161027 hkconnect 2016_fintech_development

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The document discusses fintech development in Hong Kong and compares it to other jurisdictions. It notes that Hong Kong faces challenges like outdated legislation, a talent crunch, and lack of investment in fintech. It outlines measures taken by Singapore, the UK, and Australia to support fintech. For Hong Kong, the 2016 budget announced new measures to promote fintech through events and a one-stop office for startups. It will also improve regulations, funding resources, and attracting fintech talent. However, it remains to be seen if Hong Kong can compete with Singapore and leverage the China market, and if regulations can evolve quickly enough to provide competitive advantages for fintech.

Technology

Fintech development and the
corresponding Government support in
Hong Kong
Charles Mok, Legislative Councillor(IT)
HKCONNECT 2016, 27 October

Challenges faced - Fintech development in HK
▸Outdated legislation and compliance
requirements
▸Talent crunch
▸Lack of investment
2

3
Source: EY UK FinTech: On the cutting edge: An evaluation of the international FinTech sector, 2015
Source: South China Morning Post, May 2016

Fintech development in other jurisdictions
Singapore
Monetary Authority of
Singapore (MAS)
formed new FinTech
& Innovation Group
responsible for
regulatory policies
and development
strategies
(July 2015)
UK
Financial Conduct
Authority (FAC) -
Regulatory Sandbox:
a ‘safe space’ in
which businesses can
test innovative
products, services,
business models and
delivery mechanisms
in a live environment
(2015)
Australia
Australian Securities
Exchange (ASX)
works with a
developer of
blockchain
technology to
upgrade its share
registry system
(2016)
4

5
Hong Kong
2016 - Year of
Fintech ?
New measures
announced in Budget
2016-17

What’s New?
Promotion
▸ Formulating a Vision for Fintech Development
▸ An Annual Premier Fintech Event
Facilitation
▸ A “One‐stop Office” for Fintech Startups
▸ Flagship Fintech‐themed Programme
Regulations
▸ To establish dedicated contact points to help the
Fintech community better understand the regulatory
landscape
Funding
▸ To improve dissemination of information on funding
sources
Talents
▸ To encourage young talents to consider entering the
Fintech sector
▸ To enhance dissemination of information on
immigration policy for talents outside Hong Kong
6

Fintech regulation
• Mobile Payment License
• Review legislation - Equity crowdfunding & P2P
lending
• Sandbox or trial schemes
A balance between facilitating innovation
and consumer protection
7

Observation: Hong Kong - catching up
▸ Innovative technologies – Blockchain, robotics and AR etc. are being
implemented or explored by the banking industry
▸ More e-payment options emerging
▸ The Hong Kong Monetary Authority (HKMA) unveiled (2016)
- HKMA-ASTRI Fintech Innovation Hub to support research and
adoption of Fintech by the industry
- Fintech Supervisory Sandbox (FSS) to facilitate the pilot trials of
Fintech and other technology initiatives
- Cybersecurity Fortification Initiative (CFI) to raise the level of
cybersecurity of the banks in Hong Kong
8

Remains to be seen:
Can we compete with Singapore and leverage China market
advantage?
Can our regulatory approach evolve fast enough to bring
competitive advantage?

Innovate or Perish
10
• Legislation – review and update
• Boost investment
• Local adoption
• Tax incentives
• Nurture Fintech talents

11
THANKS!
charlesmok@charlesmok.hk
Facebook: Charles Mok 莫乃光
www.charlesmok.hk

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Charles Mok discusses various threats facing the internet, including digital repression, surveillance, misinformation, internet shutdowns, and data/cyber sovereignty. He notes that data, standards, infrastructure, and values are fragmenting. Regulatory fragmentation is also occurring as democracies seek backdoors, while authoritarians view cybersecurity as a means of regime security and push for more government control over internet governance through conferences like the World Internet Conference. Overall, Mok argues the vision of "One World, One Internet" is under threat from increasing fragmentation across many areas.

Cyber Risks in Hong Kong

Charles Mok

This document summarizes cyber risks in Hong Kong following the implementation of the National Security Law in 2020. It discusses how internet freedom has declined, with increased censorship and surveillance powers. New laws and proposals aim to further control the internet, such as requiring SIM card registration, strengthening anti-doxxing laws, and proposals to regulate crowdfunding and criminalize broad cybercrimes. Civil society has retreated amid arrests for online posts, media closures, and website blocking. Overall internet freedom has sharply declined and more restrictions are planned.

ICANN TWNIC TWIGF 2023: Compliance through Compulsion

Charles Mok

This document discusses the trend of governments using access restrictions as a policy tool for compliance. It notes that censorship has existed as long as the internet, through methods like the Great Firewall of China. The document examines perspectives from 2011 that viewed access restrictions as minor inconveniences rather than censorship. It analyzes how the UK uses a protective DNS service to block malware while maintaining it is not censorship. Examples from Hong Kong and predictions for other Asian countries show how access restrictions have become mandated under national security laws. The document raises the question of whether similar trends could occur in other countries like the US and Taiwan.

全球數位威權趨勢及對台灣的挑戰和機遇

Charles Mok

Digital Authoritarianism, Asian Techno-Geopolitics and Technology Fragmentation

Charles Mok

HKU Tech for Good year2.pdf

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This document summarizes Charles Mok's discussion from a 2023 technology conference on issues related to AI, blockchain, cybersecurity, data governance, and internet fragmentation. Key topics included the rapid advancement of AI models from ChatGPT to GPT-4, the collapse of FTX shaking confidence in cryptocurrency and blockchain applications, ongoing debates around internet standards-setting and regulatory approaches, and increasing geopolitical tensions contributing to fragmentation across digital technologies, infrastructure, and values. Mok concluded by questioning if collaboration on these issues can overcome growing divisions.

Technology4democracy: The Potential of Web3 and Blockchain for Democracy

Charles Mok

- Web3 aims to decentralize the internet using blockchain technology, removing centralized intermediaries and allowing users to own their own data. This could enable new forms of direct participation like immutable voting. However, others are skeptical that people want to manage their own servers or infrastructure. There are also concerns that Web3 platforms could become controlled by venture capitalists like previous iterations. Some countries and organizations are experimenting with blockchain applications for areas like elections, funding, and transparency. Ensuring governance models are inclusive and address potential threats will be important as Web3 develops.

APAC Data Center Infrastructure Observations

Charles Mok

Regulations in the APAC region are expected to favor edge data centers over solely cloud-based infrastructure due to data sovereignty requirements. Increased bandwidth availability in more APAC markets beyond major hubs could lead to greater data center distribution. While green data centers are important, regulations promoting them may not be top national priorities in all APAC countries at this time.

Chinese Digital Repression

Charles Mok

Charles Mok discusses China's repressive digital practices, including the Great Firewall that censors the internet, massive government surveillance through tools like facial recognition, and the social credit system. He notes that China is exporting this model of digital control through projects like the Digital Silk Road and by providing technologies to other countries. However, China faces pushback in some Western nations and its efforts to influence global technology standards have met resistance from organizations like IETF and IEEE. Overall, China is actively working to spread its model of internet governance and fragment the global internet while facing challenges to its vision from advocates of multistakeholder governance.

Technology, Data and Ethics

Charles Mok

The document discusses issues around technology, data, and ethics for both the public and private sectors. It notes fragmentation of trust, truth, the internet, and data issues that regulators face. It argues regulations alone cannot solve most problems and that putting the pieces together requires data literacy for all stakeholders and joint data governance that empowers users, is consent-based, transparent, and holds organizations accountable. The document was presented by Charles Mok at an ISKO conference on data governance designed with user empowerment, consent, transparency, and accountability at its core.

全球數位威權趨勢對台灣的挑戰和機遇

Charles Mok

台灣數位經濟及區塊鏈的機遇與挑戰.pdf

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Censorship, Surveillance and Cyber Threats in Hong Kong.pdf

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This document summarizes the decline of internet freedom in Hong Kong over recent years. It describes how censorship was previously non-existent but increased after the national security law was passed in 2020. This allowed authorities to order taking down of online content and surveillance. Many websites and apps were blocked or self-censored in response. Real name registration for SIM cards was also introduced, tightening government control over online activities. The future may include further pressure on global internet platforms to censor in Hong Kong as well as local legislation increasing government powers over online speech.

HKU Tech for Good.pdf

Charles Mok

Charles Mok looks at the impacts of emerging technologies like artificial intelligence, blockchain, and the metaverse. He discusses both benefits and concerns, such as privacy issues with facial recognition, mounting ethical concerns with the industrialization of AI, and debates around decentralization. He also examines implications of the Ukraine conflict, including hacker activity and big tech's response, as well as what the future internet may look like in regards to issues like social credit, censorship, and online freedom.

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Misinformation, Fake News and Harmful Content Laws in the World

Charles Mok

Charles Mok discusses the challenges with laws around misinformation, fake news, and harmful content globally. He notes that determining what is fake news or misinformation is difficult, as is deciding who should make that judgment. Laws introduced in Germany to stop hate speech have been copied by authoritarian regimes to censor dissent. Similarly, India's new IT rules give the government broad powers to censor content deemed unlawful on social media. Attempts to regulate disinformation raise issues around freedom of expression and the risk of increased censorship. Overall, the presentation cautions that establishing authorities to determine disinformation is problematic and enforcing such rules is not straightforward.

From Re-Opening to Recovery: Post-COVID Security and Privacy Issues and Trends

Charles Mok

The document discusses post-COVID security and privacy issues and trends as countries move from pandemic response to recovery. It summarizes contact tracing and exposure notification apps used in various countries and debates around balancing privacy and public health. Issues around vaccine passports and digital identity are also examined, including standards, privacy, inequality and implications. Emerging technologies could advance vaccine tracing but also enable health surveillance. Overall balances in these issues will be important for societies post-pandemic.

From Crypto to Trust and Identity

Charles Mok

Have you AI'ed today? A Reality Check

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Charles Mok discusses the potentials and limitations of artificial intelligence (AI). While AI shows promise in areas like diagnosing diseases, fighting climate change, and translating languages, it also faces limitations. AI may struggle with tasks requiring "System 2" thinking like abstract reasoning, planning, and understanding cause and effect. It can also replicate and even amplify the biases of its human creators. To realize AI's full potentials, Mok argues we must know its limitations, impose proper oversight and controls, ensure ethics and equality are incorporated, and take a realistic approach focused on specific tasks rather than assuming it can solve all problems.

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Digital Repression and Techno-Authoritarianism

Threats to the Internet

Cyber Risks in Hong Kong

ICANN TWNIC TWIGF 2023: Compliance through Compulsion

全球數位威權趨勢及對台灣的挑戰和機遇

Digital Authoritarianism, Asian Techno-Geopolitics and Technology Fragmentation

HKU Tech for Good year2.pdf

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Chinese Digital Repression

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全球數位威權趨勢對台灣的挑戰和機遇

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161027 hkconnect 2016_fintech_development

1. Fintech development and the corresponding Government support in Hong Kong Charles Mok, Legislative Councillor(IT) HKCONNECT 2016, 27 October

2. Challenges faced - Fintech development in HK ▸Outdated legislation and compliance requirements ▸Talent crunch ▸Lack of investment 2

3. 3 Source: EY UK FinTech: On the cutting edge: An evaluation of the international FinTech sector, 2015 Source: South China Morning Post, May 2016

4. Fintech development in other jurisdictions Singapore Monetary Authority of Singapore (MAS) formed new FinTech & Innovation Group responsible for regulatory policies and development strategies (July 2015) UK Financial Conduct Authority (FAC) - Regulatory Sandbox: a ‘safe space’ in which businesses can test innovative products, services, business models and delivery mechanisms in a live environment (2015) Australia Australian Securities Exchange (ASX) works with a developer of blockchain technology to upgrade its share registry system (2016) 4

5. 5 Hong Kong 2016 - Year of Fintech ? New measures announced in Budget 2016-17

6. What’s New? Promotion ▸ Formulating a Vision for Fintech Development ▸ An Annual Premier Fintech Event Facilitation ▸ A “One‐stop Office” for Fintech Startups ▸ Flagship Fintech‐themed Programme Regulations ▸ To establish dedicated contact points to help the Fintech community better understand the regulatory landscape Funding ▸ To improve dissemination of information on funding sources Talents ▸ To encourage young talents to consider entering the Fintech sector ▸ To enhance dissemination of information on immigration policy for talents outside Hong Kong 6

7. Fintech regulation • Mobile Payment License • Review legislation - Equity crowdfunding & P2P lending • Sandbox or trial schemes A balance between facilitating innovation and consumer protection 7

8. Observation: Hong Kong - catching up ▸ Innovative technologies – Blockchain, robotics and AR etc. are being implemented or explored by the banking industry ▸ More e-payment options emerging ▸ The Hong Kong Monetary Authority (HKMA) unveiled (2016) - HKMA-ASTRI Fintech Innovation Hub to support research and adoption of Fintech by the industry - Fintech Supervisory Sandbox (FSS) to facilitate the pilot trials of Fintech and other technology initiatives - Cybersecurity Fortification Initiative (CFI) to raise the level of cybersecurity of the banks in Hong Kong 8

9. Remains to be seen: Can we compete with Singapore and leverage China market advantage? Can our regulatory approach evolve fast enough to bring competitive advantage?

10. Innovate or Perish 10 • Legislation – review and update • Boost investment • Local adoption • Tax incentives • Nurture Fintech talents

11. 11 THANKS! charlesmok@charlesmok.hk Facebook: Charles Mok 莫乃光 www.charlesmok.hk

161027 hkconnect 2016_fintech_development

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