Hong Kong Fintech Week to feature launch of virtual banking service

Source:Global Times Published: 2018/7/30 22:08:39

HK Fintech Week to feature virtual banking

Hong Kong's fintech development in 2018 will feature the launch of virtual banking service, a fast payment system and a blockchain platform for trade finance that enhances transaction safety and reduces transaction costs, experts said at an event on Monday to promote the Hong Kong 2018 Fintech Week.

"Fintech, an organic ecosystem largely driven by the private sector, is a very important sector for Hong Kong as it enables trade and finance to be conducted and grown with better software and technologies," Charles d'Haussy, head of Fintech of InvestHK, told the Global Times on Monday.

Hong Kong is investing heavily to boost its development of fintech. For instance, if a Hong Kong-based company has successfully attracted a client using this service, the client could get an incentive of as much as HK$200,000 ($25,485) from Hong Kong Special Administrative Region government, according to d'Haussy.

In Hong Kong, fintech covers six functions including cybersecurity, regulatory technology and blockchain.

All of these are business-to-business functions.

To bank on its resources such as a high concentration of banks, securities firms and insurance companies, Hong Kong launched the Hong Kong Fintech Week event in 2016 to promote growth in this sector.

While the mobile payment sector was initially developed outside China, the sector has grown tremendously in the Chinese mainland in recent years, boosted by strong applications, according to Tim Lee, founder and CEO of QFPay.

"There is a great opportunity for the fintech industry, both in the mainland and Hong Kong, to export its expertise to markets along the routes of the China-proposed Belt and Road (B&R) initiative," Lee said at the event.

The fresh fintech push by Hong Kong comes as the special administrative region commits to the B&R initiative.

It also comes ahead of the operation of the Hong Kong-Zhuhai-Macao Bridge and the Hong Kong section of the Guangdong-Shenzhen-Hong Kong High Speed Railway.

These projects are giving rise to the Guangdong-Hong Kong-Macao Greater Bay Area, with a huge market of more than 67 million people, which is larger than the populations of Italy or the UK.

Newspaper headline: HK Fintech Week to feature virtual banking


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