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Hong Kong The Securities and Futures Commission, an independent statutory authority that regulates the securities and futures markets in one of the world’s major financial hubs in Hong Kong is joining the R3-led financial blockchain consortium. According to a report in the Wall Street Journal, the Hong Kong regulator is working with R3’s numerous members that includes banks and technology developers to test blockchain ledgers to record and settle securities and futures transactions. The collaboration is yet another example wherein banks and regulators are coming together to push blockchain prototypes out of the lab environment to real-world financial systems. Claim Your own Bitcoin today “Both sides need to understand why this tech works and what needs to be changed to make it comply,” stated R3 managing director Charley Cooper as quoted by the publication. Bringing Fintech into a Financial Hub Widely known as a traditionally technology-forward country, Hon...

A new report from Deloitte has been dismissed by the Hong Kong government after it ranked the city fifth for FinTech and three spots behind Singapore. In a report from the  South China Morning Post , it’s claimed that the study didn’t compare financial technology development, but financial and business environments together. According to Chan Ka-Keung, Secretary for Financial Services and the Treasury Profession, the report looked at three organizations which subsequently ‘ranked the competitiveness of financial centers, their innovation capacity and business environment.’ However, many questioned why Hong Kong had been placed behind its rival Singapore, which according to a Fintech Adoption Index compiled by Ernst & Young in 2015, found that Hong Kong’s FinTech use was twice that compared to Singapore’s. This despite the fact that last month it was reported that there was  increased cooperation between the two countries  to mak...