Yesterday it was revealed that Hong Kong Central bank will test Blockchain and distributed ledger applications.

The HK bank, in fact, wants to open a new innovative lab to study it, thanks to the funds received from the government to improve its technology standards.

To do so, the Hong Kong Monetary Authority (HKMA) is working on this program with the Hong Kong Applied Science and Technology Research Institute (ASTRI).

“Neutral ground” Hong Kong central bank will test blockchain

In a statement, the HKMA defined their hub is a neutral ground for testing this financial technology.

Norman Chan – during a speech he gave at the Treasury Market Summit 2016 – HKMA chief executive– during a speech he gave at the commented that Hong Kong was not moving enough to exploit the FinTech revolution.

“There is also a quite commonly-held perception that the development of Fintech in the financial services sector in Hong Kong has been slow. I do not subscribe to this view, at least insofar as the banking sector is concerned.”

In the next weeks HKMA will reveal more details and additional projects that will involve the hub: testing solutions that require substantial computing resources; discussions between regulators, incumbents and startups and more.

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