Hong Kong Monetary Authority (HKMA): Changes guidelines to boost fintech
- HKMA changed its credit risk management guidelines to encourage more adoption of analytics when providing loans
- HKMA’s ‘Banking Made Easy Initiative’ will also boost fintech development
- It giving lenders the ability to use big data analysis to review and approve applications
- The initial guideline issued in May 2018
- Several AIs have since rolled out new retail credit products following the guidelines
- The authority initially wanted the guideline to “minimise regulatory frictions”