Hong Kong Fintech Week 2023: A Summary of Key Highlightsby Fintech News Hong Kong November 30, 2023
Hong Kong Fintech Week (HKFW) 2023, organised by the Financial Services and the Treasury Bureau, Invest Hong Kong, and various key financial authorities, concluded on 5 November.
The event drew a record attendance of over 35,000 attendees and more than 5.5 million online views from over 100 economies. It featured over 800 speakers and 700 exhibitors, attracting more than 30 Mainland and international delegations.
The event, themed “Fintech Redefined.”, delved into pivotal areas of fintech, such as global regulations, sustainable finance, AI, and Web3.
The Secretary for Financial Services and the Treasury, Christopher Hui, highlighted this focus by introducing a new Integrated Fund Platform, cross-boundary e-CNY applications, and updated regulations for virtual assets and the Web 3.0 sector.
Phase 2 of the e-HKD Pilot Programme to commence
To enhance the utility of digital currency, the Hong Kong Monetary Authority (HKMA) announced the commencement of Phase 2 of the e-HKD Pilot Programme. This phase is set to explore new applications for an electronic version of the Hong Kong Dollar, building upon the initial phase’s groundwork.
HKMA’s partnership with the Bank of Thailand is a significant development in regional fintech collaboration. This has led to the integration of Hong Kong’s Faster Payment System (FPS) with Thailand’s PromptPay, resulting in the FPS x PromptPay QR Payment service.
Slated for launch on 4 December, the service aims to facilitate seamless payments for FPS users in Hong Kong at over 8 million PromptPay merchants in Thailand using QR code technology.
Additionally, InvestHK spotlighted Web 3.0, focusing on sustainable solutions and the growing institutional adoption of blockchain technology.
Grand winner of the Global Fast Track’s Global Scaleup Competition 2023
The final day of Hong Kong FinTech Week 2023 saw industry leaders turn judges as they announced the grand winner of the Global Fast Track’s Global Scaleup Competition 2023.
The annual flagship Global Fast Track brings together global innovative fintech companies that already have commercial customers in their home market and beyond to showcase their business solutions and connect with regional corporates and investors. Over 500 competitors from over 63 markets around the world, pitched their ideas across the fintech, AI and Web3 categories.
The grand winner was Libertify, a France-based personalised AI risk management solution provider that beat 12 other global finalists bidding to be crowned the grand champion. The competition prizes included potential equity investment of up to US$3,000,000 as well as mentorship opportunities with the Accenture Fintech Innovation Lab and market access opportunities with the Hong Kong Science Park Market Discovery Programme.
Hong Kong Fintech Week 2023 also featured global experts discussing Hong Kong’s potential in harnessing AI and generative technologies, signalling the region’s readiness to explore new technological frontiers.
Hong Kong SAR Chief Executive, the Honourable John Lee, launched HKFW 2023 by emphasising Hong Kong’s ideal environment for developing fintech.
“No other economy can claim our unique advantage under the ‘one country, two systems’ principle – which has empowered us to draw on, and create, opportunities from both our country and the world at large,” he said.
He also added that the city’s efforts in financial innovation and industry regulation will help shape the future of fintech in every dimension.