Regulatory dialogues: Global fintech initiatives
Oct 31, 2018 (China Knowledge) - Developments in fintech are taking place at a rapid rate and it is difficult to ignore issues related to its regulation. In order to understand and discuss the issues of regulations a session, in today’s Hong Kong Fintech Week, was held on fintech regulations.
Henri Arslanian, the chairman of Fintech Association of Hong Kong, in an exciting start involved the audience in the discussion with questions about fintech, virtual bank and payment to the regulators from Hong Kong, Japan and Australia.
Colin Pou, the executive director of Hong Kong Monetary Authority, talked about the virtual bank. In his opinion, he does not think that virtual banks can completely replace the traditional banks, because a virtual bank cannot do all the things that a traditional bank does. There is still space for such demands in the market, the customers still need a small part of traditional banks.
Julia Leung, Deputy CEO of Securities & Futures Commission of Hong Kong, introduced her company’s project which uses fintech to integrate and connect global data for users to read. She also said that the fintech has made cross-border information flow easier.
Yutaka Soejima, the head of fintech center from Bank of Japan, outlined the status quo of mobile payments in Japan. He said, since it is convenient to use mobile payment in the daily life, many people use smart phones for payments.
Cuihua Cartwright, the senior advisor of Australian Securities and Investments Commission, said three years ago in Australia, nobody talked about “Fintech”, it is recently invented word. She informed the audience of the forum about fintech in Australia measures taken by the country’s government for the promotion of fintech. She stressed on the need of a people’s friendly promotion of fintech.
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