Hong Kong FSS Pilot Testing: Regulatory Feedback and Chatroom Support
Learn how the HKMA's Fintech Supervisory Sandbox supports pilot testing, regulatory feedback, funding, and the Chatroom for Regtech.
Overview of the Fintech Supervisory Sandbox
The Hong Kong Monetary Authority (HKMA) operates the Fintech Supervisory Sandbox (FSS). Within the FSS, banks and their partnering tech firms can gather real-life data and user feedback on new fintech products or services more easily, enabling them to make refinements before a full launch.
Pilot Testing and Regulatory Feedback
The FSS includes a pilot trial function. Under FSS 3.0, eligible research and development (R&D) trial projects can apply for up to HK$1 million in funding support under the Innovation and Technology Commission (ITC)‘s Public Sector Trial Scheme (PSTS). Additionally, the FSS 3.1 Pilot provides development-stage funding support for innovative fintech solutions, promoting commercialisation and wider adoption of projects that fit within the HKMA’s regulatory mandate.
Chatroom and Regtech Ecosystem
To help develop the Regtech ecosystem, the FSS (including the Chatroom) is open to Regtech projects or ideas raised by banks or tech firms.
Cross-Border Testing
The FSS has been linked with similar pilot testing facilities of overseas supervisory authorities. Applications for cross-border testing pilot FSS 3.0 are made through the Global Financial Innovation Network (GFIN).