General Course Information
1.1 Course details
| Course code: | LLAW3244 |
| Course name: | Alternative Finance |
| Programme offered under: | LLB Programme |
| Semester: | Second |
| Designated research course: | Not applicable |
| Specialization: | Commercial, corporate and financial law |
| Pre-requisite / Co-requisite: | No |
| Course offered to non-law students: | No |
| Credit point value: | 6 credits |
1.2 Course description
Innovative technology creation and development, including financial technology (FinTech) and regulatory technology (RegTech), are increasingly being used by financial institutions and their regulators to enhance regulatory compliance in and supervision of a sophisticated and fast-changing financial sector.
The course will critically evaluate the claim that FinTech portmanteau of finance and technology, including blockchain, artificial intelligence (AI), robo adviser solution, big data and automated suspicious transaction monitoring technology systems, has the ability to revolutionise financial inclusion. Furthermore, it examines whether and how RegTech can be used by regulators for tracking and monitoring financial institutions compliance activities. Specifically, RegTech aims to more effectively regulate new commercial transactions facilitated by FinTech, such as payments made through mobile devices and equity crowdfunding through the internet portals which are cornerstones of the course on alternative finance (i.e. internet financing).
The course sheds light on the legal/regulatory requirements and supervisory and policy measures towards FinTech alternative finance at both local and international levels. These requirements and measures will be further compared with standards set by international regulatory bodies such as the Global Partnership for Financial Inclusion, the G20, the OECD, the Financial Stability Board and the Bank for International Settlements. Combining supervisory approaches—for instance, the principle-based approach and the cost-benefit approach—with academic approaches, the course will promote and enable technical, theoretical, comparative, and interdisciplinary studies for students who are interested in or preparing to enter a FinTech-related career. The course is also practical and industry focused, reflecting on and closely following industry reports such as KPMG’s annual banking and anti-money laundering reports, along with Deloitte’s RegTech and FinTech survey reports. Designed to enhance creativity, critical thinking and deep learning, the course will foster an intimate understanding of regulations and policies on FinTech, RegTech and SupTech. Topics and issues covered in this course are diverse and wide-ranging and will include financial inclusion and digital financial inclusion, the digital banking model (implemented by virtual banks, which are also known as digital banks), FinTech and RegTech (with subordinated themes such as Sandbox, Open Banking, Application Programming Interface (API), and Wealth Management Technology), P2P Lending, Equity Crowdfunding, Payments and Payment Technology (including Central Bank Digital Currencies (CBDCs) and Stablecoins).
The course will begin by expounding the role of FinTech in both the shadow banking and traditional banking systems, followed by an exploration of the types of FinTech-enabled products and payment services such as crowdfunding and P2P lending, and ending with a forward-looking approach in tackling some critical and timely issues related to FinTech, including, but not limited to, financial democratisation, improving access to financial systems, the digital economy and privacy protection for consumers.
The course is distinctively interdisciplinary and methodically strong, designed for students with different academic backgrounds. It is particularly relevant for those with department major(s) in Law (including BBA (Law) & LLB and BSocSc (Govt & Laws) & LLB), Financial Technology, Computer Science, Entrepreneurship, Design and Innovation, Marketing and Wealth Management, to name a few.
1.3 Course teachers
| Name | E-mail address | Office | Consultation | |
| Course convenor | Emily Lee | eleelaw@hku.hk | CCT 613 | By email |
1.4 Course outline (For elective course)
| Please click the link here for the course ourline (HKU Portal login required). |
Learning Outcomes
2.1 Course Learning Outcomes (CLOs) for this course
CLO 1 Critically examine the legal, economic, and entrepreneurial implications of alternative funding sources for individuals, businesses, and financial market innovations. Explore how FinTech, RegTech and SupTech are utilised by both financial institutions and regulators to streamline regulatory compliance, encourage financial innovation, and promote financial inclusion.
CLO 2 Examine the legal frameworks and technical infrastructures underpinning funding mechanisms (equity-based crowdfunding, peer-to-peer lending) and payment systems (central bank digital currencies, stablecoins, digital banks, open banking, and third-party payment platforms). Analyse how these innovations redefine digital transactions, broaden alternative investment channels, and transform private equity and venture capital sectors.
CLO 3 Develop regulatory knowledge aligned with policies and objectives: Demonstrate awareness of FinTech’s impact on designing optimal regulations for financial innovation in capital raising, while advancing financial regulatory objectives. These include, but are not limited to, fostering financial inclusion, safeguarding financial stability, preserving market integrity, ensuring consumer protection, and promoting fair competition.
CLO 4 Employ interdisciplinary knowledge and cross-sector research skills to address complex issues. For example, apply behavioural economic theories in the economic analysis of law to critically examine risks associated with internet-based investments or business financing, as well as analyse the legal implications of artificial intelligence—particularly compliance with privacy protection laws that govern how financial service providers collect, store, and manage consumers’ personal data.
CLO 5 Analyse, through a comparative law lens, the impact of FinTech on banking and securities laws in key jurisdictions (e.g., the U.S., the U.K., China, Singapore, and Hong Kong) during the post-2008 global financial crisis era. Focus on how these regions reconcile financial innovation with regulatory objectives such as consumer protection, market integrity, and investor-disclosure frameworks. This comparative approach equips students to gain industry-relevant knowledge, prepare for future legal reforms, and integrate global perspectives with local regulatory priorities.
2.2 LLB Programme Learning Outcomes (PLOs)
Please refer to the following link: https://course.law.hku.hk/llb-plo/
2.3 Programme Learning Outcomes to be achieved in this course
| PLO A | PLO B | PLO C | PLO D | PLO E | PLO F | |
| CLO 1 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| CLO 2 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| CLO 3 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| CLO 4 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| CLO 5 | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
Assessment(s)
3.1 Assessment Summary
| Assessment task | Weighting | Feedback method* | Course learning outcomes |
| Class participation | 5% | 1, 2, 3, 4, 5 | |
| Research topic and research proposal | 15% | 1, 2, 3, 4, 5 | |
| Oral presentation | 30% | 1, 2, 3, 4, 5 | |
| Research paper | 50% | 1, 2, 3, 4, 5 |
| *Feedback method (to be determined by course teacher) | |
| 1 | A general course report to be disseminated through Moodle |
| 2 | Individual feedback to be disseminated by email / through Moodle |
| 3 | Individual review meeting upon appointment |
| 4 | Group review meeting |
| 5 | In-class verbal feedback |
3.2 Assessment Detail
To be advised by course convenor(s). See also Course Outline above.
3.3 Grading Criteria
Please refer to the following link: https://www.law.hku.hk/_files/law_programme_grade_descriptors.pdf
Learning Activities
4.1 Learning Activity Plan
| Seminar | 3 hours / week for 12 teaching weeks |
| Private study time: | 9.5 hours / week for 12 teaching weeks |
Remarks: the normative student study load per credit unit is 25 ± 5 hours (ie. 150 ± 30 hours for a 6-credit course), which includes all learning activities and experiences within and outside of classroom, and any assessment task and examinations and associated preparations.
4.2 Details of Learning Activities
To be advised by course convenor(s).
Learning Resources
5.1 Resources
| Reading materials: | Reading materials are posted on Moodle |
| Core reading list: | TBA |
| Recommended reading list: | TBA |
5.2 Links
Please refer to the following link: http://www.law.hku.hk/course/learning-resources/