Telco To Provide E-Platform For Hong Kong Financial Services

by Philip Morton, Investors Offshore.com

08 October 2001

New T&T, Hong Kong's fastest-growing fixed telecommunications network service (FTNS) operator has reached a landmark agreement with the Securities and Futures Commission (SFC) in which New T&T will cater for all the jurisdiction's financial e-commerce and e-trading operations by providing a network to interconnect all financial institutions including securities, derivatives, banking, insurance and other licensed financial entities in Hong Kong.

In a statement released by T&T last week, Andrew Sheng, chairman of the SFC said: 'This agreement puts the operation and continued implementation of FinNet in the hands of a globally qualified operator and will enable Hong Kong to upgrade and transform our financial infrastructure into a true e-frastructure, while solidifying Hong Kong's position as a premier international financial centre.

Mr Sheng also explained that the new platform will give investors access to a wider range of products as well as much faster and higher quality services. 'For example,' he said, 'transactions will now be executed more securely at lower costs and with reduced risks, facilitating the future global applications.'

Stephen Ng, New T&T chairman and ceo, announced: 'This is also an extension of our earlier agreement with Hong Kong Exchanges and Clearing Ltd (HKEx) to ensure maximum availability and reliability of the local financial infrastructure. Ultimately it will facilitate the transformation toward a globally oriented Internet and e-commerce financial and securities industry.'

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