3 August, 2019
Financial technologies (FinTech) have the potential to supplement or disrupt the financial services industry, with internet banking and mobile payment applications as obvious early examples.
As offshore centres press forward with ambitions to be leading regional technology hubs, FinTech is an important point of focus, both for market participants and for regulators.
There has been a marked uptake of the utilisation of technologies within the financial services sector, principally in the fast-growing areas of blockchain, artificial intelligence, and cloud technology in financial institutions in Asia.
This growth has been fuelled by investment from China into the Greater Bay Area (which includes nine cities in mainland China, Hong Kong and Macau) and the Belt and Road Initiative.
China has also recently introduced a series of cybersecurity and data protection regimes which will inevitably affect the operation of the banking and finance sector.
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For further information, please contact:
Tony Heaver-Wren , Partner, Appleby
theaverwren@applebyglobal.com
