November 15, 2016 -
Last week, Hong Kong Monetary Authority (HKMA) Chief Executive Norman Chan said that the banking regulator received applications from two banks to test emerging biometric technologies under a new regulatory regime, according to a report in Reuters.
The unnamed banks applied to test the use of biometric authentication of securities trading, Chan commented at the regulator’s first ever fintech day.
“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 and many more,” he said.
In September the HKMA launched the new regime which allows banks to use a “sandbox” to test new technologies on a limited basis before deploying them to the general public.