Fintech center to drive innovation
Hong Kong and the mainland broadened their hightech cooperation on Tuesday when they established a joint financial technology (fintech) institution at the Hong Kong Science Park.
The move follows the January decision by Hong Kong and Shenzhen to jointly set up the Lok Ma Chau Loop Innovation and Technology Park.
Named the FDT-AIV Center for Financial Technology Innovations (FAC), the institution at Science Park will offer enterprises across the boundary a better fintech consulting service, which deploys artificial intelligence (AI), Mark Lin, chief operating officer of Financial Data Technologies, one of the organizing partners of FAC, told China Daily at the signing ceremony of the memorandum on the center.
FAC will use AI solutions to help its mainland and local clients better project financial trends and understand how account holders are spending, Lin added.
The Shanghai Academy of Artificial Intelligence, mainly comprising researchers from the Chinese Academy of Sciences — the nation’s top scientific think tank — will be a co-oper- ator of the center. The FAC is scheduled to come into operation after six months, according to the official timetable.
The mainland and Hong Kong have spearheaded the fintech trend in Asia in recent years. The top 10 investments in fintech ventures last year, with a total value at $8.75 billion, all hailed from these two economies. The amount accounted for 90 percent of fintech investments in the Asia-Pacific region, according to statistics from global consulting company Accenture.
Ma Weihua, Wing Lung Bank chairman and president of National Fund for Technology Transfer Commercialization, commented that the fintech institution will play an influential role in propelling and bridging mainland and Hong Kong fintech financing activities.
“The mainland and Hong Kong peers can both lean on the institution to share technology, knowledge and talents, so that they can make the most of synergy to tap into the business market of Pearl River Delta, which has grown rapidly over these years,” Ma added.
The establishment of the FAC was bound to take fintech development of both sides up a notch, said Liu Qifeng, chief data scientist of Financial Data Technologies.
It’s no surprise that today’s financial services, a very datarich sector, is now turning to intelligent algorithms to map out financially critical decisions, Liu said. “As AI’s elaborate calculation can help minimize the human errors made in investments.”
This joint venture would benefit more than just enterprises — it would also be a boon for Hong Kong’s aspiring young adults, commented Lin. “The set-up of the FAC is anticipated to open up a wide range of job opportunities to the city’s aspiring young experts in AI and financial sectors,” he said.
Deputy Director of the Central People’s Government’s Liaison Office in the Hong Kong SAR Tan Tieniu was also present at the ceremony. He was a vice-president of the Chinese Academy of Sciences before coming to Hong Kong. His appointment was widely seen as a move taken to promote cross-boundary innovation and technology cooperation.