Hong Kong regulator to launch fintech 'sandbox'

[HONG KONG] Hong Kong's top banking regulator said on Tuesday it would establish a regulatory regime known as a "sandbox" for financial technology start-ups, in a bid to boost Hong Kong's status as a burgeoning fintech hub.

The new initiative will help quicken the pace of fintech development, Hong Kong Monetary Authority (HKMA) chief executive Norman Chan told a conference.

"Sandboxes" typically afford fintech firms special regulatory waivers for a limited period of time.

REUTERS