Hong Kong Financial markets authority joins R3 blockchain consortium

Hong Kong Financial markets authority joins R3 blockchain consortium

The Securities and Futures Commission, an independent statutory authority that regulates the securities and futures markets in Hong Kong, is joining t

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The Securities and Futures Commission, an independent statutory authority that regulates the securities and futures markets in Hong Kong, is joining the R3-led financial blockchain consortium.

As the Wall Street Journal reported, the Hong Kong regulator will co-work with R3`s members, including banks and technology developers, to test blockchain ledgers and the way they can be used to record and settle securities and futures transactions.

“Both sides need to understand why this tech works and what needs to be changed to make it comply”, commented R3 managing director Charley Cooper as quoted by the Wall Street Journal and cryptocoinnews.com.

Hong Kong has been known as a leading financial technology hub that competes with Singapore, Japan, and more recently, mainland China.

Last year the financial secretary of Hong Kong pledged HK$17 billion to invest in smart manufacturing and financial technology, as South China Morning Post (scmp.com) wrote.

There were also plans to support FinTech start-ups. For example, Cyberport said that it would dedicate 3,000 square meters of co-working office space to FinTech companies and nurture 150 FinTech start-ups over the next five years, as South China Morning Post explained.

A recent report conducted by KPMG, one of the “big four” auditory firms, revealed that the FinTech market is expected to flourish in 2017.

“As discussed elsewhere in this forward-looking report, we expect to see banks collaborate more with FinTech and RegTech providers in 2017, as well as develop their own technology solutions to address compliance and operational issues.”, reads on page 3 of the report available at assets.kpmg.com.

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