Virtual traders face regulation

Business | Gary Poon and Jeannie Tang 17 Apr 2019

Financial Secretary Paul Chan Mo-po said the government is discussing how to regulate virtual trading platforms and will continue to support fintech development.

Hong Kong is home to over 550 fintech companies and start-ups, he said, adding that celebrated innovation laboratories and accelerator programs such as Accenture FinTech Innovation Lab, Deloitte Asia Pacific Blockchain Lab and the Floor from Israel have established a presence here.

Meanwhile, WeLab Virtual Bank chairman Ceajer Chan Ka-keung, former secretary for financial services and the treasury, said the bank targets personal saving and lending businesses and may collaborate with other commercial organizations.

He said the network security risk is not just for virtual banks but for other financial institutions. He added that efforts should be made to ensure adequate network security measures.

In other news, trade finance platform FundPark chief executive officer Anson Suen Wai-loi said that Hong Kong Monetary Authority seems to prefer issuing virtual bank licenses to applicants who worked with financial technology firms.

He added that FundPark welcome all commercial organizations to collaborate with them but denied to disclose whether there any virtual bank applicants or winners that are in talks with FundPark.

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