Research Handbook on Asian Financial Law
Show Less

Research Handbook on Asian Financial Law

Edited by Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen and Evan Gibson

This comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. It considers how reforms following the crises have been critical for the development and growth of the region and explores a broad range of post-crisis financial regulatory issues. This timely book also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region’s potential.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 22: FinTech and its regulation in Hong Kong

Douglas W. Arner, Evan Gibson and Janos Barberis

Abstract

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.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.


Further information

or login to access all content.