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Alternative Market Briefing

Hong Kong launches regulatory sandbox for Fintech

Friday, September 29, 2017

Komfie Manalo, Opalesque Asia:

Hong Kong's market regulator, the Securities and Futures Commission (SFC), has launched the SFC Regulatory Sandbox to provide a confined regulatory environment for qualified firms to conduct regulated activities utilizing financial technologies (Fintech).

SFC said that the sandbox will allow qualified firms, through close dialogue with and supervision by the SFC, to identify and address any risks or concerns associated with their regulated activities before their services can be provided to the wider public in Hong Kong.

"The SFC recognizes that firms utilizing innovative technologies may broaden investor choice and benefit the Hong Kong financial services industry," said Ashley Alder, the SFC's chief executive officer. "For the sake of market integrity and better investor protection, the sandbox provides a confined regulatory environment for qualified firms to demonstrate the reliability of their Fintech solutions as well as their internal control systems at the initial stage."

In the sandbox environment, qualified firms will be under closer monitoring by the SFC. To minimize risk exposure to investors, the SFC may impose licensing conditions such as limiting the types of clients these firms serve or each client's maximum exposure. In addition, they are expected to have adequate investor protection measures in pla......................

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