Once upon a time, my teacher taught me that Hong Kong is an international financial centre. Every day, we enjoy economic success with a highly competitive business environment. But today, Hong Kong is being left behind in the fin-tech revolution. Singapore is ahead and moved aggressively with lots of support in spending and regulations. Mainland China’s fin-tech companies’ large customer-base has allowed them to grow in a manner that Hong Kong’s firms are not able to.
It is no question that here is the challenge: Hong Kong’s risk-averse culture is a big obstacle for the fin-tech industry from moving fast enough. As an IT consultant, I heard a lot of friends who work in the banking industry worry about being digitally disrupted by the fin-tech innovation, such as blockchain, Bitcoin and mobile payment. They are facing the loss of their jobs, while big corporations are falling behind and not adapting to change.
But here is a choice: Hong Kong has lots of innovative and creative people. We have diverse thinkers, builders and leaders. We can bring together awesome teams that inspire and help to create the world’s best fin-tech scene. It is time to raise our awareness and reimagining what’s possible with the power of financial technology to help companies make meaningful positive change.
And here will be the outcome: We shepherd global financial technology toward a human. With the recent regulatory sandbox policy applied, it would allow startups to test their models in the market. These financial technologies would be created to benefit people’s lives globally. Together we’ll use the language and tools of fin-tech to transform the way we build future commerce in Hong Kong.