The Hong Kong Monetary Authority (HKMA) signed a "Cooperation Agreement" with the Monetary Authority of Singapore (Singapore Monetary Authority) and on 25 October 2017 to strengthen its cooperation in financial technology and to promote the development of financial technology The The HKMA and the Singapore Monetary Authority will work closely in a wide range of areas, including co-development of innovative projects, innovative business referral, information sharing and professional and technical exchanges to facilitate financial innovation in Hong Kong and Singapore. On the "Financial Technology Day" held by the HKMA, the two sides exchanged "cooperation agreements" signed by the heads of the two HKMA.

        The HKMA will set up a cross-border infrastructure for trade finance with distributed ledger technology as the backbone, as the first key cooperative project between the two sides to promote cross-border trade and financing. Both parties will announce details next month. "As the two major international financial centers in the region, Hong Kong and Singapore are actively applying and promoting financial technology," said Mr Chan Tak-lin, President of the HKMA. "The two sides will have a strong synergistic effect and promote the development of financial technology and capital To win.

        "The Singapore Monetary Authority is pleased to cooperate with Hong Kong in this financial and technological cooperation, and Singapore and Hong Kong have always been in financial and trade ties so that the financial and technical cooperation agreements are even more important, and we are particularly pleased that the Singapore Monetary Authority, This project can strengthen the trade finance channel between the two financial centers. "

        With the gradual formation of digital ecology, banks launched this year, financial technology-related services, such as biometrics, song fast key technology, has become more and more, the current four major banks, East Asia (023), DBS Hong Kong and Citigroup There are mobile phone fingerprint identification certification, Bank of Hong Kong (2388) more finger vein certification, some banks have voice certification, and BOC Hong Kong and Standard Chartered also have the application of block key technology in different banking service providers.

Hong Kong Bank Application Financial Technology Overview:

The HKMA has recently launched seven financial and technological initiatives:

1、the introduction of fast payment system ─ ─ bank and stored value payment tool operators can participate in the fast payment system, only a mobile phone number or e-mail address, you can anytime, anywhere in Hong Kong dollars or RMB payment. The fast payment system is scheduled for release in September 2018.

2、financial technology supervision sandbox (sandbox) upgrade version 2.0 - sandbox 2.0 new three functions: First, the establishment of financial technology regulatory chat room, in the early stages of financial technology project to the sandbox users feedback as soon as possible; The Hong Kong Monetary Authority, the Securities and Futures Commission and the Insurance Authority's sandbox will operate in a coordinated manner to provide cross-sectoral financial and technical projects with a " Point through "cut into, according to the actual need to connect three regulators. Sandbox 2.0 will be launched by the end of 2017.

3、Introducing Virtual Banking - The HKMA welcomes the introduction of virtual banks into Hong Kong and will consult the banking industry to review and revise the Guidelines for "Virtual Bank Recognition" issued in 2000.

4、the introduction of "bank easy" ─ ─ the HKMA will set up a "bank easy" task force, the purpose is to cooperate with the banking industry, Harvatek simplifies some of the customer's digital banking experience may cause inconvenient regulatory requirements. These customer experiences include online banking accounts, online loans, online wealth management.

5、to promote open application programming interface (open API) - will develop an open API policy to promote the open API in the banking industry development and extensive application, through the cooperation between banks and technology companies to encourage innovation and strengthen financial services. The HKMA plans to complete banking advice and set up an open API policy by the end of 2017.

6、To strengthen cross-border financial and technological cooperation - the HKMA will strengthen cooperation with other relevant authorities in the development of financial technology. The latest work includes cooperation with the Shenzhen Municipal Government Financial Development Service Office. The HKMA is working with the Hong Kong Bank to develop a distributed ledger technology trade financing platform to speed up the commercialization of trade finance and to discuss cooperation with the Singapore authorities to link the trade platform between the two places.

7、to enhance scientific research and personnel training ─ ─ the HKMA will strengthen cooperation with the Hong Kong Applied Science and Technology Research Institute, Science Park and Cyberport to promote the introduction of new technologies and procedures to enable banks to enjoy faster and more convenient services and foster Hong Kong Finance Science and technology professionals.