Singapore must create an insurtech incubation programme, or "sandbox", to ensure the city doesn't fall further behind its arch-rival Hong Kong in the race to dominate Asia's fintech industry, a key lawmaker has said. Charles Mok, who represents the technology industry in the southern Chinese city's semi-autonomous legislature, said a sandbox set up by the the central bank to promote fintech was not enough and called on the Securities and Futures Commission to create one for the insurtech sector. Hong Kong's monetary authority introduced its sandbox late last year and the city is now a global hub for fintech and insurtech.
Hong Kong must create an insurtech incubation programme, or "sandbox", to ensure the city doesn't fall further behind its arch-rival Singapore in the race to dominate Asia's fintech industry, a key lawmaker has said. Charles Mok, who represents the technology industry in the southern Chinese city's semi-autonomous legislature, said a sandbox set up by the the central bank to promote fintech was not enough and called on the Securities and Futures Commission to create one for the insurtech sector. Singapore's monetary authority introduced its sandbox late last year and the city is now a global hub for fintech and insurtech.