HONG KONG SAR – Media OutReach – November 1, 2021 – Cyberport FinTech InnoCon 2021 (the Conference) – an annual Premier’s flagship event Cyberport Venture Capital Forum (CVCF) was staged online today. He also unveiled the sixth Hong Kong Fintech Week. Under the theme “FinTech Proof of Concept Innovation for Hong Kong Financial Services Industry”, the conference brought together more than 30 representatives from regulatory and professional bodies as well as financial institutions and start-ups participating in the Fintech Proof-of-Concept grant. Scheme (“PoC Scheme”). In addition to sharing a number of innovative cases, all came together to decipher emerging trends and opportunities for the application of technology in various areas of financial services, RegTech, InsurTech and environmental, social and corporate governance ( ESG) to cross-border finance in the Grande Baie region.
Financial institutions and start-ups jointly drive financial innovation
Speaking at the opening of the conference today, Christopher Hui, Secretary of Financial Services and Treasury, said: âAs an international financial center, financial institutions and technology companies enjoy great flexibility to develop FinTech solutions to meet market needs. We have enabling measures in place to facilitate the process of incubating FinTech products. For example, our financial regulators provide regulatory sandboxes that allow financial institutions to pilot test their FinTech products before they go to market, so that they can quickly get feedback from supervisors and user reviews, and reduce development costs. “
Dr George Lam, President of Cyberport, said: âThe success of the PoC program proves that the co-creation between traditional financial institutions and FinTech companies can not only integrate the innovative ideas of the innovation and technology sector, but can also take into account the real needs of industrial operations and business development. It is a win-win and indeed an all-win model of financial innovation. Cyberport will continue to work with the government to promote and facilitate innovative cooperation between the financial services industry and start-ups. Such cooperation will help everyone to better seize the abundant opportunities available in the Greater Bay Area, thereby strengthening and enhancing Hong Kong’s many competitive advantages as a leading international center in finance, asset management. and risk management. “
The regulatory system allows financial innovation and stability to coexist
During the opening discussion session, Eric Chan, Cyberport public mission manager and the four main Hong Kong regulators – namely the Hong Kong Monetary Authority (HKMA), the Insurance Authority (IA), the Mandatory Provident Fund Authority (MPFA) and the Securities and Futures Commission (SFC) – jointly explored the innovation trends in financial services, including the banking, insurance, asset management and securities industries, as well as the importance of the PoC Scheme in driving financial innovation. HKMA, IA and MPFA also offered updates on their policies, including the formulation of the âFinTech 2025â strategy, the construction of a one-stop-shop sandbox network and the âeMPFâ platform, and more, enabling start-ups to gain insight into development opportunities.
Alternative data and ESG applications offer huge potential for innovation
At the roundtable on âAlternative data for financing SMEsâ, representatives of China Construction Bank (Asia) Corporation and Hang Seng Bank as well as two start-ups, Planto and FindDoc, explored the benefits of the applications of alternative data for banks and SMEs. . John Wong, Head of Global Liquidity and Cash Management, Hang Seng Bank shared that with the openness of data, banks are able to use the dynamic sales and purchasing data of SMEs. Unlike traditional financial data, dynamic data can be updated instantly, allowing banks to more efficiently and accurately assess the latest operating conditions for SMEs, thereby speeding up the loan approval process. This practice is believed to be behind the further development of the industry. Ivan Ng, FoundDoc Founder and CEO, mentioned that as a market for doctors, FindDoc has worked with a bank to develop a digital platform through which clinics can source drugs and make digital payments, while banks can use data from transactions collected by the platform to assess the credit risks of these clinics.
During the roundtable on âESG – What can FinTech help? “, Gabriel Kung, Commercial Director of Bowtie Life Insurance Company Limited, said ESG data is playing an increasingly important role for insurance companies in defining product content and costs. For example, insurance companies could encourage improved air quality in corporate client offices by reducing employee medical insurance premiums based on relevant ESG data. However, he added that it is currently difficult for insurance companies to obtain ESG records from clients. If a standardized set of corporate ESG benchmarks were put in place, more innovative products could then be developed.
Other topics covered at the conference included opportunities in the Big Bay region, the development of RegTech in Asia and untapped opportunities in InsurTech, as well as the role of family offices in the development of WealthTech and digital assets. .
Two-day Cyberport Venture Capital Forum 2021 starts tomorrow
Starting tomorrow and taking place over two days, the Cyberport Venture Capital Forum 2021 (CVCF 2021) aims to decipher in detail the development and opportunities offered by various industries, and to promote diversified growth in the sector of innovation and technology. On the theme “Venturing for Success: Resilience, Growth & Opportunity”, CVCF 2021 brings together more than 70 industry leaders, leading investors and technopreneurs to discuss global post-pandemic venture capital trends, strategies investors and new areas of venture capital, opportunities and perspectives in the Grande Baie region and more, while promoting the matching of projects to broaden investment opportunities for start-ups.
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1. Cyberport Venture Capital Forum’s flagship event, Cyberport FinTech InnoCon 2021 is hosted online today, bringing together over 30 representatives from professional bodies, renowned financial institutions, regulators and Cyberport start-ups. to decipher emerging trends and technological opportunities. application in many areas of financial services. (Left to right: Tony Chan, Associate Director, Policy and Development Division, Insurance Authority, Nelson Chow, Chief Fintech Officer, Fintech Facilitation Office, Hong Kong Monetary Authority, Peter Yan, CEO of Cyberport, Christopher Hui, Secretary of Financial and Treasury Services, Dr. George Lam, President of Cyberport, Eric Chan, Head of Cyberport’s Public Mission, Elizabeth Wong, Director of Licensing and Head of Fintech Unit, Commission on Intermediaries, Securities and Contracts eventually, John Wan, Managing Director (eMPF project), Compulsory Pension Scheme Authority)
2. Christopher Hui, Secretary of Financial Services and the Treasury, delivers the opening address of the Conference.
3. Dr George Lam, President of Cyberport, said the Fintech Proof of Concept grant program will bring more innovative and practical products to the financial industry.
Cyberport is an innovative digital community with around 800 start-ups and tech companies on site. It is managed by Hong Kong Cyberport Management Company Limited, which is wholly owned by the government of Hong Kong SAR. With a vision of being the hub of digital technology, thus creating a new economic engine for Hong Kong, Cyberport is committed to nurturing a dynamic technological ecosystem by cultivating talent, promoting entrepreneurship among young people, supporting start-ups in their growth journey, by fostering the development of the industry by fostering strategic collaboration with local and international partners and by integrating new and traditional economies by accelerating digital transformation in the public and private sectors. For more information, please visit www.cyberport.hk