HONG KONG Fintech Week 2019 summary of activities from the Fintech Power 50: 1,000+ Annual Guides, fintech video interviews shot, 15+ partnership meetings.

HK Fintech Week 2019 Asia’s most anticipated international financial technology event of the year, which brings together thousands executives, entrepreneurs, investors and regulators from China, Asia and across the world. Join us and explore Asia’s most innovative FinTech destinations – Hong Kong, global financial center, and Shenzhen, China’s Silicon Valley.

the Fintech Power 50 team was keen to demonstrate the value of our media partnership to the organisers, our members and our partners. As a result, our co-Founder and COO Mark Walker, along with a video production team, where extremely busy roaming the exhibition floor, connecting with delegates, and hosting a number of insightful video interviews with speakers, exhibitors and staff members.

Once again, we were privileged to host a number of video interviews with some incredibly passionate, experienced and opinionated fintech leaders from all over the world. 

You can now view the full list of video’s HK Fintech Week Playlist  

DAY ONE HIGHLIGHTS

It was hats off to sync., billed as the world’s first smart bank. Sync. was announced as the winner of the inaugural FintechHK Global Competition, organised by Alibaba Entrepreneurs Fund and Invest Hong Kong, earning it an investment commitment worth up to half a million US dollars.

 

Hong Kong SAR Financial Secretary, Mr. Paul Chan, started proceedings on the Global Stage with a welcome. He highlighted the virtual banks and open APIs, launched by 20 retail banks, as game-changers. While acknowledging Hong Kong’s current challenges, he emphasised the competitiveness of the city, the commitment to the dollar peg and free flow of capital. He added that Hong Kong and Shenzhen work together – they are not rivals – in order to drive fintech for the Greater Bay Area’s 71 million consumers.

 

Hong Kong SAR Financial Secretary, Mr. Paul Chan, started proceedings on the Global Stage with a welcome. He highlighted the virtual banks and open APIs, launched by 20 retail banks, as game-changers. While acknowledging Hong Kong’s current challenges, he emphasised the competitiveness of the city, the commitment to the dollar peg and free flow of capital. He added that Hong Kong and Shenzhen work together – they are not rivals – in order to drive fintech for the Greater Bay Area’s 71 million consumers.

On the Growth Stage, the main theme on payments and remittances inevitably covered emerging markets in the region, where many Asians are underserved by financial services companies, creating an opportunity for fintech companies.

Regional Managing Director of GrabPay, Huey Tyng Ooi, noted that more than 70% of Asians are underbanked and underserved. She said that GrabPay is striving to make peoples’ lives better by providing driver-partners with accessible microloans, insurance and, in the pipeline, wealth products.

DAY TWO HIGHLIGHTS

The recurring theme throughout the day was that while technology is blurring or breaking through boundaries and upending the world around us, it’s important not to forget that it should only be a tool to help improve lives for people.

In the first morning session on insurtech, Clement Cheung, CEO of Hong Kong’s Insurance Authority, said that while Hong Kong ranks second globally in terms of density of providers and penetration of coverage, those numbers belied deeper structural issues. Insurtech offered the key to healthy development of the city’s insurance landscape, improving coverage and product balance, financial inclusion and – ultimately – social harmony.

Charles Hung, CEO of Blue, said: “The best insurer overall is thinking about what the customer needs on their journey, whether that means digital or not… By selling insurance online, you are not a digital insurer. You need to address market pain points in a meaningful way.”

That was a theme picked up on by Ricky Knox, Co-Founder of Tandem Bank, who cautioned against the idea that despite rapid growth in customers – 8 million in the UK out of an adult population of 40 million – digital banks will easily supplant the bricks and mortar model of the incumbents. “It really is a minority sport to be closing your old bank account,” he said. Alex Twigg, Co-Founder of Judo Bank, said virtual banks should aim to be good at one service first and try to diversify their services later.

Hong Kong Stage Roundup…

Though Hong Kong is a small portion of the GBA overall population, Head of Employee Benefits AMTD Group, Betty Ho, stressed the growth potential for digital insurance in Hong Kong. “The Hong Kong market is still one of the largest and fastest growing, and there is still an opportunity to grow both direct and digital insurance sales.”

HONG KONG Fintech Week 2019: Social Media Activity

In addition to all the scheduled and impromptu meetings and interviews during HONG KONG Fintech Week 2019, we also made sure to maximise the visibility of the event and our activities on social media. 

I’d like to share with you a few stats from our twitter coverage (not including our partners and members’ own tweets using different hashtags…):

  1. 75+ new tweets from our h twittter account
  2. 80+ RTs via our twitter account
  3. 85+ new tweets from our TFP50 members
  4. 1500+ favourites
  5. 275+ RTs

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