Hong Kong Monetary Authority plans to open an innovation center to test blockchain technology

香港金融管理局(HKMA, Financial Policy, Banking and Monetary Management) plans to open an innovation center dedicated to testing blockchain and distributed ledger solutions.

HKMA announced that it will launch the project in collaboration with the Hong Kong Applied Science and Technology Research Institute (ASTRI), a government-run research institute aimed at improving its competitiveness in technology.

The HKMA sees the innovation hub as a neutral location for research into financial technologies before they are officially launched.

(Norman Chan, Chief Executive of the Hong Kong Monetary Authority)

Earlier, HKMA CEO Norman Chan spoke at the 2016 Treasury Market Summit, saying that the development of autonomous territories can also keep up with the pace of financial technology innovation. The HKMA's decision coincides with the views of its CEO. Mr. Chan said:

It is generally believed that Hong Kong's financial services industry is developing financial technology at a slower pace. I disagree. At least the development of Hong Kong's banking industry is not slow.

Other research activities at the innovation center include testing solutions that require large computing resources; engaging in discussions with regulators, governments and startups; and testing solutions applicable to the HKMA.

Details about the project’s resource allocation are still being optimized, and more news is expected to be released in the coming weeks.