Joseph Chan meets fintech sector

Under Secretary for Financial Services & the Treasury Joseph Chan hosted two meetings with security token offering (STO) industry representatives to foster the sector’s development.

The two meetings were co-hosted with officials from the Securities & Futures Commission and Invest Hong Kong on September 14 and 16, as a follow-up to a closed-door meeting with a group of virtual asset industry leaders in mid-August.

Mr Chan noted that STOs had already been issued in Hong Kong and he learnt from last week’s meetings that there was a strong pipeline of more than 10 interested issuers.

He reiterated the Government’s commitment in supporting the healthy growth of fintech including STOs in Hong Kong.

“The Hong Kong Special Administrative Government supports the development of fintech which offers a wide spectrum of innovative financial services to the community to support the growth of the real economy.

“We support the sustainable development of STO business in Hong Kong that meets the relevant regulatory and compliance requirements, particularly on ensuring investor protection and addressing the risk on the anti-money laundering/combating of terrorist-financing aspect.”

The bureau and InvestHK will continue to host similar meetings for exchanging viewpoints with the industry.