Tech feedback plan to get new boost after a yearBusiness | Tracy Hu 21 Nov 2017
A program aiming to help banks and tech firms gather feedback from their clients to improve the quality of their products will be upgraded after it was launched one year ago.
Arthur Yuen Kwok-hang, Hong Kong Monetary Authority deputy chief executive, said at the annual forum of the Hong Kong Investment Funds Association that there are nine banks involved in the Fintech Supervisory Sandbox program, which was launched by the authority to allow banks to gather data and feedback from a limited number of customers for making refinements to their new fintech initiatives.
So far 24 applications have been used for pilot trials.
Yuen said a supervisory chatroom, providing feedback to banks and tech firms at an early stage of the development of their fintech products and allowing tech firms to seek feedback from the chatroom without going through a bank, will mark the 2.0 version of the Sandbox program due in a few weeks.
He said that the total assets of funds investment in Hong Kong amounted to HK$18.3 trillion in 2016, an increase of 103 percent from 2011. And retail funds amounted to HK$514 billion, up 75 percent from 2011.
Meanwhile, Christina Choi Fung-yee, executive director of the Securities and Futures Commission, said at the forum the SFC is working on conclusions to guide the market after it received many positive responses from the consultation on Guidelines on Online Distribution and Advisory Platforms since May.
Online distribution has accounted for only a small part of Asian markets. The SFC will be open to new markets and try to find a balance between development and protection for investors.