Hong Kong chief executive stresses need for “robust and transparent” regulation

Regulators must strike a balance between innovation and consumer protection, leader says

Hong Kong chief executive stresses need for “robust and transparent” regulation

Insurance News

By Gabriel Olano

Hong Kong’s chief executive, Carrie Lam Cheng Yuet-ngor, reiterated the government’s support for a more robust and transparent financial regulation regime.

Lam made the statement at the Asian Financial Forum, held at the Hong Kong Convention and Exhibition Centre on Monday.

“In pursuing growth, we will never lose sight of the need for robust and transparent regulation that is of the right touch and in alignment with international best practices,” Lam said in her speech at the forum’s opening ceremony.

“Sustainable development must be underpinned by regulatory oversight to ensure market order and, where necessary, clamp down on illegal activities. Our key regulators – the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Insurance Authority (IA) – will remain vigilant while facilitating growth and development.”

She added that there should be a balance between fostering development and regulation, and that the trio of regulators she mentioned are on the right track. She mentioned that the HKMA, the SFC, and the IA have each launched their regulatory sandboxes which allow companies to try financial innovations in a confined regulatory environment.

“This is also an example of how we strike a balance between meeting market demands for innovative financial products and services and ensuring adequate consumer protection,” she said.

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