The Hong Kong Monetary Authority (HKMA) has announced the launch of iAM Smart (internet Access by Mobile in a Smart way), a digital identity service that enables users to leverage the biometrics in their smartphone to act as proof of identity for all types of digital services including financial firms. A website has been created to explain the service to Hong Kong residents. iAM Smart is available for download as an App.
In a public statement, Colin Pou, Executive Director of Financial Infrastructures, HKMA, addressed authorized institutions (AIs) and “stored value facility licensees” to encourage adoption of the new technology.
Pou state:
“As one of the key infrastructure projects for smart city development announced in the 2017 Policy Address, iAM Smart provides all Hong Kong residents with a single digital identity and authentication to conduct government and commercial transactions online. All Hong Kong residents can apply for iAM Smart accounts free of charge on a voluntary basis. Details of the initiative are set out on the iAM Smart website (iamsmart.gov.hk) with major functionalities and applications highlighted in the following paragraphs.”
iAM Smart has been available for testing by financial institutions in the sandbox program.
Pou said the launch of iAM Smart is a key milestone in the development of the Fintech ecosystem in Hong Kong. Pou encouraged all AIs and licensed firms to adopt the technology.
Hong Kong is a key Asian Fintech hub that competes with Singapore as a location for financial services firms to base activity in the Asian region.