Hong Kong FinTech Week 2020 came to a successful close on Friday (November 6) after a high-level three-day main conference and over 30 satellite events featuring important announcements, thought-provoking debates and panel sessions covering all aspects of financial technology. Co-organised by Invest Hong Kong (InvestHK), the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Insurance Authority (IA), and supported by the Financial Services and the Treasury Bureau, this year’s fully virtual event drew over 1.2 million viewers (see Note), had more than 100 hours of content, saw over 18,000 total business contacts made, and had more than 500 exhibitors, over 350 speakers, 230 journalists and 29 delegations from over 130 economies.
Hong Kong FinTech Week 2020 focused on the golden opportunity to humanise fintech to reignite growth, build trust and financially empower society and businesses in the post-COVID-19 world. Throughout the week, hot topics including the development of central bank digital currencies (CBDCs), virtual asset regulation, virtual banking and addressing algorithmic bias in artificial intelligence (AI) to enable more inclusive fintech applications were discussed.
Kicking off the week on Monday (November 2), the Financial Secretary, Mr Paul Chan, called on the financial services and fintech sector to pursue technology and solutions that address the needs of society, particularly in the post-COVID-19 world.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, revealed two new initiatives – a subsidy scheme to support fintech companies to partner with financial institutions to conduct proof-of-concept projects, and the other on the licensing regime for Virtual Asset Service Providers. The two new initiatives provide financial incentives and bring Hong Kong’s regulatory regime up to date, making the city a leading fintech hub in the region.
The HKMA announced that it is exploring a new data strategy and considering building a new financial infrastructure called the Commercial Data Interchange (CDI) to enable more efficient financial intermediation in the banking system, and to enhance financial inclusion in Hong Kong.
The CDI is a consent-based financial infrastructure that would enable more secure and efficient data flow between banks and sources of commercial data. It has the potential of solving long-standing pain points in SME financing by allowing SMEs to use their own data to enhance their access to financial services.
The HKMA also highlighted the digitalisation of trade finance, its research on CBDCs and a regulation technology (regtech) white paper that lays out a two-year roadmap to promote regtech adoption in Hong Kong.
The role of CBDCs in driving financial inclusion was also a popular topic. The Governor of the People’s Bank of China, Mr Yi Gang, explained that financial inclusion is important, and expressed the hope for collaboration with the Bank of International Settlements, as well as other central banks, to further its development.
For full article, please visit: https://www.info.gov.hk/gia/general/202011/11/P2020110900391.htm?fontSize=1
Note: Aggregated viewers from Hong Kong FinTech Week 2020’s platform, satellite events, and other media partners’ platforms in Mainland China.