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DC reform meetings held

The Government held exchange meetings on the theme of improving the district governance system and reforming the District Councils (DCs) at the Central Government Offices today.   Over 80 Hong Kong Special Administrative Region deputies to the National People's Congress (NPC) and Hong Kong SAR members of the National Committee of the Chinese People's Political Consultative Conference (CPPCC) were there to exchange views on improving the district governance system and supporting the District Council election.   Chief Executive John Lee noted that it is the first major citywide election after improving the district governance system and reforming the DCs, and is of particular significance.   He said it also marks the final mile for the full implementation of the principle of “patriots administering Hong Kong” in the district governance structure.   The Chief Executive also noted that the election is of great significance to the good governance and the long-term st
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Fintech growth strategies in place

To foster fintech development in Hong Kong, the Financial Services & the Treasury Bureau has recently announced a three-pronged strategy covering opening up of data, policy co-ordination and skill enhancement.   First of all, data are indeed precious assets in a new era where financial development is driven by technology. In this regard, the Chief Executive mentioned in her Policy Address this year that the Monetary Authority would develop the Commercial Data Interchange (CDI), through which enterprises could authorise service providers such as payment systems, public bodies or utility companies to furnish banks with data. Banks can then make more accurate predictions about the sales and operation of enterprises, thereby reducing the need for enterprises to provide collateral.   Opening up of government data and the sharing of such data with financial institutions play a crucial part in the development of the CDI. That is why we are now considering the sharing of data in the Companies Register to the CDI, to make it more convenient for financial institutions to obtain reliable information on registered companies.   Secondly, integration of technology and finance has introduced new dynamics to our market, and with the sector evolving rapidly under a more competitive international landscape, it is clear that we have entered a new stage of fintech development. New challenges have emerged for policymaking and regulations as a result. To strike a better balance between market development and regulation, a co-ordination group on implementation of fintech initiatives will be established within the Government. This group will holistically review and supervise the development of fintech in Hong Kong, covering the areas of Mainland and overseas co-operation, financial infrastructure, regulatory regimes, cybersecurity, promotion, talent development and other cross-sectoral fintech co-ordination.   Data and policy co-ordination aside, we will once again commission Cyberport to launch a training programme for our financial practitioners, to promote better understanding and encourage more application of fintech by the financial services industry. This time eligible participants will be expanded such that more practitioners can join the programme, and learn from the sharing of guest speakers having practical experiences and knowledge in the latest development of regtech, know-your-customer, blockchain and cybersecurity, etc. We expect the training programme will benefit up to 1,500 practitioners, and promote more application of fintech in the industry.   Just now I have shared with you our three-pronged strategy to facilitate fintech development in Hong Kong, and we are confident that the strategy will hit the bull’s eye, and together with the industry we will make the best use out of the opportunities offered by fintech.   Secretary for Financial Services & the Treasury Christopher Hui gave these remarks at FinTech Innovation Lab Asia-Pacific Demo Day on November 18.
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