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Douglas W. Arner, Evan Gibson and Janos Barberis

This chapter examines Hong Kong’s regulation of FinTech, focusing on government policy, regulatory initiatives and sectoral regulation. This covers sandboxes, cybersecurity regulation, RegTech initiatives, virtual banking, open application program interfaces, stored value facilities, faster payment systems, robo-advisory services, virtual assets and InsurTech. Hong Kong’s FinTech regulatory framework and sectoral model are analysed to reveal regulatory flaws. The sectoral model has cross-sectoral vulnerabilities, is susceptible to functional bias and technological regulatory underlap. Although FinTech policy considerations focus on market conduct and consumer protection, financial stability is equally important because of the size, growth and interconnectedness of Fintech markets. To effectively regulate FinTech, Hong Kong needs to establish digital financial regulators specializing in technology with a cross-sectoral regulatory ambit. These digital financial regulators would be independent subsidiaries of the Hong Kong Monetary Authority and the Securities and Futures Commission, discharging the financial stability/prudential regulation and market conduct/consumer protection functions respectively.