Purpose: This paper aims to explore how the regulator of a global financial centre (GFC) under an international trend of adopting emerging technologies for financial services (Fintech) articulates such opportunities and risks strategically. Design/methodology/approach: With a literature review on the global regulatory environment and the underlying risks related to Fintech, it looks into the formulation and implementation of complementary regulatory policies in the case of Hong Kong as a GFC. Relevant policy documents disclosed by the financial regulator on cybersecurity and pertinent issues are examined. Findings: Adopting a strategic approach that seizes opportunities associated with Fintech, the financial regulator harnesses comprehensive risk-based mechanisms to embrace exposures to cyber risks while promoting institutionalization of cybersecurity among the regulated firms with strategic controls. This study suggests a pathway for the evolution of a profession with both technical and ethical competence for mitigating the emerging risks arising from Fintech. However, such an approach is yet to be tested with respect to efficacy for the unexplored territories of fraud exposures, resulting from swift Fintech developments across borders. Research limitations/implications: As Fintech has only emerged rapidly in the recent years, it is not conclusive in this review of performance and effectiveness of the financial regulator in its strategic approach. Further studies may utilize a longitudinal method to analyze and examine the regulatory measures undertaken by financial regulators in various GFCs. Originality/value: This study reveals a strategic approach adopted by an emerged GFC in embracing Fintech innovation that however brings about unidentified risks and potential frauds to its financial services sector. Pertinent anti-fraud and cybersecurity measures are highlighted.

Green bonds have increasingly been utilized around the world as a source of financing for renewable energy development, designed with compliance requirements and measurable economic returns to investors, while mitigating climate change. However, the efficacy of green bond arranged in the emerging economies for financing renewable energy assets and how the underlying risks are managed have remained to be explored. The paper aims to examine the evolving green financial system sponsored by both public and private institutions in managing such risks within China’s emerging economy. A case study of green financing for a bundle of wind power assets led by a state-owned enterprise (SOE) reveals an alternative approach by structuring public–private collaboration while stipulating market-based financial incentives to institutional stakeholders under a political economy. This institutional consortium is composed of a state development bank, a commercial bank, credit rating agencies, institutional and private investors, regional power purchasers, and carbon trading entities. Financial stakeholders’ risk in such emerging sustainable investment is moderated by these participating institutions and structured “upsides” from carbon trading aligned with the framework of green finance and standards for green bond development. The results reveal the potentials of scaling up the development of renewable energy by adequately managing and sharing key risks, while allocating substantial funding into renewable energy projects under such a green financial system that is to be complementary with a scalable post COVID-19 economic recovery.

Based on a review of both interdisciplinary and policy literature pertaining to the intertwined issues of global economic recovery and sustainability, this article derives a framework of transformational adaptation organized around four objectives. First, we prospect the emergence of a green financing system to integrate international capital markets that sets priorities for climate financing and encourages progress toward the United Nations Sustainable Development Goals (SDGs) to foster energy sustainability in concert with the development of Industry 4.0 on a global scale. Second, this article articulates the imperative of embracing developing economies under a green recovery framework. Third, we point out the recent advancement in cost efficiency of clean energy technologies that rationalize financial decisions for the replacement of fossil fuels. Finally, the study reveals the clustering of green financing institutions as globally distributed hubs for redirecting investments into sustainable infrastructures consistent with the goal of mitigating climate change as advocated in the Paris Agreement. We identify the main challenges that constrain this transformational adaptation, particularly timely technology transfer of advanced clean energy technologies across the globe.