Asia Pacific Governments increase support for fintech

By Jim Bulling and Michelle Chasser

Following on from the launch of the Fintech Advisory Committee last month, the Australian Treasurer, Scott Morrison, has announced that the Australian Government will provide AU$150,000 to fund fintech hub Stone & Chalk’s Asia Program based in Shanghai. In making the announcement Mr Morrison said “We will support the industry in its objective of making Australia the leading market for fintech innovation and investment in Asia by 2017”.

The Hong Kong Government is also currently laying the foundations for a strong regulatory and financial support system for the fintech sector in Hong Kong.

Hong Kong’s Securities and Futures Commission (SFC) aims to make communication between the regulator and fintech businesses easier through the launch of the Fintech Contact Point. The Fintech Contact Point is a dedicated channel to help fintechs understand the current regulatory regime and also provide the SFC with information on developments in the sector.

A fintech advisory group with SFC and external members has also been formed to obtain information on fintech trends, collect stakeholder feedback and identify the opportunities, risks and regulatory implications for fintech.

The SFC is also interested in talking to providers of technology support to fintech businesses such regulatory compliance services, secure client authentication technology and artificial intelligence to support front and back office operations.

The Hong Kong Monetary Authority and Office of the Commissioner of Insurance are also expected to set up dedicated fintech platforms to liaise with the sector.

The Australian Government announcement is here and Fintech Contact Point can be accessed here.

Copyright © 2024, K&L Gates LLP. All Rights Reserved.