Regulators and business leaders gathered to shed light on the future development of fintech
HONG KONG; Oct. 31, 2022 – Accenture (NYSE: ACN) and Hong Kong Cyberport jointly hosted FinTech’s Finest Forum 2022 earlier this month to facilitate business opportunities in the fintech industry in Hong Kong SAR and across the Greater Bay Area (GBA) in China. The forum also celebrates the close collaboration between Accenture and Cyberport on the FinTech Innovation Lab Asia-Pacific over the past nine years.
Under the theme of “Cultivate. Elevate. Accelerate.” this year’s signature event featured remarks by guest of honor Christopher Hui, Secretary for Financial Services and the Treasury, Hong Kong Special Administrative Region (HKSAR) Government, and a regulator roundtable with the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Insurance Authority (IA).
Mr. Hui noted that the forum provided an excellent opportunity for participants to see innovations that are being commercialized, and a platform to exchange ideas on hot topics such as the metaverse, digital assets, and sustainability during the roundtable and panel discussions.
“Under the Government’s joint and consistent efforts with regulators and industry players, we have seen a vibrant fintech ecosystem taking shape in recent years with over 600 fintech companies operating in Hong Kong. These companies embrace different technologies including big data, artificial intelligence (AI), blockchain, insurtech and regtech, offering tremendous application and commercialization possibilities in Hong Kong, the Greater Bay Area and beyond,” Mr. Hui said, adding that the Government attaches great importance to talent. It will continue to devise measures to nurture local skills and bring in international fintech talent, both of which are key to further success of its fintech ecosystem.
Peter Yan, CEO of Cyberport said, “As Hong Kong’s leading fintech hub, Cyberport is delighted to collaborate with Accenture for the ninth consecutive year, to nurture fintech startups and support them to scale up. Riding on the success of the FinTech Innovation Lab Asia-Pacific, this year we co-host FinTech’s Finest Forum 2022 to gather the lab’s most outstanding Hong Kong alumni to strengthen their connections with investors and financial institutions. The best of high-quality fintech startups will be able to participate in investor pitching, as well as regulator track and showcase sessions to engage with business partners and renowned financial institutions. Cyberport will continue to facilitate fintech adoption in the financial industry to fuel the growth of a sustainable financial and innovation ecosystem that capitalises on Hong Kong’s position as an international innovation & tech and financial hub, and to help startups to seize the opportunities in the GBA by integrating into the national development.”
Marco Tsui, who leads Accenture’s Financial Services industry practice in Hong Kong, said, “The FinTech Innovation Lab Asia-Pacific has established itself as a leading program for fintechs to participate in and maximize their potential. We remain committed to cultivating a vibrant ecosystem for startups and financial institutions, and fostering fintech development in the region.”
FinTech’s Finest Forum 2022 featured a series of keynote speeches and panel discussions with high-profile thought leaders sharing insights on various topics including:
- Adoption of digital assets and regulatory responses - The pandemic accelerated digital innovation, including digital assets, and the adoption of fintech, insurtech and regtech tools. To discuss how businesses are adapting to these changes and striving to overcome the resultant challenges, Hong Kong’s leading regulators convened at a Regulator Roundtable titled “The Next Generation Regulation.” The session featured Arthur Yuen, deputy chief executive, HKMA; Julia Leung, deputy CEO and executive director of intermediaries, SFC; and Clement Cheung, CEO, IA.
- Using the metaverse to elevate the customer experience - In the panel discussion titled “Metaverse and What It Means for Financial Services Industry," business leaders from AIA, Hang Seng Bank, J.P. Morgan, and Accenture shared insights and discussed how businesses can prepare themselves for the metaverse, how to build a responsible metaverse, and more. They also shared insights on how technology is being utilized in other ways to improve the financial services industry, such as creating next-generation digital experiences for customers.
- Accelerating sustainability efforts - In the "ESG - Sustainability, Green Finance" panel discussion, Diginex and PortageBay, both alumni of the FinTech Innovation Lab Asia-Pacific, and HSBC shared their insights on how to build a more sustainable financial system by using blockchain and AI technologies to improve ESG measurement and performance with greater transparency.
The event was attended by more than 200 people, including representatives from the HKSAR Government, financial institutions, fintech companies, insurers, startups and more. The forum also featured exhibition booths showcasing the innovative solutions developed by seven fintech companies from the program -- IPification, CoverGo, Diginex, Fano Labs, Know Your Customer Limited, PortageBay, and Prive Technologies.
Launched in Hong Kong in 2014, the FinTech Innovation Lab Asia-Pacific is a 12-week accelerator program that provides fintech startups with mentorship from leading financial institutions to help them fine-tune and scale their businesses. The Lab has received more than 1,350 applications since its inception and its 70 alumni companies have raised more than US$800 million in venture financing.