HONG KONG: DRIVING FINTECH’S GROWTH IN ASIA香港：推動亞金洲 融科技發展 港優勢

WITH HONG KONG FINTECH WEEK, THE CITY BRINGS TOGETHER INTERNATIONAL DEVELOPERS AND BOLSTERS ITS APPEAL AS A HUB FOR FINANCIAL TECHNOLOGY 香港金融科技周匯聚來自世界各地的科技開發機構及投資者，進一步增加香港作為金融科技樞紐的吸引力

HAVE YOU EVER gone into a shop and paid for something with your mobile phone? Or bought an insurance policy online? How about contributing to a crowdfunding campaign?

These are all ways that ordinary people use fintech, or financial technology. Fintech is widely used by companies, too. Banks, for instance, use fintech for tasks such as analysing big data to assess risk. The fintech ecosystem is broad, involving startups, which develop the technology; incubators, accelerators and co-working spaces, which support entrepreneurs; regulators, which oversee compliance; and companies, which use the services.

Hong Kong is establishing itself as a prime location for the development of fintech. On its side is the city’s status as a global financial centre, world-class business infrastructure and its position as the super-connector to mainland China, the country with the highest adoption rate of fintech in the world. Further supporting Hong Kong’s fintech ecosystem is the annual Hong Kong FinTech Week, hosted by Invest Hong Kong.

HONG KONG’S ADVANTAGES

Hong Kong is the world’s freest economy and benefits from the rule of law. It was ranked as the world’s most competitive city in this year’s IMD World Competitiveness Yearbook.

Hong Kong’s location and unique relationship with mainland China make it a super- connector to the country, where 69 percent of digitally active people use fintech, according to an EY report published this year. But Hong Kong also connects easily to the rest of the world, thanks to its well- established financial industry with 157 banks and over 600 stockbrokers. There’s also a ready supply of top- class talent. Plus, Hong Kong is the world’s largest offshore renminbi hub, making it easy for Western companies to use Hong Kong as a base from which to eye expansion into mainland China.

Fintech is already thriving in the region. Fintech investment in Asia more than doubled to US$11.2 billion in 2016 from US$5.2 billion in 2015, according to Accenture. Globally, Hong Kong and mainland China accounted for more than 40 percent of investment last year.

It helps that Hong Kong’s government has created favourable regulations and initiatives to support fintech activity. To fast track the technology’s development, last year regulators permitted a number of banks to trial new technology through a sandbox programme – a testing environment for software under development. The Hong Kong Monetary Authority is leading an initiative to explore the feasibility of using

blockchain technology in the financial industry to reduce risk and increase transparency and efficiency.

The private sector has played an important role, too. The Hong Kong Fintech Association launched this year, bringing together entrepreneurs, investors and representatives from financial and educational institutions who aim to promote fintech development. Industry leaders also frequently organise meet-ups, keeping Hong Kong on the cutting edge.

WHAT IS HONG KONG FINTECH WEEK?

Quite simply, if you’re at all interested in Asian fintech, this is the event to attend. The week features a broad mix of talks, pitching sessions, demos and workshops. Interactive, insightful discussion panels will cover topics focusing on Hong Kong’s particular strengths: startup funding, IPOs, fintech in China, blockchain, artificial intelligence, cybersecurity, insurtech, regtech and wealthtech.

The week will demonstrate Hong Kong’s unique position in connecting to the fintech pulse in China. Speakers invited by China’s largest financial news provider, China Business Network ( Yicai), will bring an insider view on the latest in China’s fintech scene. Experts will also cover fintech opportunities pertaining to the China-led Belt and Road initiative. Together with other international speakers and participants, these insights make Hong Kong FinTech Week stand out from other events in the region.

And of course, it’s a great networking opportunity, bringing together fintech developers from China and the rest of the world looking to grow their business in Hong Kong. Regulators, financial institutions and service providers will host ‘office hours’ (one-on-one sessions) to guide and mentor entrepreneurs. Training workshops will offer tips on how to succeed in the fintech business, and accelerators will hold competitions for startups.

This content has been produced in association with Invest Hong Kong

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