Day Two Highlights of Hong Kong Fintech Week: Traditional Finance Elites in Discussion, Greater Bay Area Takes Center Stage
TechFlow Selected TechFlow Selected
Day Two Highlights of Hong Kong Fintech Week: Traditional Finance Elites in Discussion, Greater Bay Area Takes Center Stage
As an official media partner of Hong Kong FinTech Week 2022, TechFlow will compile and summarize the second-day updates based on content provided by the organizers, and share them with everyone.
Navigating Web3 tides with focused insights
By TechFlow
On October 31, the "Hong Kong FinTech Week 2022," co-organized by the Hong Kong Monetary Authority (HKMA) and the Investment Promotion Department of the HKSAR government, officially kicked off in Hong Kong. During the event, the HKSAR government released its Policy Statement on Development of Virtual Assets in Hong Kong, outlining its strategic stance and policy direction for fostering a vibrant virtual asset industry and ecosystem in Hong Kong.
Now two days into the event, as an official media partner of Hong Kong FinTech Week 2022, TechFlow compiles and translates key highlights from Day Two based on official content, sharing them with our readers.
Highlights of the Day
"Hong Kong will generate more opportunities for fintech companies"
Mr. Alfred Chan, Secretary for Commerce and Economic Development of the HKSAR, opened Day Two of Hong Kong FinTech Week 2022 on a strong note, telling the audience that now is the best time to explore how Hong Kong can add value to fintech enterprises.
"Hong Kong is already one of the world’s most competitive economies and a vital gateway connecting the mainland and global markets. We have attracted many hardworking companies, including over 800 fintech firms active across sectors ranging from virtual banking and insurance to WealthTech, CreditTech, cybersecurity, and enterprise solutions," said Mr. Chan.
"With the new initiatives announced yesterday in the policy statement, we believe Hong Kong will bring even more opportunities for fintech companies. Now is the ideal time to explore how Hong Kong can enhance your business," he concluded.
AIIB President Jin Liqun: "I see a dream of financial inclusion in Asia. But there's no silver bullet."
President Jin emphasized that Hong Kong can play a significant role in improving financial services and helping hundreds of millions in Asia escape poverty.
"Hong Kong’s deep reserves of talent and capital are crucial for promoting regional economic development and financial stability. Joining the Asian Infrastructure Investment Bank (AIIB) is a major advantage in achieving our mission of lifting people out of poverty and toward prosperity," said President Jin.
He also described Hong Kong FinTech Week as an extremely important gathering.
"Here, I see a dream of financial inclusion in Asia—a region where people have better access to financial services, enabling them to invest in education, purchase insurance for their businesses, and withstand the shocks of our changing climate," he said.
However, he noted that the diversity across Asia means there is no one-size-fits-all solution for financial inclusion. Public and private capital must work together, leveraging their respective strengths.
The bank is focused on amplifying its impact. This means investing in opportunities that can leverage more private capital for infrastructure development. By 2030, up to 50% of its financing will go directly to the private sector.
"Asia’s fintech sector has already demonstrated the real benefits and immense potential of the financial inclusion era," he said. "Now, our shared responsibility is to ensure we unlock fintech’s full potential to foster a more prosperous and equitable Asia for all."
"Hong Kong will continue to be an ideal springboard for startups and a regional and global fintech leader."
Professor Sun Dong, Secretary for Innovation, Technology and Industry of the HKSAR, spoke in the afternoon, highlighting major progress achieved by Hong Kong’s two flagship innovation and technology hubs—Cyberport and Hong Kong Science Park.
-
Cyberport hosts over 400 fintech companies and has produced three fintech unicorns;
-
Science Park, in collaboration with the HKMA, has developed a virtual lab for financial institutions and fintech firms to accelerate R&D activities.
"All these new measures will provide strong momentum for the thriving development of our tech ecosystem, including fintech. With forward-looking initiatives and support from various stakeholders, Hong Kong will continue to be an ideal springboard for startups and a regional and global fintech leader," he said.
Li Ka-shing: "Be open-minded with talent, spend more time with them, and keep an open mind!"
During a conversation hosted by Yamilette Cano, founder of Louder Global, when asked about his management strategy, Mr. Richard Li said one of his key strategies for serving consumers across different countries is to trust local country managers with day-to-day operations, as they have a more precise understanding of local customer needs.
He advised that when a company aims to build long-term partnerships, it’s critical to leverage across industries and organizations, conduct thorough research, and ensure partnerships are multi-layered. Partners must also clearly demonstrate what they offer and maintain honesty.
Additionally, he reminded businesses that certain products or services may eventually be replaced by competitors. If a business underperforms, it’s acceptable to “cut losses early” or pivot to Plan B—or even Plan C.
Industry Insights
Insurance Authority: "We are an authority in a sense, but we also have a rebellious heart."
In a Star Wars-themed speech, Clement Cheung, CEO of the Insurance Authority, described the recent pandemic as a wake-up call, highlighting structural imbalances caused by heavy reliance on mainland clients. At one point, they accounted for 59% of all new business, but everything changed with border closures.
"What did the industry do to survive? It adapted, created new products, embraced the internet aggressively, and upgraded skills."
"Surprisingly, it rebounded 27% from its low point and recovered much of the ground lost in 2020," he said.
Of course, there was pain. But according to Cheung, it was also an opportunity to address structural dependencies. He has incorporated some lessons learned into the Insurance Authority’s regulatory philosophy.
Staying true to the Star Wars theme, Cheung acknowledged that for some, regulators may seem like obstacles, but he emphasized that they also welcome innovation and progress.
"In a sense, we are the Empire, we are the authority—but we also have a rebellious heart."
Looking ahead, the IA is focusing on three areas:
-
First, leveraging data integrity to build a more dynamic ecosystem.
-
Second, closing data gaps around green finance, which Cheung sees as having great potential.
-
Finally, monitoring the "dark side" of innovation, particularly cybersecurity.
"As we engage customers in new ways, we need to strengthen our security systems simultaneously," he concluded.
HKEX’s Aguzin: "The Greater Bay Area can become a sandbox for a financial big bang"
Aguzin described the Greater Bay Area (GBA) as one of the most exciting economic development zones in the world. "The GBA is fully equipped to become what I call a sandbox for a financial big bang," he said.
His speech focused on two key issues: first, the exponential growth trajectory of two-way capital flows between China and the world; second, comprehensive innovation.
He said fintech has become integral to nearly every level of the mainland economy, and China’s innovation engine continues to run at full speed. Strong policy support and a steady stream of top-tier talent in science, technology, and business are driving this trend. These innovators’ ideas will reshape economies, industries, and lives.
"Many of them are now looking toward the Greater Bay Area. They’re drawn by Shenzhen’s innovation, Hong Kong’s world-class universities and international financial center status, and the vibrant startup ecosystems of both cities. It’s like putting Silicon Valley and Wall Street in one place—that’s truly unique."
Shenzhen Financial Regulatory Bureau: "Talent development will be key for the Greater Bay Area"
He Jie, Director of the Shenzhen Financial Regulatory Bureau, proudly spoke about the innovation happening in Shenzhen today.
"Shenzhen ranks fourth globally in fintech innovation and is a pioneer in fintech development. We offer RMB 20 million in incentives to any fintech company setting up shop here and host multiple innovation competitions, including for fresh graduates," he said.
He then discussed the future of the Greater Bay Area and the importance of talent.
"I believe as talent development becomes a key driver for fintech in the GBA, we’ve already licensed over 1,000 students for Tier 1 programs, with some in Tier 2. We’re working hard, but there’s still more to do."
How traditional securities firms are reshaping business by embracing tech trends
Technology is helping securities firms elevate user experience to unprecedented levels.
"Our initiatives aim to further enhance user experience," said Mr. Xue, International Director at CICC.
"Whenever we consider using technology to solve problems, we encourage our teams to ask: 'How can we improve the user experience?'"
This view was echoed by Zhu Yali, Managing Director at Huatai Financial Holdings (Hong Kong).
"Our investor clients come to us with five questions:
-
Why should I invest?
-
When should I invest?
-
What should I invest in?
-
How should I invest?
-
And how should I exit?
"To help them answer these, we offer a digital service called 'Cash Pro.' This app helps our clients navigate the market and make informed decisions independently. We’re still here to assist, but by using new technologies, we can enhance their experience by pinpointing the source of their questions and providing more targeted answers."
Ping An Group Co-CEO Jessica Tan: "The Greater Bay Area holds huge potential and a bright future"
Ms. Tan, speaking in a discussion chaired by Mr. Aguzin, said the Greater Bay Area, as a leading innovative powerhouse, boasts dynamic and entrepreneurial young talent, holding tremendous potential and a promising outlook.
The two things Ms. Tan found most impressive about the Guangdong-Hong Kong-Macao Greater Bay Area were: GDP growth from RMB 10 trillion to RMB 12.6 trillion in just five years, and rapid development of both hard and soft infrastructure.
She also noted that the GBA offers advantages for tech companies, especially in finance, healthcare, and technology, including a robust market and abundant talent pool.
Driving a customer-centric digital journey
The panel covered diverse topics, with each speaker offering clear views. Yet a consensus emerged around being customer-centric—a principle first raised by Kevin Zhang of AMTD InsurTech Group.
"Success isn’t about the company. It’s not about you as a provider, or your success. When your client receives your solution or product, they must be the ones who succeed. It comes down to what you’re doing for your customer. You must keep focusing on why you exist as a provider. This applies to every business model. Your customer’s needs define what you give them—so their success is your success," he said.
Ant Group announces strategic partnership with its global fintech training platform to support high-quality talent
Jason Pau, Senior Director at Ant Group, said during a panel moderated by Edward Au, Executive Partner at Deloitte China Southern Region: "Talent is the core driver!" He believes lack of knowledge is one of the barriers fintech firms face when seeking local talent. Hong Kong’s education system wasn’t built to train fintech professionals, ultimately making it difficult for fintech companies to recruit specialists.
Moreover, Pau, as project lead, announced a strategic partnership with the Investment Promotion Department on the global fintech training platform 10x1000 Tech for Inclusion ("10x1000"). The platform is expected to strengthen talent development, improve SME quality, increase female participation, and advance Hong Kong’s digital economy.
Meanwhile, the Deputy Dean of Shenzhen Finance Institute said academia plays a vital role in cultivating fintech talent, applauding universities’ efforts in recent years to adapt curricula for the digital economy.
Eric Chan, Chief PR Officer at Hong Kong Cyberport, said there’s a need to establish standards for fintech roles so individuals understand the required skill sets. He also stressed that emerging talent needs relevant training and work experience, and the government is subsidizing 1,000 new jobs to provide these opportunities.
Data and talent are among Hong Kong’s greatest contributions to financial innovation
During a panel moderated by Steve Engle, Bloomberg’s Chief North Asia TV Correspondent, all four participants agreed that Hong Kong offers endless opportunities for financial innovation, with data and talent being among the most critical contributions.
Jacky Chan, Regional CEO at AIA Group, said technology has transformed insurers, enabling timely and direct digital service delivery. Data collected by AIA opens new avenues and channels through analytics.
Sebastian Paredes, CEO of DBS Bank (Hong Kong), suggested firms should explore how to use data to boost productivity. He added that by building internal capabilities, Hong Kong firms can attract new talent to the city. His advice to newcomers: seek ambitious, startup-like companies.
Harshika Patel, CEO of J.P. Morgan Hong Kong, said instead of reinventing the wheel, firms should collaborate with individuals or organizations that have already solved specific problems. She also believes Hong Kong is rich in talent, which is why JPMorgan established one of its global tech centers here.
Kenny Lam, CEO of Two Sigma Asia Pacific, said access to diverse data is relatively easy in Asia, particularly in Hong Kong. His firm has obtained locally compiled datasets on the impact of government policies on various sectors over the past 10–20 years. He welcomed the complementary progress and innovation between Hong Kong and Singapore, while also appreciating healthy competition.
HSBC’s O'Byrne: "Sustainability has become top agenda for every company"
Barry O'Byrne, CEO of Global Commercial Banking at HSBC, spoke today about the future of banking. He began by praising digitization for enabling internationalization for virtually every company.
"The vast majority of businesses want to operate internationally," he said. "Even the smallest companies have global ambitions. Digitization makes this possible—it allows any company, regardless of size, to reach customers on the other side of the world. You no longer need to be a large corporation to expand beyond your initial borders."
He is also optimistic about the future of sustainable banking. "One very encouraging thing is that over the past few years, sustainability has moved to the top of every company’s agenda. We want to work with our clients to support each of them in transitioning toward more sustainable banking practices."
RD Group: 'Whether you like it or not, the whole world is entering the digital age'
Anthony Sar of FINNOVASIA used the opportunity during this conversation to ask Norman Chan, former Chief Executive of the HKMA and founder of startup RD Technologies, about his company’s progress since launching in 2020.
"We’ve just announced a pilot program with Bank of East Asia—the first of five partner banks—for our digital identity verification solution. This means customers and SMEs won’t face hurdles when opening bank accounts. Our other solution, an SME B2B digital wallet, is in the final, final, final stage—I hope to share good news soon," he said.
Norman Chan admitted he is equally excited about the government’s recently announced financial services policies.
"I couldn’t sleep last night. Whether you like it or not, the entire world is moving into the digital age. It doesn’t just mean turning paper into digital format. The way we do business, communicate, and organize ourselves will all change. And new technologies will make this better."
Micro Connect: A new financial market for micro-enterprises
As part of a fireside chat series exploring fintech innovation, Ella Arwyn Jones of FinanceAsia asked Charles Li, founder of Micro Connect, about his vision for transforming China’s financial ecosystem and advancing shared prosperity.
"Our vision is very simple: help the little guys in the consumer economy. They’re highly successful when working, but sometimes they represent high-risk investments. Traditional credit struggles to serve them," he explained.
Micro Connect leverages China’s large-scale digitization to make equity-like—but not actual equity—investments.
"The key is doing it in a new, revolutionary, digital way. We call it DRC—Daily Revenue Contract. Instead of charging fixed fees, we take a daily revenue share. You set a percentage of daily income, and you automatically receive returns every day," he said.
"This allows you to charge fair fees from small merchants. But because you recover funds daily, you can reinvest that money and earn additional returns," he concluded.
Winners of InvestHK’s Global Fast Track Competition Announced
Charles Ng, Deputy Director-General of InvestHK, noted in his opening remarks that the Global Fast Track platform provides local and global fintech companies with viability, visibility, and scalability in Hong Kong, Asia, and beyond.
The Global Fast Track Startup Competition, co-hosted by InvestHK and FintechHK, received over 400 applications.
On Day One of Hong Kong FinTech Week, the top 10 finalists pitched to judges. Nine key verticals were included in the finals: commercial banking, digital assets, ESG, InsurTech, InvestTech and WealthTech, payments, RegTech, and retail banking.
The ultimate winner was privacy computing startup BaseBit.ai.
Colin Pou, Executive Director of the HKMA, presented winners of the CBDC Track promoted by the HKMA.
Winners include:
-
Best Technology Award - ARTA TechFin and Giesecke + Devrient a52 GmbH (G+D Filia)
-
Best Use Case Award - Hang Seng Bank and Bank of China
-
Best Ecosystem Award - HSBC and VISA
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
