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Two banks trialling biometric technology under Hong Kong fintech “sandbox”

Kareyst Lin | Nov. 14, 2016
A few other banks intend to make use of the sandbox for areas like blockchain, AI, and more.

Hong Kong's banking regulator received applications from two banks to test emerging biometric technologies under a new regulatory regime, said Norman Chan, Chief Executive of Hong Kong Monetary Authority (HKMA).

The banks have applied to test the use of biometric authentication of securities trading, according to a report by Channel NewsAsia on 11 November 2016.

"So far, two banks have already made use of the sandbox to conduct private trials of their biometric authentication in securities trading services. A few banks are discussing with us and planning to make use of the sandbox for areas such as blockchain, artificial intelligence (AI), and many more," said Chan.

The HKMA launched the new regime in September 2016, allowing banks to use a "sandbox" to test new technologies on a limited basis before deploying them to the general public.

 

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