HK Fintech Week to feature virtual banking

Hong Kong’s fintech development in 2018 will feature the launch of virtual banking service, a fast payment system and a blockchain platform for trade finance that enhances transaction safety and reduces transaction costs, experts said at an event on Monday to promote the Hong Kong 2018 Fintech Week.

“Fintech, an organic ecosystem largely driven by the private sector, is a very important sector for Hong Kong as it enables trade and finance to be conducted and grown with better software and technologies,” Charles d’Haussy, head of Fintech of InvestHK, told the Global Times on Monday.

Hong Kong is investing heavily to boost its development of fintech. For instance, if a Hong Kong-based company has successfully attracted a client using this service, the client could get an incentive of as much as HK$200,000 ($25,485) from Hong Kong Special Administrative Region government, according to d’Haussy.

In Hong Kong, fintech covers six functions including cybersecurity, regulatory technology and blockchain.

All of these are business-to-business functions.

To bank on its resources such as a high concentration of banks, securities firms and insurance companies, Hong Kong launched the Hong Kong Fintech Week event in 2016 to promote growth in this sector.

While the mobile payment sector was initially developed outside China, the sector has grown tremendously in the Chinese mainland in recent years, bo applications, according to T QFNear Technology (Tianjin

“There is a great opportu tech industry, both in the mai Kong, to export its expertise t the routes of the China-pro Road (B&R) initiative,” Lee sa

The fresh fintech push comes as the special admin commits to the B&R initiativ

It also comes ahead of the Hong Kong-Zhuhai-Macao Hong Kong section of the G zhen-Hong Kong High Speed

These projects are giving r dong-Hong Kong-Macao Gr with a huge market of more people, which is larger than of Italy or the UK.