11 April, 2016
The Hong Kong government announced in its February budget speech that the Hong Kong Monetary Authority ("HKMA") is currently working with the Hong Kong Applied Science and Technology Research Institute, the Hong Kong Institute of Bankers and the Hong Kong Association of Banks to set up a cyber security programme. This programme will include the establishment of a cyber intelligence-sharing platform and the development of initiatives around cyber security risk assessment and professional certification.
The HKMA has also recently established a Fintech Facilitation Office ("FFO") to boost Hong Kong's attractiveness as a fintech hub. The FFO will also be focusing on doing research in the area of cyber security. This is primarily because the HKMA is of the view that "in order to support the sustainable development of the fintech industry in Hong Kong and to keep the public confidence in fintech services and the banking system, it is crucial for the banking sector to maintain a high level of cyber security and data security."
Further details of the Cyber Security Programme are expected to be provided at the Cyber Security Framework Symposium in Hong Kong in mid-May.
For further information, please contact:
Kyle Wombolt, Partner, Herbert Smith Freehills
kyle.wombolt@hsf.com
