Hong Kong is tightening up cyber security and risk assessment to protect the banking system from financial fraud.
The initiative will be overseen by the newly established Fintech Facilitation Office, the Hong Kong Economic Journal reports.
The new office will promote financial technology to banks and other market participants, Hong Kong Monetary Authority (HKMA) chief Norman Chan said.
Chan said the HKMA will deploy tools to help lenders assess financial risks and strengthen their ability to mitigate them.
They will be encouraged to share risk-related information under a secure registration system.
– Contact us at [email protected]