Research Handbook on Asian Financial Law
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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.
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Chapter 22: FinTech and its regulation in Hong Kong

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.

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