Hong Kong Insurance Commissioner says Regulatory Regime Needs to be Flexible for FinTech

John Leung, Hong Kong’s commissioner of insurance, said during a keynote address on Thursday, 20 October, that his regulatory body – the Office of the Commissioner for Insurance ("OCI") – needed to keep reviewing whether the territory’s regime was flexible enough for the adoption of FinTech. His comments came during the third annual Financial Times Asia Insurance Summit, which was held in Hong Kong.

"As a regulator, we welcome the insurance industry and the fintech community to develop more innovative insurance products and services. We position ourselves as technology neutral and technology conducive and are ready to provide support and guidance to the insurers in applying this FinTech to their business. As an insurance regulator, we need to keep reviewing whether our regulatory regime is flexible enough to allow the industry to embrace new technologies and innovative business models without compromising customer protection and other regulatory concerns," Leung said.

"Closer dialogues and engagement with the insurance industry will be the key to find the right balance," he said.

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Ajay Shamdasani is a senior staff writer with Thomson Reuters Regulatory Intelligence in Hong Kong. He covers regulatory developments in Hong Kong, India and South Korea. He also writes about money laundering, fraud, corruption, data privacy and cybercrime.