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“Welcome to Hong Kong FinTech Week!“The Government is rolling out a policy statement to set out our policy stance andregulatory approach towards the responsible application of AI in financial services.”
Official Opening Remarks by Paul Chan, Financial Secretary, The Government of the Hong
Kong SAR.
Mr Paul Chan delivered the Opening Remarks to kick off FinTech Week 2024. He recapped the
strides Hong Kong has made in establishing itself as a global fintech hub and how it is now
home to 1,100+ companies specialising in AI, Web3, blockchain and other innovation tech
applications.
Hong Kong’s innovation technology sector brought in over US$2 billion last year, paving the way
for other companies looking to set up offices in the city. Start-ups, the Financial Secretary noted,
were at the core of the city’s I&T ecosystem with their drive for excellence and determination to
make financial services inclusive and benefit the real economy.
While Hong Kong has embraced innovation, the government has been mindful of the potential
risks that come with new technological developments. International and cross-sector
collaboration has also defined Hong Kong’s adoption of AI and Gen AI, a theme which was
echoed in the Financial Secretary’s speech when he announced an up-and-coming Policy
Statement on Responsible Application of Artificial Intelligence in the Financial Market.
Mr Chan also highlighted Hong Kong’s continuing robust ties with the Middle East and how he
would be heading a new delegation leaving for Saudi Arabia to bring the start-up ecosystems in
both markets closer together.
Please refer to the official speech here.
Click here to watch the playback.
Highlights of the Day
“The key word we want to emphasise here is ‘responsible’.”
Keynote Address by Christopher Hui, Secretary for Financial Services and the Treasury, The
Government of the Hong Kong SAR.
Mr Christopher Hui began on a light-hearted note as he conversed with ‘AI Evelyn’, a “locally
born, locally bred AI friend,” on the role of AI in Hong Kong’s development.
He also laid out the details of a new policy stance promoting responsible AI application in the
financial market, remarking that critical pull factors must be present to drive adoption and fully
integrate AI and Web 3.0 into mainstream finance.
Under this stance, the Hong Kong Government has identified the application of AI in the financial
services sector as Data-Driven, a Double-Edged Sword, and Dynamic, he shared, noting that
there are risks and opportunities in its application. As GenAI use in the city’s financial sector has
reached 38%, far higher than the global average of 26%, the government is poised to support
further AI adoption by encouraging financial institutions to seize opportunities for responsible AI
use, whilst addressing longstanding challenges to AI like cybersecurity, data privacy, and
protection of intellectual property rights.
“AI is a double-edged sword with both immense potential and hidden risks,” Mr Hui remarked.
To mitigate risks in AI, the government is focusing on data protection, effective governance,transparency and protection, as well as operational resilience. “We will work with regulators and
industry stakeholders to provide clear regulatory frameworks to help the industry seize the
opportunity and adopt AI responsibly.”
Mr Hui then announced a new law to be enacted by the end of this year that will extend Hong
Kong’s tax concessions to a wider range of assets, including virtual assets. He also announced
further regulation of stablecoins and a licensing regime next year for providers of virtual assets
custodian services.
Hong Kong is also well-positioned to expand development of AI applications to global markets,
he noted. “We are part of the mainland where over 60% of AI patents globally can be found. At
the same time, we are uniquely positioned, connecting east and west, globally positioned to
connect with the rest of the world. We are at the forefront of east and west insofar as AI
application is concerned.”
Click here to watch the playback.
“Ultimately, we imagine a borderless fintech ecosystem where innovation will drive
business development.”
Keynote Address by Eddie Yue, Chief Executive, Hong Kong Monetary Authority.
In his keynote address, Mr Eddie Yue painted a picture of what’s next for fintech, taking stock
of the current landscape while also speculating about the future. He noted that a vibrant fintech
ecosystem cannot be created overnight and that technology is constantly creating change. He
noted that although innovation can be disorientating and uncomfortable, there is a special
opportunity to reflect on how it can serve the public good. He added that innovation is not an
end in itself, but rather a means to an end, as it enhances our daily experiences.
Mr Yue highlighted the significant amount of change over the last few years. One example is
cross-border payments that use local wallets like PayMe, to facilitate transactions elsewhere.
This has enabled payments in Mainland China and elsewhere in Asia to be just as easy as
payments in Hong Kong. He noted that this and other examples of Commercial Data Interchange
between governments and businesses offer unique opportunities to grow businesses as well as
their customers.
Finally, Mr Yue concluded by noting that enabling banks to adopt AI while putting in appropriate
guardrails is the correct approach, noting that HKMA is committed to facilitating responsible AI
adoption. He noted that the HKMA and Cyberport GenAI sandbox is an example of this
commitment, and that HKMA will take an interactive and iterative approach, carefully examining
the results of the sandbox and providing feedback to the banks involved.
Please refer to the official presentation materials here.
Click here to watch the playback.
“The future lies in a regulated marketplace that balances development with investor
protection.”
Keynote Address by Eric Yip, Executive Director, Intermediaries, Securities and Futures
Commission.
Virtual assets are at the forefront of every financial regulator’s agenda today, noted Mr Eric Yip
in his keynote address. He highlighted the significant progress as well as the challenges of
regulating virtual assets in Hong Kong today. Three key drivers are propelling the market today:
First and most important is the growing pool of brilliant minds and talent, second is the huge
economic potential and market opportunity, thirdly the rise of the younger generation of crypto
investors.
“At SFC, we firmly believe that the future lies in a regulated marketplace that balances
development with investor protection,” said Mr Yip. He added that Hong Kong currently has
three SFC-licensed virtual asset trading platforms (VATPs) with another 14 more applications
being processed. Investors can soon expect more licensed platforms that are compliant with
international AML and cybersecurity standards. Beyond the efforts of the SFC, the continued
progress of a fully regulated market will require extensive global collaboration and education to
prevent fraud and protect investors. He noted that Hong Kong is “off to a good start, having
witnessed the largest year on year growth in asset transaction volumes.” This is positioning the
city at the forefront in global virtual asset regulation and is primed to draw even more local and
international players to the licensing regime, which can only be good for all investors, he
concluded.
Click here to watch the playback.
“To illuminate New Pathways in fintech, we need advance collaboration in fintech
development within the Greater Bay Area.”
Keynote Address by Fu Xiaochu, Director-general, Guangzhou Municipal Local Finance
Administration Bureau.
Mr Fu XiaoChu provided an overview of the latest fintech developments in Guangzhou,
emphasising the importance of innovation backed by supportive policies. He stated, “We believe
technology helps people push the development of industry,” highlighting Guangzhou’s
commitment to advancing digitisation in the finance sector.
Mr Fu elaborated Guangzhou’s ambition to become a model city for digital transformation, as
outlined in the 14th Five-Year Plan, which aims to elevate the level of digitalisation across the
region. “Guangzhou has launched a series of national pioneering projects to cultivate a thriving
fintech ecosystem,” he noted, highlighting initiatives such as the Fintech Innovation Project, the
digitalisation of currency, and national blockchain projects. These efforts demonstrate the city’s
dedication to enhancing digital capabilities within the financial sector.
Addressing the challenges facing fintech, Mr Fu noted, “Web security, data privacy, and the
balance between innovation and monitoring are critical.” In response to these risks, Guangzhou
has established China’s first professional financial risk monitoring centre to bolster security
within the fintech space.
Mr Fu concluded by calling for deeper collaboration within the Greater Bay Area, leveraging the
strengths of each city, and emphasised the importance of talent development through training
and certification programmes.
Click here to watch the playback.
“If you eventually want to list, Hong Kong's the place to do it.”
Keynote address by Alpha Lau, Director-General of Investment Promotion, Invest Hong Kong
The Government of the Hong Kong SAR.
Ms Alpha Lau, delivered a keynote on day one of Hong Kong FinTech Week, highlighting the
HKSAR government’s commitment to financial innovation and in particular eight points raised
during the latest Policy Address.
These include working through diversified channels to bolster offshore RMB liquidity;
strengthening Hong Kong’s position as an international risk management centre; and attracting
more capital to be managed in Hong Kong.
Ms Lau then shared the government’s on-going efforts to deepen Hong Kong’s overseas
networks in Southeast Asia and the Middle East, as well as the role mega events like FinTech
Week play in boosting collaboration.
The HKMA and the People’s Bank of China are also pushing forward real time, cross boundary,
small value payments to be used by residents across Mainland China and Hong Kong. Ms Lau
also spotlighted the HKMA’s plans to roll out the Sustainable Finance Action Agenda. This
combined with an upcoming roadmap from the Financial Services and Treasury Bureau on ISSB
standards for climate reporting, will enhance Hong Kong’s green finance ecosystem alongside
its fintech innovation.
Click here to watch the playback.
“For FinTech solutions that have the potential to reshape the regional, if not the global,
financial landscape in the longer run, the HMA will continue to play our part in lowering
the activation barrier.”
Keynote Address by Arthur Yuen, Deputy Chief Executive, Hong Kong Monetary Authority.
In his keynote speech Mr Arther Yuen highlighted how the HKMA is dedicated to furthering
fintech development in the Greater Bay Area, taking on more of a catalytic role when it comes
to emerging technologies. Not only will these new innovations help meet new consumer
demands, but they will also prove crucial as financial institutions work to manage risks posed by
technological disruption.
To ensure that Hong Kong truly becomes a leading fintech hub, the HKMA plans to focus on
three main areas: helping fintech firms globalise in five years or less, driving regional adoption
of fintech innovations in the GBA, and cultivating a rich fintech ecosystem in the city through
increased regional and international collaboration.
Currently, the HKMA is working to address three main challenges to these plans: regulatory
uncertainty, data accessibility, and fintech awareness. Initiatives like the Generative AI Sandbox
and platforms like the Shenzhen-Hong Kong Cross Boundary Data Validation Platform and the
FinTech Connect platform can help tackle these issues by providing safe spaces to trial AI use
cases and enhancing information flow between fintech solution providers and financial
institutions.
The HKMA is eager to see Hong Kong thrive as a global fintech hub that serves as a launchpad
for fintech start ups and SMEs looking to go global.
Click here to watch the playback.Industry Insights
Financial Innovation
Fueling FinTech Innovation: AI Ambitions, Strategic Investment, and Talent Acquisition
Fireside chat with Luanne Lim, Chief Executive Officer, HSBC Hong Kong
Moderated by Emily Tan, Senior Correspondent, CNBC
“GenAI has brought about fantastic capabilities and advancements for us. We've been
looking at it for a while now, but it doesn't come without risk and limitations. That's where
regulation and policy support comes in.”
Ms Luanne Lim began the conversation by speaking about the dual-track approach announced
by the government, saying that the strategy had been welcomed and was encouraging for banks
and fintech companies. She noted that while GenAI has brought about fantastic opportunities in
the industry, it does not come without risks and limitations which increase as soon as it becomes
customer-facing.
Ms Lim then spoke about fintech-bank collaboration. She noted that competition between fintech
and banks had defined previous years, but now the relationship is much more collaborative.
Since most fintech companies are novel by nature, they may struggle to access more traditional
financial support and lending options. Ms Lim noted that HSBC is developing new products tosupport their access to funding, including a New Economy Fund of US$3 billion and HSBC
Innovation Banking.
Ms Lim said that HSBC is both a customer of and investor in fintech companies. She explained
that the agility and innovativeness of these companies are valuable to HSBC, as they are able
to sign agreements with them and co-develop solutions for HSBC. The bank has already worked
with Hong Kong Science and Technology Park, FundPark and Fano Labs.
Powering Growth through Innovation, Partnerships, & Adaptability
Fireside chat with Eric Jing, Chairman & Chief Executive Officer, Ant Group
Moderated by Howard Lee, Deputy Chief Executive, Hong Kong Monetary Authority
“The features of tokenised deposits could really solve real-time settlements on a global
scale.”
In a fireside chat on the topic: Powering Growth through Innovation, Partnerships, & Adaptability,
Mr Eric Jing shared his insights on tokenisation’s potential to revolutionise finance, as well as
the impact of AI. He identified the significant value of tokenised deposits in driving cross-border
payments, highlighting features including direct connection settlement and reduced intermediary
costs.
“Tokenised deposits have enormous value in driving cross-border payments. They offer direct
point-to-point connection without going through a complex intermediary model,” said Mr Jing.He highlighted that tokenised deposits can be 24x7 and all programmable for auto on-chain
execution. “If you can solve cross-bank, cross-currency processing, there will be huge benefits
in efficiency and cost -- the features of tokenised deposits could really solve real-time
settlements on a global scale.” Another key to Hong Kong’s future role in advancing tokenisation
is the city’s leadership and focus on green assets, which will strengthen the city's position as a
leading global financial centre.
Meanwhile Ant Group is actively participating in the Hong Kong Monetary Authority’s (HKMA)
Project Ensemble Sandbox, the regulator’s wholesale central bank digital currency (wCBDC)
initiative aimed at fostering tokenisation adoption in Hong Kong. Mr Jing praised the SFC and
the Project Ensemble community for the collaborative spirit across all stakeholders and
highlighted how regulatory guidance is helping achieve real, tangible value in the evolving digital
economy.
Click here to watch the playback.
Breaking Barriers: AI and Finance Joining Forces to Transform Global Markets
Fireside chat with Ru Liyun, Co-founder, Baichuan AI
Moderated by Brian Hui, Managing Director and Head of Customer Propositions and Marketing,
Wealth and Personal Banking, HSBC Hong Kong
“While the financial industry today offers personal financial product managers or wealth
advisors to premium clients, AI could evolve a pool of wealth advisors for everyone.”One of China’s “AI Tigers”, Baichuan AI, has been making waves with its Gen AI and LLM
technology. In a fireside chat hosted by HSBC’s Mr Brian Hui, Baichuan AI’s Mr Ru Liyun talked
about the widespread impact of Gen AI in the education and health sectors in China. Mr Ru
hinted at Gen AI’s imminent shaping of the financial services space too, as Baichuan AI sets
sights on developing an AI-powered super app.
Mr Ru noted: “the education and health sectors are immediate areas of high potential for Gen
AI as high quality teachers and doctors are scarce in today’s society.” Mr Hui questioned if Gen
AI’s impact in these sectors would be an iteration of current capabilities or if AI will herald a
major step change and transformation of business models.
If industries are already mature, then AI will most likely enhance factors in productivity and
efficiency. Mr Ru suggested that while the financial industry today offers personal financial
product managers or wealth advisors to premium clients, AI could evolve a pool of wealth
advisors for everyone.
Building a Global FinTech: Navigating the Digital Economy for Future Entrepreneurs
Fireside chat with Jack Zhang, Co-founder & Chief Executive Officer, Airwallex
Moderated by John Lindfors, Co-founder & Managing Partner, DST Global
“For any new fintech company or startup wishing to become a success story, internal
innovation must be prioritised over acquisitions.”In a fireside chat, Mr Jack Zhang discussed how Airwallex plans for the digital future with Mr
John Lindfors. Their conversation highlighted how innovation and embracing new technological
developments are key in scaling a business and ensuring sustainable growth. With every new
innovation, however, there are always challenges when it comes to effective implementation.
The solution to this is to innovate further and not shy away from creative thinking.
For instance, the rise of stablecoins in recent years proved to be an innovative solution to the
volatility generally present in the cryptocurrency space. For any new fintech company or startup
wishing to become a success story, internal innovation must be prioritised over acquisitions.
They must learn from their failure, focus on building up their resiliency plans, and manage costs
effectively.
The Practical Impact of Technology Adoption: Enhancing the Customer Experience
Discussion with:
Forest Lin, Corporate VP of Tencent, Head of Tencent Financial Technology, Tencent
Shahmir Khaliq, Head of Services, Citi
Moderated by Olivia Kinghorst, International Moderator, Former CNN & Forbes Journalist
“We carry the burden of confidence, compliance, and information security.”
In a discussion moderated by Ms Olivia Kinghorst, Mr Forest Lin and Mr Shahmir Khaliq
discussed the impact of technology on customers. They discussed how technology has provided
a constant source of opportunity and change, especially in the payments space.Tencent’s Mr Lin noted that the modern payment industry is trying to solve a ubiquity problem.
Payment solutions providers are trying to make payments easier without compromising on
security, all while lowering costs at the same time. WeChat Pay was able to get rid of the cost
of running a card machine to businesses by utilising the QR payment method and working
closely with banks to allow for instant payments.
Citi’s Mr Khaliq noted that banks are trying to improve payment methods across borders. He
said that Citi does business in 95 markets around the world - each with their own regulator,
clearing mechanism, and rules to comply with. He noted that Citi is aiming to have real-time,
24/7 banking while also keeping costs down, investing in their payment infrastructure to scale
while remaining secure.
On the topic of GenAI, Mr Khaliq noted that it will be very useful for clearing service queries
once the associated risk is well understood. He noted that GenAI rollout in the financial sector
has been slow, mostly because information security and customer confidence are such high
priorities. Mr Lin noted that other forms of AI are already being used to detect financial crime,
with a higher success rate than more traditional payments.
Global Leaders Series - JINGDONG Coinlink Technology
Fireside chat with Teddy Liu, CEO, JINGDONG Coinlink Technology
Moderated by Duncan Chiu, HKSAR Legislative Council Member (Technology and Innovation),
HKSAR Legislative Council"With a wider application of stablecoins, global trade could become much more
convenient and help the industry grow sustainably."
Mr Teddy Liu shed light on the growing importance of stablecoins in the global financial
landscape. He noted, “Stablecoin is a heated topic across the world, and most of the discussion
is centred around payments.”
Mr Liu highlighted Hong Kong's vital role in the global digital asset ecosystem, stating that “the
city is positioned as both a facilitator and a leader.” He identified several key factors contributing
to this, including its long history as an economic centre, well-developed financial infrastructure,
and financial freedom. He also highlighted the city’s commitment to innovation and transparency
in regulation.
Mr Liu also emphasised that the use of stablecoins can significantly enhance the payment
experience by improving cost efficiency, effectiveness, user experience, and safety. He outlined
five regulatory strengths that bolster Hong Kong's development of stablecoins: Early planning,
internationally recognised financial regulations, a legal regulation that attracts global talent,
openness to innovation and substantial resources backed by mainland China which he
considered “vital for success.”
Mr Liu noted the increasing interest in stablecoins among companies, driven by technological
maturity, the need for a sustainable business ecosystem, and enhanced regulatory frameworks,
all contributing to a more certain financial future.
Stablecoins & Blockchain Networks with Circle: Building the Internet Financial System
Fireside chat with Jeremy Allaire, Co-founder, Chairman and Chief Executive Officer, Circle
Moderated by Anthony Sar, Co-founder and CEO, Finoverse
“It's such an exciting time for digital assets and stablecoins,” Mr Jeremy Allaire stated. He
elaborated on Asia’s rising demand for USDC, and how he sees Hong Kong as a critical market
in the future of the global digital asset economy.
Circle has long thought that US Dollar stablecoins like USDC could be a critical settlement
infrastructure for how money moves in the whole world, Mr Allaire shared, and they’re seeing
that today, where businesses in Mexico and Brazil are purchasing goods from Asian
manufacturers and settling their transactions in USDC. “We envision a global network of
stablecoins that underpin the on-chain economy, on-chain finance and commerce and the
programmability of all that.”
Mr Allaire noted that he is seeing more examples of direct stablecoin payment acceptance, but
hurdles remain for widespread use. Not only in regulations, he remarked, but customer
experience where many people still struggle with the experience of transacting with blockchain
networks. Despite that, he holds high hopes for stablecoin adoption. “As consumer-scale
companies start to integrate this technology, then I think you’ll start to see end-user payment
acceptance grow quite a bit.”
“It would be incredible if, over 10 years, five percent of electronic money was stablecoin money.
And that's not inconceivable when you think about the way internet-scale technologies evolve.”
Embracing Innovation: Modernising Finance for a New Generation
Panel discussion with:
Alain Lam, Vice President & Chief Financial Officer, Xiaomi Corporation
Anthony Lin, Head of Hong Kong, Greater China & North Asia & Global Head of Market
Management, Transaction Banking, Standard Chartered Bank
Drew Propson, Head, Technology and Innovation in Financial Services, World Economic Forum
Moderated by Emily Tan, Senior Correspondent, CNBC
“I don't think that the traditional financial industry is going away. Rather, I think they have
to adapt to this new paradigm of how to use, how to leverage technology, how to leverage
AI, how to leverage blockchain…”
During the Embracing Innovation: Modernising Finance for a New Generation panel, Mr Alain
Lam, Mr Anthony Lin and Mr Drew Propson discussed how to attract more Gen Z customers as
the younger generation enters the workforce and looks at different investment avenues.
Overall consumers are looking for more personalised services and expect financial institutions
(FIs) to deliver. Artificial Intelligence can streamline data analysis and workstreams to ensure
that customers are interacting with content tailored to their tastes and financial needs. With AI
automating backend processes, FIs can reduce the number of intermediaries between them and
their customers, creating services that are not just more creative but also cost effective.
However, such technology does not come without risks such as financial misinformation. As
more traditional banks and FIs integrate AI into their work streams and products, they must
ensure that they break through the noise and educate users about the risks that they are
assuming with new financial products.
Reshaping Finance with AI
Fireside chat with Zhu Guang, Chief Executive Officer, Du Xiaoman Technology
Moderated by Cindy Xu, Managing Director, Head of Asia Fintech and China Financial
Institutions, J.P. Morgan
“There are two criteria for industry transformation with the use of technology. To deliver
significant improvements in customer experience and enhance decision-making
processes.”
Mr Zhu Guang explored how AI is transforming the financial industry, using Du Xiaoman as a
case study for integrating internet big data with financial data to create an enhanced customer
experience.
“Identifying potential customers who can repay loans is crucial in our business,” Mr Zhu stated.
Harnessing machine learning, Du Xiaoman can make decisions quickly in the loan approval
process. To further enhance customer experience, Du Xiaoman has also developed an
innovative robot assistant that monitors the tone of customer service officers and prompts them
to adjust their speech if an unfriendly tone is detected.
Mr Zhu remarked, “The financial industry heavily relies on technology.” While many financial
professionals have utilised large language models for basic tasks like content creation and filing,
there was a breakthrough in this year where these models can think independently and provide
problem-solving insights.
He identified two critical criteria for industry transformation with the use of technology: delivering
significant improvements in customer experience and enhancing decision-making processes.
He concluded Hong Kong has made substantial preparations to embrace AI and blockchain as
a international finance centre; however, the city should focus on attracting talent and fostering
collaboration in the emerging fintech trends like the development of language models.
The Future of Finance is Decentralised: Chainlink's Role in Building a Trustless &
Tokenised Ecosystem
Fireside chat with Sergey Nazarov, Co-founder, Chainlink
Moderated by King Leung, Global Head of Financial Services, Fintech & Sustainability, Invest
Hong Kong, The Government of the Hong Kong SAR
“DeFi only gets to the next level by users of HSBC, Hang Seng, and other large
institutions being able to put their value into those financial products.”
Mr King Leung moderated a fireside discussion with Mr Sergey Nazarov, on digital assets and
connecting traditional finance with decentralised finance. They began the discussion by talking
about Hong Kong’s role as a hub for digital assets and blockchain technology. Mr Nazarov also
noted that Hong Kong’s progressive and open-minded regulatory regime makes it a unique and
strong place for digital assets. He added that the considerable amount of investment from
Mainland China also strengthens the market.
On the future of digital assets, Mr Nazarov said that it was Chainlink’s mission to join the
traditional finance world with the decentralised finance world. He noted that for digital assets to
achieve the next level of success, they have to access the investment that’s currently
inaccessible in traditional value markets.
Finally, Mr Nazarov talked about an ongoing collaboration between SWIFT and Chainlink, which
enables traditional financial institutions to communicate with blockchains through industry-
standard SWIFT messages. He concluded by saying he was encouraged by the trend of assetmanagers supporting digital assets and blockchain technology, seeing it as a leading indicator
of more widespread acceptance from traditional financial institutions in the near future.
Redesigning Finance: Empowering Institutional Investors, Unleashing Stablecoins, and
Ensuring Security & Trust
Fireside chat with Tom Farley, Chief Executive Officer, Bullish
Moderated by Ella Arwyn Jones, Content & Business Director, Haymarket Media
Bullish’s Mr Tom Farley shared his views on how cryptocurrencies like stablecoin are here to
stay.
Despite the market volatility in digital assets over the past three years with the collapse of some
stablecoins and onslaught of fraudulent activities, Mr Farley remarked that “the tide has
definitely turned,” as investments are being made into digital assets, institutions are placing a
focus in the space, and stablecoins are becoming a use case in global trade.
He shared that Bullish has always wanted to be a “compliant, adult, regulated, audited exchange
with a balance sheet that's here for the long term.” As the industry increasingly prioritises
credibility and trust amidst a more regulated environment, the company is keen to become a
serious prospect to obtain full regulatory approval in cities like Hong Kong and Frankfurt.
In terms of the US, Mr Farley remarked that he hopes to see “more reasonable regulations” in
light of progress in other markets like Hong Kong and Europe. He believes bitcoins, stablecoins,and tokens on the blockchain can be auditable, immutable, and trusted, and expressed his
excitement on using blockchain techniques and concepts for payment, particularly in the
proliferation of stablecoin.
FinTech Frontier: Exploring Accelerated Cross-Border Technology Integration
Panel discussion with:
Daniel Chan, Head of Greater Bay Area, HSBC
Helen Wen, Committee Member, Deputy Director General, Associate Director, Bureau Director,
Qianhai Financial Development Bureau
Henry Ma, Executive Vice President & Chief Information Officer, WeBank
Moderated by Carmen Chu, Executive Director (Banking Supervision), Hong Kong Monetary
Authority
In a panel moderated by Mr Daniel Chan, Ms Helen Wen and Mr Henry Ma focused on the
current fintech landscape, opportunities, and challenges in the Greater Bay Area (GBA).
Ms Wen emphasised the Qianhai government's commitment to fostering digital innovation. She
said, “in Qianhai, we provide a 15% tax reduction for qualified corporations, nurturing leading
companies in digital payment and banking.” Apart from the policy in attracting talents, she also
underscored the significance of collaboration between Qianhai and Hong Kong to drive this
innovation forward.
From a banking perspective, Mr Chan highlighted recent trends, noting an 80% increase incross-boundary travel between Hong Kong and Shenzhen, along with a 70% rise in cross-
boundary digital payment usage in mainland China. “With a mix of fintech advancements from
the mainland and international innovation, companies in Hong Kong can offer better solutions
for cross-border payments,” he remarked.
Mr Ma emphasised Hong Kong’s role in the GBA technology integration, stating that Hong Kong
is a window for Chinese companies to reach global markets.
The panel concluded with a shared vision for the future fintech ecosystem, emphasising the
need for regulatory authorities to create a transparent and a flexible environment for the fintech
ecosystem, while private companies collaborate to embrace innovation. By leveraging Hong
Kong as a catalyst for international engagement, it could enable GBA fintech companies to reach
global markets, and attract talent from around the world to the region.
Blockchain & Digital Assets
Token Holders in Control: Governance & Influence in Crypto Derivatives Market
Presentation by Charles d'Haussy, Chief Executive Officer, dYdX Foundation
Mr Charles d’Haussy kicked off the Blockchain and Digital Assets track with his presentation on
Token Holders in Control: Governance & Influence in Crypto Derivatives Market. He highlighted
the specifics of the dYdX chain’s success. In the 11 months since its launch, the fully-decentralised, community-governed ecosystem has facilitated more than US$225 billion in
crypto derivatives trading volume and 145 tradeable markets. dYdX is now considered a leading
DeFi protocol developer for advanced trading in the crypto derivatives market.
In the past month, dYdX also launched dYdX Unlimited, combining the features of an orderbook
exchange and an automated market maker (AMM) to create a more sustainable DeFi
ecosystem. According to Mr d’Haussy, part of this success is thanks to rapid governance
decisions taken at a C-Suite level, active involvement from token holders and proactively
cultivating trust in the offering and the ecosystem, a must for the functioning of any decentralised
ecosystem. DYDX token holders are able to vote on governance decisions being made by the
company and have taken on a more active role especially when it comes to expanding to new
markets, a model through which dYdX has seen a governance participation rate of more than
60%.
Redrawing the Boundaries of Finance Through Tokenisation
Panel discussion with:
Aleck Lee, Chief Financial Officer, First Digital
Ralph Ng, VP, Senior Analyst, Project and Infrastructure Finance Group, Moody's Ratings
Bojan Obradović, Chief Digital Officer, HSBC Hong Kong
Moderated by Clara Chiu, Founder & CEO, QReg Advisory
In a discussion exploring the current state and future potential of tokenisation, Mr Aleck Lee
from First Digital, Mr Bojan Obradović from HSBC and Mr Ralph Ng from Moody’s, agreed on
tokenisation's benefits in efficiency, liquidity, and accessibility, but noted challenges in
interoperability and investor education.Mr Obradović highlighted HSBC’s progress in tokenisation with its tokenised gold offering, while
highlighting challenges in operational management, legal frameworks, and interoperability.
HSBC sees tokenization as a transformative technology for financial services, aiming to reduce
settlement times and improve market efficiency.
Meanwhile, Mr Ng from Moody's discussed his organisation’s risk analysis developments for
tokenised fixed deposits, with a focus on platform, external, and representation risks.
Mr Lee commented on the rise of stablecoins as evidence of the wider transformation potential
of tokenised assets. He added that stablecoins have played a large role in digitisation of real-
world assets, but the potential opportunities and challenges are being continually re-evaluated
as markets are constantly being disrupted. The panel collectively emphasised the need for
market participants to come together and have a consistent approach to risk assessment in the
long-term future of the evolving tokenised securities market.
AI & Advanced Tech
Breaking the Monopoly: Strategic Innovations for Efficient AGI and the Democratisation
of AI Development
Presentation by Yang Hongxia, Professor, The Hong Kong Polytechnic University
In her presentation Prof Yang Hongxia delved into her insights on the current state of AI and
upcoming opportunities in generative AI (GenAI).While significant advancements have been made in AI over the course of past decades,
practitioners “haven’t seen opportunities that are comparable to Web2,” Prof Yang shared, on
the level of impact technology has brought.
She suggested that the most promising future opportunities for GenAI will lie in devices and
enterprise-based AI. GenAI for devices can enhance their capabilities for complex tasks like
real-time translation, while enterprise-based GenAI can streamline processes in decision-
making, task automation, and improve customer interaction for businesses.
Prof Yang believes that current progress in AI development is stalled due to a monopoly in AI
development, as training large language models (LLMs) currently requires centralised and
expensive GPU resources that few tech players can afford. In particular, the progress towards
enterprise-based GenAI is stilted as AI models are being trained through LLMs whose data is
crawled from the general web, resulting in suboptimal performances for financial and medical
enterprises that require specialised contexts.
In response, she and her team are developing a “model over model” paradigm that solves the
current concerns including high costs, latency, and performance; a foundational model
consisting of smaller, domain-specific models that are stacked upon one another, allowing the
foundational model to evolve and grow into a decentralised LLM.
“Decentralised, large language models will be the future of GenAI,” she remarked.
Generative AI for Banking Industry – Unlocking Growth Opportunity vs Optimising Risk
ManagementPanel discussion with:
Alvin Li, Head (Banking Supervision), Hong Kong Monetary Authority
Connie Leung, Senior Financial Services Industry Director, Microsoft Asia
Miles Wen, Co-Founder & Chief Executive Officer, Fano
Moderated by Esther Mai, Head Digital Banking, Client Experience and Analytics Wealth and
Retail Banking, Hong Kong, Standard Chartered Bank
In this panel discussion moderated by Ms Esther Mai, Mr Alvin Li, Ms Connie Leung, and Mr
Miles Wen discussed how to balance the productivity gains of GenAI with the risk involved with
using a burgeoning technology.
Mr Wen noted that the last year has revealed many new use cases for GenAI in banking, but
that they are mostly internal. He noted that AI assistants are helping to serve customers faster
and better, and that AI is crucial for fighting financial crime, helping deal with large caseloads
and identifying deep fakes that humans cannot.
Mr Li noted that regulators do not want to get in the way of these technologies. Mr Li stated that
the HKMA wanted to encourage GenAI adoption without making overly prescriptive rules that
will quickly become outdated. The goal of the HKMA is to facilitate mistakes in a safe
environment and allow information to be shared across the industry. “We want to share good
practices, not have individual banks try and fail in the same way multiple times.”
Ms Leung closed the discussion by noting that maturity is a big part of adopting technology like
GenAI. She noted that every employee should understand the use of GenAI for their own
position. She noted that in order to have full adoption, everyone needed to be involved - from
security to compliance.
AI-Driven Era: Innovation, Efficiency, and Growth
Panel discussion with:
Ian Glasner, Group Head of Emerging Technology, Innovation, and Ventures, HSBC
Michael Yue, Managing Director and General Manager, Google Hong Kong
Peter Lee, Chief Technology Officer & Pre-sales Engineering Leader, Hong Kong, IBM
Moderated by Rebecca Lim, Founder / CEO, AutoML Capital
In the panel moderated by Ms Rebecca Lim, Mr Ian Glasner, Mr Michael Yue, and Mr Peter Lee
offered their views on the most AI’s promising opportunities, difficulties in adoption, and
strategies to overcoming challenges within their respective fields.
Mr Glasner remarked on GenAI’s current shortcomings in performance and accuracy as a major
challenge for the financial sector. “We are in an industry of trust, and we need to make sure that
we're delivering a service that our customers can rely on every single time,” he stated.
Additionally, he commented on society’s need to upskill. “We all need to take it upon ourselves
to focus on how we start to integrate more AI tools into our personal lives, we all need to become
AI literate so we are able to adopt this technology in a vast way.”
Mr Yue sees the “incredible opportunity” for AI adoption especially in Hong Kong, where an
estimated 40% of financial sectors are already using AI – a percentage much higher than that
of many other sectors. He noted that in adopting AI, Hong Kong’s economic benefits will reach
around HK$287 billion by 2030. It is critical, he says, to work with different stakeholders in order
to “realise the full potential of AI to help with businesses and the economies that we live in.”Mr Lee also discussed the potential of AI. “IBM is evolving with the market,” he remarked, where
they have established an AI presence for their clients across finance, governments, and sports
sectors. With mention to Mr Glasner’s remarks on upskilling, he shared that over 50% of IBM’s
280,000+ employees have enrolled into the watsonx Challenge to test their own AI skills.
“Internally, we also want to improve our own AI skills.”
Hong Kong Connects
InvestHK Fintech "Must-know" 2024
Showcases from:
Jonathan Doan, Head Ecosystem, Orbiter Finance (pictured above) and others
Mr Adam Dai, Head of Hong Kong, Safeheron; Mr Jonathan Doan; Mr Qifu Zhong, Partner &
CPO, SlowMist; Mr Steve Shen, Co-Founder & Chief Business Officer, Waffo; and Ms Isabel
Shi, Co-founder & CEO, Bitrace, each took it in turns to showcase their companies and their
innovative contributions to the fintech industry in 2024.
Waffo’s Mr Shen emphasised the company’s mission to revolutionise global payments stating,
“people have thousands of ways to pay, and they want local payment methods.” With emergent
payment systems projected to account for 61% of total online transaction volume by 2027, Waffo
is dedicated to simplifying access to local payment options.Safeheron’s Mr Dai discussed the issue of private key security and noted that “we take privacy
and security seriously.” Safeheron utilises advanced technologies to ensure a zero-point failure
for their clients.
Orbiter Finance’s Mr Doan highlighted the importance of security in fintech, noting that Orbiter
has never been hacked, which positioned them as a leader in secure transactions.
SlowMist’s Mr Zhong said, “we have been battling hackers for years,” with the outline of their
extensive cybersecurity measures and strong partnerships with law enforcement to uphold the
highest standards in security.
Bitrace’s Ms Shi underscored the importance of compliance and trust in the web3 industry. She
pointed out the difficulties in tracing cryptocurrency transactions, which might facilitate criminal
activities. To combat this issue, Bitrace has introduced innovative AI solutions designed to
detect and prevent illegal activities within blockchain transactions.Disclaimers
The views and opinions expressed in Hong Kong FinTech Week are those of the speakers,
commentators, experts and/or hosts/sponsors. While every effort has been made to keep
information current and accurate, they do not explicitly or necessarily reflect, nor represent the
views held by Hong Kong FinTech Week, Finoverse, or the Government of Hong Kong Special
Administrative Region. This conference has been produced to give participants a general
information and a general understanding of the Fintech industry and is not to provide specific
legal or investment advice.
Hong Kong FinTech Week, Finoverse, or the Government of Hong Kong Special Administrative
Region cannot be held accountable for any views expressed during Hong Kong FinTech Week.
About Hong Kong FinTech Week
Hong Kong FinTech Week 2024, organised by the FSTB and InvestHK, and co-organised by
the HKMA, the SFC and the IA, is Asia's global financial technology event for scaling new
heights. It is expected to host over 800 speakers, 700 sponsors and exhibitors, welcoming over
30,000 attendees from over 100 economies to the event. The week-long event will feature a
series of community activities across Hong Kong and Shenzhen, including a GBA Tour, satellite
and networking events, lifestyle activities, workshops, and the world's first-ever Web3x3
Basketball Game.
About InvestHK
InvestHK is the department of the Hong Kong Special Administrative Region Government
responsible for attracting foreign direct investment. It has set up a dedicated fintech team in
Hong Kong to attract the world's top innovative fintech enterprises, start-up entrepreneurs,
investors, and other stakeholders to set up and scale their business via Hong Kong into
Mainland China, Asia, and beyond. For more information, please visit www.hongkong-
Media Enquiries:
Sabrina Lam
+852 3756 8625
Winnie Li
+852 2837 4758
