Certainly the developments in Hong Kong
with the Hong Kong Monetary Authority
(HKMA) announcing plans to launch a FinTech innovation hub and regulatory sandbox
allowing banks to conduct testing and trial of
newly developed technology on a pilot basis
shows its intent.
Development of Fin Tech in Hong Kong
perhaps takes a different element compared
to other areas of the APAC region in the
fact that ensuring the financial wellbeing is
entrenched in the law thus making it more
conducive to the development of Fin Tech
and a possible longer term threat to Chinese
Gnirck also indicated that countries with
little Fin Tech presence may turn into a FinTech force in the coming years.
“Take Vietnam as an example, a country
where Fin Tech doesn’t really exist, there
are only 20 Fin Tech companies in the whole
country, but every child in grade six is learn-
ing to code,” he added.
“Even Google recognises that the talent
available through this country will be greater
talent than that in the United States.
“So we should be looking at start-ups in
Vietnam, we will see hundreds in the future
producing incredible technology.”
Having stood at
in all of
Fin Tech investment more than
quadrupled to Fintech Investment in
according to an Accenture report.
“You can do a lot of things outside
of the regulation such as natural
innovation but you just can’t ignore
the regulatory impact.”
—SOPNENDU MOHANT Y, CHIEF FINTECH OFFICER
AT THE MONETARY AUTHORITY OF SINGAPORE.