金融科技發展要取得平衡 

A balance to be stricken when developing financial technologies

現時美國、歐盟及新加坡、日本等先進經濟體都已因應金融科技發展而紛紛修改法例,相比之下,香港只有《 支付系統及儲值支付工具條例 》一 條與金融科技相關的法例,而且生效還不足三個月。在網上眾籌及 P2P 貸款等新興集資方式方面,香港規定借貸平台要由持牌放債人營運,對相關業務發展構成一定阻力。可惜對於這些法規跟不上發展的問題,未見《 施政報告 》作出處理。如果香港真正想發展“ 金融科技 “,“ 金融科技督 導小組 “不但應該在法規上適當地拆牆鬆綁,與此同時,監管機構亦必須嚴謹地保障投資者的利益,務求在寬鬆法規及保障投資者利益上取得合理平衡,再在這個基礎上讓金融科技有序、健康地發展。按現時香港的法律框架,較合適的經營路徑,是將眾籌及 P2P 網上貸款等新興集資方式的客戶指定為專業投資者,而在今年三月初,業界就宣佈推出本港首個供專業投資者參與的 P2P 眾籌平台。

At the moment, amendments to the laws have been made for developments in financial technologies in advanced economies such as the US, the European Union, Singapore and Japan, etc. In contrast, the three-month old Payment Systems and Stored Value Facilities Ordinance (Cap 584) is the only legislation in Hong Kong that is relevant to financial technology. In terms of emerging financing models such as internet crowdfunding and P2P loans, operators of loan platforms must be Money Lenders Licensees according to Hong Kong law, which has created much hindrance to relevant businesses. However, the issues that laws are not catching up with development are not dealt with in the Policy Address. If Hong Kong is truly developing “financial technologies”, then “the Steering Group on Financial Technologies” should appropriately loosen laws and regulations, while at the same time meticulously protect the interests of investors, such that a reasonable balance between loosening laws and protecting investors’ interests can be stricken. With such a basis in place, financial technologies will be able to grow orderly and healthily. Based on the existing legal framework of Hong Kong, a more suitable path for operation is to categorize clients of emerging financing models such as crowdfunding and P2P internet lending as professional investors. And in early March of this year, the industry has announced the launch of Hong Kong’s first-ever P2P crowdfunding platform for professional investors.

無獨有偶,法規追不上發展的問題, 同樣亦困擾着創新科技產業。本來今次《 施政報告 》史無前例地“ 大手筆 “,建議向創新科技投入共 47 億元分別作科研、創業及應用科技用途是好事,可惜仍嫌力度不足,亦未有處理好例如法規問題等配套的政策。即使當中 20 億元的“ 創科創投基金 “配 對後增至 60 億元,相比於科研大國 一年以千億元計的卻只是杯水車薪, 如美國 2014 年便有 4,650 億元全國研發金額,當中企業投入達 3,075 億 元。反觀本港,私營企業的投入一直偏低,以致本地研發開支相對 GDP 的 比率只有 0.73%。為了鼓勵企業投放更多科研資源,港府應該同時為科技發展行業提供稅務優惠,讓他們在研發、人員培訓及購買高科技設備的開支都可以獲得稅務扣減,另外亦可考慮為從事科研的初創企業設立免稅期及降低利得稅率。

The problem of laws failing to catch up with development is also troubling the innovative technology sector. Admittedly, the unprecedentedly “generous” proposal of a 4.7 billion-dollar investment into innovative technology for scientific research, start-ups and technological application in this year’s Policy Address is a very good initiative. However, the support does not seem to be strong enough, and complementing policies such as legal issues are yet to be properly dealt with. While the 2 billion dollars setting aside for the “inno-tech fund” will be upped to 6 billion after matching with private venture capital funds, the amount is minimum compared with major technology nations which chip in hundreds of billions a year. The US, for example, invested USD 465 billion into the national research and development in 2014, 307.5 billion out of which was contributed by enterprises. Contrarily, private corporate contributions in Hong Kong have always been on the low side, resulting in the local research and development expenses only representing 0.73% of the GDP. To encourage companies to invest more resources in research and development, the Hong Kong government should offer tax incentives to technology development sectors such that they could enjoy tax deductions in research, personnel training and purchasing high-tech equipment. On the other hand, tax-free period and lowered profits tax can also be considered for start- ups in technological research.