In preparation for an era of fintech-banking, Hong Kong’s financial regulator appointed a new head of financial market infrastructure.
The Hong Kong Monetary Authority (HKMA) expects to start granting licenses to virtual banks towards the end of this year. Beefing up its team to meet demand, the regulator appointed Colin Pou as executive director of financial infrastructure, according to a statement.
Pou will be responsible for developing the financial market infrastructure, and enhancing the fintech ecosystem. He will take up the position on October 29, 2018 and will also be in charge of the currency and settlement division.
Online Banking Rush
Pou joined HKMA in 1994 as an assistant manager. He was promoted to manager in 1997, senior manager in 2000 and division head in 2008. He will take over from Li Shu-pui, who is resigning after 17 years of service.
After HKMA issued guidelines for the launch of virtual banks in the city in February 2018, dozens of firms have registered. A public consultation set August 31 as the deadline for receiving the first batch of applications.
