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Title: Emergence of fintech and cybersecurity in a global financial centre strategic approach by a regulator
Authors: Ng, AW 
Kwok, BKB 
Keywords: Hong Kong
Global financial centre
Risk-based approach
Issue Date: 2017
Publisher: Emerald Group Publishing Limited
Source: Journal of financial regulation and compliance, 2017, v. 25, no. 4, special issue SI, p. 422-434 How to cite?
Journal: Journal of financial regulation and compliance 
Abstract: Purpose - This paper aims to explore how the regulator of a global financial centre (GFC) under an international trend of adopting emerging technologies for financial services (Fintech) articulates such opportunities and risks strategically. Design/methodology/approach - With a literature review on the global regulatory environment and the underlying risks related to Fintech, it looks into the formulation and implementation of complementary regulatory policies in the case of Hong Kong as a GFC. Relevant policy documents disclosed by the financial regulator on cybersecurity and pertinent issues are examined. Findings - Adopting a strategic approach that seizes opportunities associated with Fintech, the financial regulator harnesses comprehensive risk-based mechanisms to embrace exposures to cyber risks while promoting institutionalization of cybersecurity among the regulated firms with strategic controls. This study suggests a pathway for the evolution of a profession with both technical and ethical competence for mitigating the emerging risks arising from Fintech. However, such an approach is yet to be tested with respect to efficacy for the unexplored territories of fraud exposures, resulting from swift Fintech developments across borders. Research limitations/implications - As Fintech has only emerged rapidly in the recent years, it is not conclusive in this review of performance and effectiveness of the financial regulator in its strategic approach. Further studies may utilize a longitudinal method to analyze and examine the regulatory measures undertaken by financial regulators in various GFCs. Originality/value - This study reveals a strategic approach adopted by an emerged GFC in embracing Fintech innovation that however brings about unidentified risks and potential frauds to its financial services sector. Pertinent anti-fraud and cybersecurity measures are highlighted.
ISSN: 1358-1988
EISSN: 1740-0279
DOI: 10.1108/JFRC-01-2017-0013
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