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InvestHK’s Inaugural Hong Kong Fintech Week Showcases City’s Infrastructure, Talent And Business-friendly Culture

The inaugural Hong Kong Fintech Week (November 7 to 11) attracted more than 2 500 participants and an array of international financial technologies (Fintech) companies and start-ups looking to grow their business, as well as accelerators, incubators and investors searching for opportunities and innovation. The week saw more than 100 Fintech experts share their experience and insights on Fintech at events held at PMQ and across the city, all supported hosted by the Hong Kong Government.

With support from the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority (HKMA), along with Accenture, Cyberport, Finnovasia, the Hong Kong Applied Science and Technology Research Institute (ASTRI), the Hong Kong Science and Technology Parks Corporation (HKSTP), NexChange and the Finovate Group, Hong Kong has showcased its vibrant ecosystem with a mix of local and international firms as well as support from the private and public sectors.

James Lau

The week began on November 7 with SFC Regtech and Fintech Contact Day to enhance understanding of emerging regulatory and financial technologies and how they intersect with securities regulation. In his opening remarks, the Acting Secretary for Financial Services and the Treasury, Mr James Lau, said, “Hong Kong is committed to supporting Fintech development by enabling innovators to fully leverage on our sophisticated financial markets, presence of major multinational financial institutions, talent pool and effective legal framework.”

Finnovasia

Another event was organised by Finnovasia with a China focus, drawing some of the world’s hottest Fintech companies, such as China’s biggest peer-to-peer lending and wealth management platform Lufax, online insurer Zhong An, JD Finance, WeBank and Hong Kong-based bitcoin exchange BTCC. Day one ended with the announcement of eight finalists for SuperCharger Fintech Accelerator 2.0, a 12-week accelerator programme sponsored by Standard Chartered and Fidelity International.

The highlight of day two (November 8) was FinovateAsia 2016, organised by the Finovate Group, which included a competition among 36 innovative start-ups in which each was given just seven minutes to demonstrate their products in front of the audience.

Wednesday (November 9) saw the launch of the Hong Kong Fintech Community Conference, organised by a private-sector industry group of entrepreneurs, investors and various other players.

Charles Ng

“We are particularly pleased about this, because it demonstrates how Hong Kong is essentially private sector and market driven, with the strong support of the Government,” the Acting Director-General of Investment Promotion, Mr Charles Ng, said at the event “In Hong Kong, we let the specialists lead the way. The Government facilitates where possible, but doesn’t interfere.”

Attention on Thursday (November 10) turned to human resources, nurturing talent and regulations. The Fintech O2O: State of the Ecosystem event organised by NexChange examined what it means to be a Fintech professional today and explored the pillars of Fintech from funding to customer outreach, and how people start their own company or look to reroute their career.

The momentum continued through to the end of Friday (November 11).

The HK Fintech Day

The HKMA Fintech Day was launched by the Chief Executive of the HKMA, Mr Norman Chan. It was followed by the signing of a memorandum of understanding among the HKMA, ASTRI, Cyberport and HKSTP on Fintech collaboration. A new white paper on blockchain was released.

There were also several panel discussions that tapped the expertise of senior executives from companies such as Ant Financial Services Group, WeChat Pay, Octopus, HKT Payment and TNG.