Alibaba’s recent investment in Kakao Pay, proves once again that it is no secret that tech giants have a huge appetite. The more they grow, the hungrier they are, the hungrier they are, the more likely they are to eat someone else’s lunch. In this case it appears that financial institutions’ food looks the tastiest. Banks are loosing their monopoly on banking for many reasons, among which: dissatisfaction and lack of confidence from customers but also their inability to bank
Following the FSDC (Hong Kong Government Think Tank) paper about Hong Kong’s FinTech strategy to remain a relevant finance in 21st century, a second 80 page report has been published, specially looking at the DLT application for Asia’s leading financial centre. This is a timely update. Whilst the city has been already attracting cryptocurrency companies given the neutral regulatory status of bitcoins, it is clear that the DLT benefits are much broader. Countries have already
The Hong Kong Financial Services Development Council (HK FSDC) just released a 69 page report entitled “The Future of FinTech in Hong Kong.” This blog post acts as a summary of the key points and action items it proposed. The main thesis of the paper is that Hong Kong’s government should take a more proactive approach on FinTech if they want to compete with other rival FinTech centres in the region and the world that are already moving rapidly ahead with FinTech initiatives.