Hong Kong’s fintech sector is positioning itself for substantial growth in the Greater Bay Area (GBA), capitalising on new opportunities created by the region’s cross-border investment initiatives.
Lareina Wang, recently appointed as the first woman to chair the Fintech Association of Hong Kong (FTAHK), highlighted the accelerated developments within the GBA and the increased engagement with initiatives like Wealth Management Connect.
According to the South China Morning Post, FTAHK is set to deepen its collaboration with Shenzhen, recognised as a key technological hub on the mainland.
Wang, who also leads digital and innovation efforts at DBS Bank Hong Kong, mentioned that an upcoming visit to Huawei’s research center in Dongguan in September, organised jointly by the fintech associations of Hong Kong and Shenzhen.
The association’s strategy focuses on establishing a robust presence throughout the GBA, with Shenzhen identified as a critical ally due to its strong and expansive fintech network.
Wang observed that many Shenzhen-based fintech firms are keen to expand beyond China’s borders and are looking to Hong Kong for insights into international business practices.
To support the fintech industry’s growth in the GBA, both Hong Kong and mainland authorities have implemented various initiatives, with a particular emphasis on data management.
One notable example is the recent pilot programme between Hong Kong and Shenzhen, which utilised blockchain technology for secure cross-border credit checks without transferring sensitive data.
In addition to fostering cross-border partnerships, FTAHK is working to attract more members from mainland China, aiming to better represent the diverse fintech landscape in Hong Kong.
This includes offering more events and publications in Mandarin and launching a WeChat account to strengthen connections with fintech communities across the GBA.
FTAHK’s activities last year, including visits to Dubai and Abu Dhabi, underscore its commitment to promoting Hong Kong’s fintech sector on the global stage.
Featured image credit: Edited from Freepik
