Digitalisation Report addresses the associated risks related to data security, financial stability and consumer protection. It also examines measures implemented both locally and internationally to mitigate those risks such as regulatory frameworks, cybersecurity protocols and consumer education initiatives.

The HKMA press release on the Digitalisation Report is available here. To view the full Digitalisation Report, please click here.

Key Contacts

Simon Deane

Consultant | Banking and Finance

Email or call +852 2825 9209