The Hong Kong Monetary Authority (HKMA) launched the FinTech Supervisory Chatroom yesterday.
The Chatroom is a new feature of the FinTech Supervisory Sandbox 2.0. It seeks to provide supervisory feedback to authorised institutions (AIs) and technology firms at an early stage when new technology applications are being contemplated, thereby reducing abortive work and expediting the rollout of new technology applications.
Firms may access the Chatroom through emails, video conferences or face-to-face meetings with the HKMA. The detailed arrangements are set out below:
• Firms will have access to both the FinTech Facilitation Office and the Banking Departments of the HKMA through the Chatroom.
• Access through emails:
– Firms may send their enquiries to the dedicated email address of the Chatroom (firstname.lastname@example.org). The HKMA will endeavour to provide supervisory feedback within 7 working days.
• Access through video conferences or face-to-face meetings:
– Firms may request for a video conference or face-to-face meeting with the HKMA to obtain supervisory feedback to their FinTech proposals;
– The normal time slot available is from 11 am to 12 noon, but special requests will be accommodated on a case-by-case basis;
– Firms intending to use the facility are encouraged to send a request to the Chatroom’s email address (email@example.com) to make a reservation;
– The request should indicate the preferred timeslots and provide a broad description of the issues the firm wants to discuss so that the HKMA can arrange suitable personnel to join the video conference or face-to-face meeting;
– Timeslots will be allocated on a first come, first served basis; and
– Reservation is open from 1st and 15th of each month at 9 am (or the first working day thereafter if it is a holiday). Reservation for timeslots from 1 to 14 December 2017 will start on 29 November 2017 at 9 am.
The HKMA will keep the above arrangements under regular review. It will refine the operation of the Chatroom in the light of feedback received from users of the facility.
HKMA’s FinTech Supervisory Sandbox was first launched in September 2016, and in October this year, they announced new features to be introduced, such as a FinTech Supervisory Chatroom and tech firms may have access to the sandbox by seeking feedback from the Chatroom without necessarily going through a bank.