【明報專訊】TECHNOLOGY is changing the world and has everything to do with one's life. From what has so far been seen, financial technology has only made consumption more convenient. However, it will inevitably have such effects that the business ecology will change. An economy incapable of keeping abreast of the times may in the worst case be eliminated. Some days ago the Hong Kong Monetary Authority (HKMA) came up with seven initiatives for bringing about smart banking including the licensing of virtual banks and ways of removing what might hinder the launch of a faster payment system (FPS), saying it was "imperative" to carry them out. Such efforts brook no delay, for Hong Kong ought to catch up with others in the financial-technology race and become more competitive lest its financial sector (a pillar of its economy) should suffer blows and it should lag behind its major rivals like Singapore.