FINT E C H
“The government is working diligently to foster an ecosystem more conducive to fintech innovation”
Four of the city’s major universities 30
– Hong Kong University of Science and Technology (HKUST), Chinese University of Hong Kong (CUHK), Hong Kong Polytechnic University (PolyU) and University of Hong Kong (HKU) – now also offer fintech programmes. Among these is Asia’s first
Fintech Massive Open Online Course (MOOC), which HKU launched in November last year and has currently topped 20,000 registrations in 190 countries. The Hong Kong government has also taken steps to
develop talent in the city, notably with the launching of the Technology Talent Admission Scheme (TechTAS), which is designed to accelerate the admission of research and development talent from overseas and the Chinese mainland. Set to run on a pilot basis for three years, the scheme will allow for a maximum of 1,000 people in the first year. There is still room for local talent to grow, of course.
Storiqa’s team in Asia-Pacific now includes nearly 50 employees, though the actual development of the platform is being done entirely in Russia. “Blockchain talent is scarce and the development is better centralised in Moscow to ensure that development speed and integrity is adhered to,” says Galkin. Qu agrees that, while Hong Kong has a robust financial
system, there remain areas where the city needs to progress when it comes to developing fintech. “We need to pay close attention to the ‘tech’ part of fintech,” he says. “Depending on your perspective, Hong Kong’s capacity for technological innovation is either a challenge or an opportunity. “Some of Hong Kong’s universities have strong science
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and technology faculties, but aren’t as skilled at developing research and innovations for commercial use. More may need to be done to drive technological innovation.” For its part, the government plans to introduce further initiatives. Te HKMA, for instance, announced in
July its plans to launch an academy of finance, set up in collaboration with the Financial Services Development Council, the financial sector, tertiary institutions, professional training bodies and regulators. Among the academy’s stated goals would be the promotion of financial leadership development. “In this competitive environment, Hong Kong’s
government is working diligently to foster an ecosystem more conducive to fintech innovation,” says d’Haussy.
FINANCIAL FUTURE In September last year, the government allocated HK$2 billion (US$256 million) to launch the Innovation and Technology Venture Fund (ITVF) to encourage investment in local innovation and technology start-ups. This has been further bolstered by the allocation of
HK$10 billion (US$1.27 billion) for general information technology development and innovation, representing a significant portion of the government’s massive HK$92 billion (US$11.7 billion) budget surplus last year. On top of that, an additional HK$500 million (US$64 million) has been allocated to the development of financial services – including fintech – over the coming five years. And at the end of October, Hong Kong’s fintech space
will see its next major boost, when some 8,000-plus delegates are expected to descend on this year’s Hong Kong Fintech Week conference. Run by InvestHK and set to be the world’s first ever cross-border fintech conference, this year’s event is scheduled to take place in locations across both Hong Kong and Shenzhen for the first time. While Hong Kong still has room to develop, InvestHK’s
d’Haussy remains optimistic about the city’s future role as a hub for fintech. “Going forward, government bodies will continue to facilitate industrial development, while the private sector will expand and scale its business in Hong Kong organically thanks to the vibrant market here.”
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