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As the participating media of Hong Kong Fintech Week 2022, Deep Tide TechFlow will compile and summarize the second day's dynamics based on the official content and share them with you.
Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
On October 31, the "Hong Kong Financial Technology Week 2022" jointly organized by the Hong Kong Monetary Authority and the SAR Government Invest Promotions was grandly opened in Hong Kong. The Policy Declaration of the HKSAR, setting out the government's policy stance and approach to develop a vibrant virtual asset industry and ecosystem in Hong Kong.
"Currently, Hong Kong Fintech Week has been going on for two days. As the participating media of Hong Kong Fintech Week 2022, Deep Tide TechFlow will compile and summarize the second day's dynamics based on the official content and share them with you."
Hong Kong will generate more opportunities for fintech companies
"Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus"Hong Kong's Secretary for Commerce and Economic Development, Mr Yau Ying-wah, kicked off the second day of Hong Kong Fintech Week 2022 by telling the audience that now is the perfect time to explore how Hong Kong can add value to fintech companies.
"Hong Kong is already one of the most competitive economies in the world, serving as an important gateway connecting the mainland and global markets. We have attracted many hardworking companies including over 800 fintech companies active in everything from virtual banking and insurance to WealthTech, CreditTech, cybersecurity and enterprise solutions,"Mr. Qiu said.
With the new initiatives announced in yesterday's policy statement, we believe Hong Kong will bring more opportunities for fintech companies. Now is the perfect time to explore how Hong Kong can add value to your business,"he concluded."
I see a dream of financial inclusion in Asia. However, there is no magic bullet.Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
"President Kim said,
Hong Kong has an important role to play in improving financial services and lifting millions of people in Asia out of poverty.
"Hong Kong's deep reserves of talent and capital are critical to promoting regional economic development and financial stability. Joining the Asian Infrastructure Investment Bank is a major advantage of the institution's goal of lifting people out of poverty and into prosperity. "President Jin said."He also called Hong Kong FinTech Week an extremely important conference.
Here, I see a dream of financial inclusion in Asia. He said:
A nation with better access to financial services, enabling people to invest in their education, buy insurance to run their businesses, and protect against the shocks of our changing climate. "
However, he noted that the diversity of Asian ethnicities means there is no silver bullet for achieving financial inclusion across the region. Public and private capital must work together to play to their respective strengths.
"The bank is focused on expanding its reach. In practice, this means investing in opportunities to leverage more private capital for infrastructure development. Up to 50% of its financing will go directly to the private sector by 2030."
Hong Kong will continue to be an ideal springboard for start-ups, as well as a regional and global fintech leader.Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
Professor Sun Dong, Director of the Innovation, Technology and Industry Bureau of the Hong Kong Special Administrative Region, made a speech in the afternoon. In his speech, Professor Sun talked aboutCyberport
andThere are more than 400 fintech companies and 3 fintech unicorns have been produced;and
science park"In collaboration with the HKMA, it has developed a virtual laboratory for financial institutions and fintech companies to accelerate their research and development activities."
He said:"All these new measures will inject a strong impetus into our technological development, including the vigorous development of the fintech cluster. Combining a series of forward-looking initiatives and the support of different stakeholders, Hong Kong will continue to be an ideal springboard for start-ups to become a regional and global fintech leader."
Have a broad mind for talents, spend more time with them, and keep an open mind!Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
In a talk hosted by Yamilette Cano, the founder of Louder Global, when asked about Mr. Li Zekai's management strategy, Mr. Li said that in order to better serve consumers in different countries, one of his strategies,It is trusting the day-to-day operations of country managers who have a more precise understanding of local customer needs.
he suggested,"When a company hopes to foster long-term partnerships, it is key to leverage across different industries and organizations, conduct thorough research, and ensure that partnerships have multiple layers. It is also necessary for partners to show what they have to offer and be honest with each other."In addition, he also reminded companies that some products or services are likely to be replaced by competitors. If a business is not doing well, it is acceptable
Timely stop loss
Or turn to plan B, or even plan C."Industry Insights"
We are authorities in a sense, but we also have a rebellious heart.
"Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
In a speech on the Odaily battle, Insurance Regulatory Authority chief executive Clement Cheung described the recent outbreak as a wake-up call to the insurance industry's structural imbalance caused by its heavy reliance on mainland customers. At one point they accounted for 59% of all new business, but that all changed when the borders closed."What does the industry do to survive? It tweaked, created new products, adopted the internet like crazy, and upskilled. "
He said:
Surprisingly, it rallied 27% off its lows and recovered a lot of ground lost in 2020. "Of course, there is also pain. But, according to Cheung, it's also a good way to address structural needs and dependencies. He has incorporated some of the lessons learned into the Insurance Authority's supervisory philosophy.
"In keeping with the theme of the Odaily battle, Cheung admits that, for some,
Regulators are an obstacle, but he stresses that they also welcome innovation and progress.
In a sense, we are the empire, we are the authority, but we also have a rebellious heart. "
Looking ahead, CIRC is looking for three things:
One, leverage data integrity to create a more vibrant ecosystem."Second, improving the data gap around green finance, which Cheung sees as having great potential."Finally, the bureau is looking at innovative
"dark side", focusing on network security.
As we go into engaging with customers in different ways. We need to strengthen our security system at the same time,"he concluded."
The Greater Bay Area could become a sandbox for the financial explosionFast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
Aguzin described the Greater Bay Area as one of the most exciting economic development areas in the world.
“The Greater Bay Area is fully equipped to become what I call the sandbox of the financial explosion,” he said.
"His presentation focused on two key issues. First, the exponential growth trajectory of two-way capital flows between China and the world. Second, comprehensive innovation."。
He said that financial technology has become an integral part of almost every level of the mainland economy, and China's innovation engine is continuing to run at full speed. Strong policy support and a steady stream of talented people in science, technology and business are driving this trend. The ideas of these people will change economies, industries and lives."Many of them are looking for their way to the Greater Bay Area. They are attracted by Shenzhen's innovation, Hong Kong's world-class universities and international financial center, and the vibrant entrepreneurial ecosystems of both cities. It's like having both Silicon Valley and Wall Street in one place, which is very unique"
Talent cultivation will become a key point in the Greater Bay Area
"Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
He Jie, director of the Shenzhen Financial Supervision Bureau, spoke proudly of the innovations happening in Shenzhen today.
"Ranked fourth in the world for fintech innovation, Shenzhen is a pioneer in fintech development. We reward 20 million RMB to any fintech company that sets up shop in Shenzhen, and hold multiple innovation competitions including fresh graduates. ""。
He went on to discuss the future of the Greater Bay Area and the importance of talent.
How traditional financial institutions in the securities industry are reshaping their business by embracing the megatrend of technology
Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
"Technology is helping financial firms in the securities industry improve user experience to an unprecedented degree."
"Our initiatives are aimed at further enhancing user experience," said Mr. XUE, International Director of CICC.
"Whenever we consider using technology to solve a problem, we encourage teams to ask themselves the question, 'How can we improve the user experience?
This point of view has been recognized by Zhu Yali, managing director of Huatai Financial Holdings (Hong Kong).
Our investor clients come to us with five questions:
Why should I invest?
When should I invest?
What should I invest in?
How should I invest?"Cash Pro "And how should I withdraw my funds?"
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Chen Xinying, Co-CEO of Ping An Group: "The Greater Bay Area has huge potential and broad prospects"
Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
Ms. Chen said in the discussion hosted by Mr. Aguzin that, as a leading innovation powerhouse, the Greater Bay Area has young talents full of vitality and innovative spirit, with great potential and broad prospects.
The two things that impressed Ms. Chen most about the Guangdong-Hong Kong-Macao Greater Bay Area were: the GDP growth from 10 trillion yuan to 12.6 trillion yuan in just five years, and the rapid development of hard and soft infrastructure.
Driving a Customer-Centric Digital Journey
Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus"The group's discussions covered a lot of ground, and each speaker had very specific opinions. But there is a consensus about customer centricity, first proposed by Kevin Zhang of the AMTD Insurtech Group.
"Success has nothing to do with the company. It's not about you as a supplier, nor your success. When your customers receive your solution or product, they have to be the successful party. You put it down to what you are doing for you What your customers do. You need to stay focused on why you exist as a supplier. This is true for every business model. What your customers want determines what you give them, so your customers' success is your success ,
Ant Group Announces Strategic Partnership with Its Global FinTech Training Platform to Support High-Quality Talent"Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus"Jason Pau, senior director of Ant Group, said in a panel discussion moderated by Edward Au, managing partner of Deloitte China Southern Region,Talent is the core driving force!he thinks,
Lack of knowledge is one of the obstacles fintech companies face when trying to acquire local talent.Hong Kong’s education system is not set up to train fintech talents, which ultimately prevents fintech companies from recruiting talents with special skills."10x1000"In addition, Pau, as project leader, announcedCooperated with Invest Hong Kong on the global fintech training platform 10x1000 Tech for Inclusion (
) reached a strategic cooperation.
The platform is expected to enhance talent cultivation, improve the quality of MSMEs, increase female participation, and boost Hong Kong's digital economy.
Meanwhile, the deputy dean of the Shenzhen Institute of Finance said that academia also plays a vital role in cultivating fintech talents, and he appreciated the university's efforts in recent years to adapt its courses to the digital economy.
Data and talent are among Hong Kong's most important contributions to financial innovation
Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
During a panel discussion moderated by Bloomberg's chief North Asia TV correspondent, Steve Engle, all four panelists agreed that there are endless opportunities for financial innovation in Hong Kong, most importantly data and talent from Hong Kong.
Jacky Chan, regional chief executive of AIA Group, said technology has transformed insurers, enabling them to provide timely and direct digital service procedures. The data obtained by AIA enables data analysis to provide new opportunities and channels for enterprises.
At the same time, Sebastian Paredes, CEO of DBS Bank (Hong Kong), suggested that companies should study how to use data to improve productivity. He also said that by building in-house capabilities, businesses in Hong Kong will be able to attract new talent to the city. His advice to newcomers is to look for ambitious startups.
Ms Harshika Patel, CEO of JP Morgan Hong Kong, said that rather than finding their own solutions, companies should work with individuals or organizations that have already solved a particular problem. She also believes that Hong Kong is full of talents, which is one of the reasons why JPMorgan Chase established a global technology center in Hong Kong."In Asia, especially in Hong Kong, it's relatively easy to get all kinds of data, said Kenny Lam, Asia Pacific chief executive of Two Sigma. His company has obtained data compiled by local researchers on the impact of government policies on different sectors over the past 10-20 years. It's great to see Hong Kong and Singapore's financial progress and innovation complementing each other, but it's also great to see some healthy competition."
Sustainability is at the top of every company's agenda
"Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus"HSBC Global Commercial Banking CEO Barry O'Byrne spoke today about the future of banking. He first praised the internationalization opportunities brought by digitalization to every company."The vast majority of businesses want to do business internationally,
He said."Even the smallest companies have international ambitions. Digitization enables this journey. It makes it possible for any company, no matter its size, to reach customers on the other side of the world, so you no longer need to be a large company to expand your initial boundaries. ""。
He is also optimistic about the future of sustainable banking."One thing that is very encouraging is that in the past few years, sustainability has become at the top of every company's agenda. We want to work with our clients to support each of them in their transition to more sustainable banking initiatives"
Like it or not, the whole world is going digital
"Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the FocusModerating the talk, FINNOVASIA's Anthony Sar took the opportunity to ask former Hong Kong Monetary Authority Chief Norman Chan about the progress of his 2020 startup, RD Technologies.We have just announced a pilot program with Bank of East Asia (the first of five partner banks) to launch an electronic identity verification solution. this means"Customers SMEs will not face any problems when opening a bank account.
Another of our solutions is a B2B digital wallet for SMEs. This is in the final, final, final stages and I hope to have some positive news soon,
"He said."
Norman Chan admits he is equally excited about the government's recently announced financial services policy.
Micro Connect: A New Financial Market for Small and Micro Enterprises
"Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the FocusAs part of a fireside chat series exploring fintech innovation, FinanceAsia's Ella Arwyn Jones asked Micro Connect founder Charles Li how he plans to transform China's financial ecosystem and promote the idea of shared prosperity?Our vision is very simple:"Help the little guys in the consumer economy.
They are very successful when they work, but sometimes they are a very risky investment individual. So traditional credit is hard to work for them,
"he explained.
"Micro Connect takes advantage of China's massive digitization to make equity-like investments that aren't actually equity."The key is to do it in a new and digitally revolutionary way. We call it DRC - Daily Revenue Contract. So basically, instead of charging a flat fee, we charge a daily revenue share. You will set a percentage of your daily income and you will automatically earn your returns every day. "He said.
This allows you to charge reasonable fees from small merchants. But since you're getting your money back every day, you're able to reinvest that money and earn extra returns,
Winners of InvestHK's Global Fast Investing Competition announced
Fast Facts on the Second Day of Hong Kong FinTech Week: Traditional Financial Elites Discuss the Way, and the Greater Bay Area Becomes the Focus
In his welcoming remarks, Deputy Director-General of Invest Promotion, Charles Ng, noted that the Global Fast Track Platform provides opportunities for local and global fintech companies to become viable, visible and scalable in Hong Kong, Asia and beyond.
The Global Fast Startup Competition organized by InvestHK and FintechHK received over 400 applications.
On the first day of Hong Kong FinTech Week, the top 10 finalists presented their presentations to the judges. Commercial Banking, Digital Assets, ESG, InsurTech, InvestTech and WealthTech, Payments, RegTech and Retail Banking are the nine key verticals included in the finals.
The final winner was private computing startup BaseBit.ai.
Colin Pou, Executive Director of the Hong Kong Monetary Authority, presented the winners of the CBDC Track promoted by the HKMA.Winners include:
Best Technology Award- ARTA TechFin and Giesecke + Devrient a52 GmbH (G+D Filia)
Best Use Case Award- Hang Seng Bank and Bank of China
