Remarks by SFST about fintech at media session
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Following are the remarks made by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at a media session after going to a radio program today (November 8):
Press reporter: Hi, English concerns from RTHK. How is the Government adjusting its regulative structure in reaction to the progressing cryptocurrency landscape? My 2nd concern is, you pointed out that there were substantial modifications in the fintech community over the previous couple of years. What particular patterns are you seeing that could form the future of monetary innovation? Thank you.
Secretary for Financial Services and the Treasury: In truth, we have actually been embracing a really constant method in regards to how we control the digital properties sector, which is based upon the concept of comparable company, comparable threat, and comparable policy. Throughout the different legislations that we have actually enacted, consisting of the guideline of the digital possession exchanges, the Stablecoins, and likewise the coming policy of custodians and digital possession trading, the exact same concept will use.
In reaction to your 2nd concern about the modifications that we observed, I believe, to start with, what we see is that there have actually been modifications in regards to how our organizations here in Hong Kong are approaching fintech. If you look at the adoption of AI amongst our monetary organizations, 3 years earlier, the number was around a quarter of the serving organizations. Now the number practically goes to around 3 quarters. And apart from the broader adoption of innovation, another angle to take a look at remains in regards to the level to which it has actually been embraced. Now, you see more concentrated and likewise at the exact same time more ingrained application of some of the fintech efforts.
Like blockchain, there have actually been a great deal of conversations, a great deal of adoptions in regards to how some tokenised items can be more extensively utilized, for instance, tokenised deposits and likewise tokenised cash market funds. In such a method that there might be more chances offered to business to increase their returns on their reserves and likewise on their capital. All in all, I would state what you observed is a boost in the percentage of business embracing fintech, at the very same time is the degree to which they use fintech in numerous components of their work.
(Please likewise describe the Chinese part of the remarks.)