HKMA chief executive Eddie Yue shared a raft of ongoing initiatives the city was undergoing to prepare its financial sector for the future, during the opening keynote of this year's Hong Kong FinTech Week.
«Hong Kong has embraced a new era for smart banking, but to prepare for the next era, there is a need to continuously enhance the ecosystem and empower the people in it,» said Eddie Yue at the virtual forum. «The fintech initiatives announced today are examples of the HKMA’s focus on applying technology to achieve better banking and drive financial inclusion.»
The Hong Kong FinTech Week is a three-day virtual event that kicked off yesterday to discuss a wide range of topics about the financial sector’s future including digital banking, crypto assets, big data application, artificial intelligence and more. finews.asia is a media partner with Hong Kong FinTech Week.
New Data Strategy
A variety of ongoing fintech initiatives were unveiled, including plans to potentially build a channel for commercial data flow between banks and relevant sources. According to the HKMA, this could solve a «long-standing pain point» of small and medium-sized enterprises (SME) seeking to enhance financial access using their own data.
Entitled «Commercial Data Interchange (CDI)», the HKMA is conducting a proof-of-concept study in collaboration with banks. The current phase will focus on using trade-related data to facilitate the trade finance application process and the next phase will cover other data sources for alternative credit scoring.
Separately, The HKMA also commissioned the Hong Kong Applied Science and Technology Research Institute (ASTRI) to study the use of artificial intelligence in SME lending.
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