Furthering Hong Kong’s drive to become a leading global fintech hub, a fintech industry seminar organized by the School of Business and Management of The Hong Kong University of Science and Technology (HKUST Business School) recently has yielded new insights from government authorities and industry players on the way forward across strategy setting, innovation and talent building. This industry dialogue follows on and expands from a study conducted by the School that has provided recommendations on Hong Kong’s fintech development (the Study).
During this seminar entitled “Hong Kong’s Way Forward to Becoming a Leading Global Fintech Hub: An Industry Dialogue”, leaders overseeing fintech industry promotion and development at Invest Hong Kong, the Hong Kong Monetary Authority, and the Financial Services Development Council, as well as fintech industry practitioners brought their knowledge and experience to bear to explore and steer the development pathways for Hong Kong’s fintech industry. The views shared by participants were captured and collated through interactive sessions and live polls at the event.
Speaking at the seminar on strengthening Hong Kong’s fintech competitiveness, Mr. Charles NG, Associate Director-General of Investment Promotion of Invest Hong Kong (InvestHK), noted, “Fintech adoption – at both B2B and B2C levels – is crucial in contributing to the digital transformation and raising the competitiveness and profitability of our Financial Services industry. At InvestHK, we are running a flagship program called Global Fast Track (GFT) throughout the year. The GFT program offers extended support to fast-track business activities among financial institutions, investors, fintech companies, and other key ecosystem partners – by connecting demand and supply more efficiently. This program is also complementary to the ‘All banks go fintech’ focus in the ‘Fintech 2025’ strategy laid out by the Hong Kong Monetary Authority that we collaborate closely with in its execution.”
On coordinating industry promotion efforts of government agencies and encouraging resources and information sharing, Dr. King AU, Executive Director of the Financial Services Development Council (FSDC), commented, “Taking the Green and Sustainable Finance Cross-Agency Steering Group as example, setting up a multi-agency Fintech Committee/Working Group would be beneficial in creating synergy across different stakeholders to drive fintech development. Infrastructure strategy and implementation would often require a top-down approach and would be encouraging to get involvement from parties such as the Office of the Government Chief Information Officer (OGCIO). In fact, technology advancement should be sector agnostic and potential application of fintech development could go beyond the financial sector. It would be reassuring to see more resources being put into driving continuous development in fintech.”
On promoting cooperation between banks and fintech companies, Mr. Nelson CHOW, Chief Fintech Officer of the Hong Kong Monetary Authority (HKMA), said, “With digitalisation continuing to accelerate at an unprecedented pace, it is vital for Hong Kong to create a conducive environment for closer collaborations between banks and fintech firms to pave the way for more innovative financial products and services, and to consolidate our leading position as a global fintech hub. Under our ‘Fintech 2025’ strategy, the HKMA continues to actively engage with other local regulatory authorities, the financial industry, the fintech community and academia to drive the industry forward through supportive measures that promote cross-sector collaborations.”
Dean of HKUST Business School Professor TAM Kar Yan, moderator of the seminar and project leader of the Study, said, “Bringing together government agencies, industry players and the academia, this seminar builds on our research efforts to address issues critical to Hong Kong’s fintech development. We are pleased to see that many views shared at this tripartite dialogue echo and expand on the recommendations from our in-depth study, which was conducted with the active participation from diverse stakeholders in the fintech sector.”
Entitled “Hong Kong Towards a Leading Global Fintech Hub: Best Practices and Recommendations Through Examining Other World Hubs”, the Study compared major fintech hubs around the world and recommended Hong Kong to set up a fintech ecosystem committee and position itself as a regional fintech sandbox. It has also proposed initiatives to spur industry innovation and fill talent gap, including a centralized incubation funding system for start-ups, a compulsory internship scheme for fintech students, as well as greater flexibility in overseas talent hiring. Funded by the Research Grants Council’s Theme-based Research Scheme, the Study forms an integrated part of a four-year project that examines the interplay between technology and financial services in Hong Kong. Read the full report HERE.
A study pointing a way forward for Hong Kong’s development into a leading global fintech hub is a precursor of today’s industry seminar, featuring representatives from government authorities, industry players and the academia.
