Illuminating New Pathways in Financial Technology

SFST’s opening remarks at press conference on Hong Kong FinTech Week 2024

Following are the opening remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the press conference on Hong Kong FinTech Week 2024 today (October 8):

Alpha (Director-General of Investment Promotion at Invest Hong Kong, Ms Alpha Lau), distinguished guests, ladies and gentlemen,

Good afternoon and thank you for joining us today. It gives me great pleasure to unveil the official details of this year’s much-anticipated Hong Kong FinTech Week, carrying the theme “Illuminating New Pathways in Fintech”.

This year marks the ninth edition of our flagship event, standing at the vanguard of the global fintech revolution. I have had the good fortune to witness the remarkable growth and evolution of our Hong Kong FinTech Week over the years. The conference this year further encapsulates the global paradigm shift, with emerging technologies driving the spirit of change.

I have made it a tradition to announce a new policy statement and new initiatives during the FinTech Week, sharing with our global audience the Government’s vision and mission in taking forward market development together with the industry. In 2022 we announced the groundbreaking Policy Statement on Development of Virtual Assets in Hong Kong, and last year we shared the plan to develop a new integrated fund platform for our market. This year is no exception, and we are set to announce a policy statement for responsible use of artificial intelligence (AI) in our financial services sector. This will be another important announcement from us elaborating our policy stance on this topic of global importance and interest.

Hong Kong FinTech Week welcomes top technology leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape. We are set to showcase the individuals, rising stars, and innovations propelling advancements in efficiency, scalability, and sustainability worldwide. During the event, we will explore how entrepreneurs and corporations are leveraging frontier technologies like AI, tokenisation, and Web3 to craft innovative business models and capitalise on Asia’s economic ascension.

Hong Kong always shows resilience and strength during challenging times. Our city has recently been ranked third in the latest Global Financial Centres Index around the globe and first in the Asia Pacific Region. In terms of fintech, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally. This reflects the concerted efforts of the Government, financial regulators, and industry players to promote fintech development in Hong Kong. Over the past few months, we have introduced various initiatives to further cultivate a vibrant ecosystem for fintech innovation, including expanding the cross-boundary e-CNY pilot in Hong Kong, launching the new Generative AI Sandbox, as well as commencing phase 2 of the e-HKD Pilot Programme, just to name a few.

With its strategic location and robust financial infrastructure, Hong Kong emerges as a “super connector” and “super value-adder” for fintech. Hong Kong is primed to lead this transformative journey to uncover the pathways to opportunities. Notably, we’ve witnessed strong interest from the Mainland’s big tech companies showcasing their latest innovations, underscoring how Chinese technology is shaping global finance’s future through cross-border collaborations and cutting-edge technology integration.

The Mainland aside, Southeast Asia’s rising stars will be present to showcase their tailored solutions for the region’s unique markets, sharing success stories of fintech solutions crafted to meet the region’s distinctive market needs. These vibrant discussions will highlight Southeast Asia’s growing influence in the global fintech arena. The Middle East will also bring a wealth of strategic insights to the table, fostering innovation collaborations between Hong Kong and the region.

Hong Kong FinTech Week 2024 promises to be a melting pot of ideas, innovations, and collaborations for global communities. Attendees will have the opportunity to explore how frontiers like AI, tokenisation, blockchain, and green tech are tackling real-world challenges nowadays.

Another standout feature of the week is the Greater Bay Area day visit, an exclusive tour inviting international financial leaders, investors, and tech founders to explore the innovation ecosystems across Guangzhou, Shenzhen, and Hong Kong. This excursion will facilitate collaboration, knowledge sharing, exploration of investment prospects, and meaningful dialogues, fostering a day of productive networking.

Through various initiatives aimed at attracting and retaining strategic companies and talent, we are ready for positive results from the FinTech Week. The event this year will pave the way for connected, efficient, and sustainable global economic growth from fintech offerings. I therefore extend a very warm welcome to all of you to join us. Thank you.

TD urges public and motorists returning to Hong Kong to travel outside peak periods as far as possible

The Transport Department (TD) today (October 12) urged members of the public who drive their private cars to and from the Mainland/Macao to note that it is anticipated more inbound cross boundary vehicles will travel via the Hong Kong-Zhuhai-Macao Bridge (HZMB) tomorrow (October 13). Members of the public are advised to plan their journeys ahead and travel outside peak periods as far as possible in response to the inbound travel peak after Chung Yeung Festival.

The public can make use of the TD’s HKeMobility mobile application to access the snapshots of traffic conditions at the inbound and outbound vehicle plaza of HZMB Hong Kong Port. They can also check the real time situations of the vehicle clearance plaza of HZMB Zhuhai Port through the WeChat official accounts (or visit traffic-info.gzazhka.com:5015/#/).

The TD has worked with relevant Mainland authorities and operators to formulate plans to strengthen services at various ports, including increasing the frequency of the HZMB shuttle bus (Gold Bus) and the Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus), as well as arranging dedicated public transport lanes at the HZMB Port, Lok Ma Chau/Huanggang Port and Shenzhen Bay Port as necessary, with a view to ensuring smooth public transport operations. Subject to actual traffic conditions, special traffic arrangements may be implemented at Lok Ma Chau Control Point and Shenzhen Bay Port to facilitate public transport vehicles to enter the above control points smoothly. Motorists are advised to pay special attention to variable message signs and traffic signs along the road.

In addition, the TD has approached various public transport operators proactively to enhance the capacity, and reserve vehicles and manpower to meet the travel needs of visitors. Among them, the MTR will enhance train service of railway lines (including East Rail Line) until October 13, with a total of about 950 extra trips, so as to facilitate the travelling of local residents and visitors.

The TD’s Emergency Transport Co-ordination Centre operates 24 hours to closely monitor the traffic and transport situation of various districts, boundary control points and major stations, and implement response measures where appropriate. Members of the public are advised to keep in view the latest traffic news through radio, television broadcasts and the TD’s HKeMobility mobile application.