Hong Kong has recently started a regulatory regime known as a sandbox for financial technology innovation in the banking sector, amid fears the city is losing ground to China, Australia and Singapore in the fintech race. Hong Kong Monetary Authority (HKMA) Chief Executive Norman Chan told a conference, “the initiative would help maintain Hong Kong’s competitiveness as a financial hub by supporting the development of fintech in the banking sector”.
The sandbox permit banks to manage testings and trials of newly developed technology on a pilot basis. Within the sandbox, banks can try out their new fintech products without the element to reach full compliance with the HKMA’s usual supervisory necessities.Chan will use the financial center must remain diligent all the time if we wish to continue to maintain our competitive edge, although he did not believe Hong Kong was lagging rival fintech hubs. The sandbox will only apply to banks looking to use fintech, such as distributed ledger technology or robo-advisory, as opposed to start-up fintech firms.
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http://www.ttm.news/2016/10/06/hongkong-started-banking-fintech-sandbox/