Hong Kong’s SFC unveils new electronic licensing services
Hong Kong’s Securities and Futures Commission (SFC) today unveiled new electronic licensing functions on WINGS, an online platform for submitting information to the regulator. These functions are a cornerstone of the fully digitalised licensing process which the regulator plans to launch in 2021.
The move to full digitalisation is poised to support the SFC’s backend processing and data analytics, providing holistic technological benefits. It is also set to sharpen the SFC’s assessment of the fitness and properness of applicants and licensees and make the overall licensing process more efficient and effective.
The new online features introduced today include web-based licensing forms with auto-fill and skip logic features and pre-set validation rules to reduce errors. Electronic signatures will also be supported. Upgraded administration functions will allow separate accounts for licensees and their professional advisory firms, giving them more flexibility in how they handle licensing matters and manage submissions.
The SFC plans to move all of its licensing-related processes to WINGS around mid-2021. The SFC Online Portal should continue to be used to submit licence applications and for other licensing-related matters until the official launch of the new functions on WINGS.
To allow industry participants to familiarise themselves with the new features, firms are encouraged to activate their WINGS accounts during a trial period.