norman t l chan : hkma fintech day speech by mr norman t l chan, chief executive of the hong kong monetary authority, at hkma fintech day, hong kong, 11 november 2016. * * * my, george, julia, frank, herman, albert, distinguished guests, ladies and gentlemen, 1. it gives me great pleasure to welcome you all to this hkma fintech day, which is part of the fintech week. today we have a great gathering with speakers and participants from diverse background of the financial and technology sectors, including banks, stored value facility ( svf ) operators, fintech firms, fintech investors, regulators and many others. i am sure the discussions today both on and off the stage will be extremely interesting. 2. the event today is organized by the fintech facilitation office ( ffo ) of the hkma together with our three strategic partners : the applied science and technology research institute ( astri ), cyberport and the hong kong science and technology parks ( the science park ). as you are aware, we set up the ffo in march this year with the mission to facilitate the development of fintech in hong kong. 3. in the last few months, the ffo has organized many activities to bring together users and solution providers of fintech, so as to build an ecosystem to promote the adoption of new technologies in the banking sector. the ffo will continue to develop this collaborative platform together with astri, cyberport and the science park. in a few moments the hkma will be signing a memorandum of understanding with each of them to formalize the framework of cooperation. 4. now i would like to report on the latest progress of four major fintech projects launched by the ffo earlier. first, following my announcement of the launch of the cybersecurity fortification initiative ( cfi ) in may, the ffo has been making very good progress in developing the three pillars of the cfi. a three month industry consultation of the first pillar of cfi, the cybersecurity resilience assessment programme, was completed in august, with positive responses from the banking sector. taking into account the comments received, the ffo is finalising the assessment programme and will announce the detailed framework next month for implementation by banks in hong kong. regarding the second pillar of the cfi, the cybersecurity intelligence sharing platform, again good progress is being made. the computer platform will be in

issues, as : the difference between needs and desires ; where does money come from and for what does it serve ; the right management of money and savings, etc. this package may be used in free classes ; classes dedicated to school projects ; or in intra - subject projects. all that i mentioned above, makes clear that the bank of albania assesses that financial education should start at an early age. this affirmative sentence constitutes the philosophy of our programmes. the bank of albania aims at building up the communication bridges, awarenessraising and financial knowledge empowering to the new generation. they should gradually acquire the necessary knowledge, abilities, position and behaviour to take sound financial decisions and be able to deal with emergency situations, like the current one we are experiencing. concluding, i would like to thank all participants and collaborators of the bank of albania in all its educational initiatives and programmes, and particularly for the global money week. absolutely, such themes as planning personal finance may not be quite attractive to new age groups, nevertheless being aware of their importance and impact on the life of everyone, it is crucial that our institutions never stop their efforts to bring them to the attention of the young people. this is what we have tried to achieve through the activities and competitions that will take place during gmw 2021, and which i kindly invite you to attend. i sincerely thank you for your contribution and i wish a successful performance to all participants! 2 / 2 bis central bankers'speeches