Just in case you got distracted by a financial services regulatory infrastructure for the U.S. that is being remade in the image of Trump, Hong Kong’s financial services community has some news.
In fact, the FinTech Association of Hong Kong (FTAHK) had its official launch on June 28, underscoring the point that financial IT innovation is no longer restricted to New York City and its concrete canyons or Silicon Valley in Northern California.
According to official reports, the launch had more than 300 guests “from across the local fintech, financial and wider business community” to celebrate the not-for-profit, member-driven association.
Association officials put out a list of its goals, intended to bolster the development of Hong Kong as a leading FinTech center. The new group will:
- Facilitate “the unified voice for the Hong Kong FinTech ecosystem;”
- Pull together the diverse parts of the community;
- And learn from “existing leaders and nurture the next generation of talent.”
There will be committees taking on key sectors such as:
- Artificial intelligence;
- Big data;
- Regulatory tech;
- and financial literacy.
Each committee will be “led by volunteers from each field, the committees bring together interested parties from across Hong Kong and beyond to facilitate, mentor and educate on their subject areas,” say association officials.
The FTAHK membership includes startups, “passionate individuals,” global financial institutions and service providers. The group is led by a volunteer group of board members from the FinTech community who care about “the future of fintech in Hong Kong, greater China and Asia.”
Given the unpredictability of the Trump Team and the Brexit messes to come, Hong Kong may find itself well positioned for a few breakthroughs.
On its website, FTAHK officials argue the city-state is “one of the world’s most influential and active financial centers, located at the intersection of China, Asia and the rest of the world.”
The group also points out that Hong Kong “houses a broad and diverse fintech community and exports fintech developments globally” and is known for being “one of the most connected and sophisticated cities in the world with a well-educated, increasingly affluent population and a long tradition of entrepreneurship.”
As for deliverables, FTAHK is expecting that it will moving ahead via “initiatives such as the regulatory sandbox and fintech innovation hub jointly developed by Hong Kong Monetary Authority and the Hong Kong Applied Science and Technology Research Institute (ASTRI).”
Another key step will require the association to take on “the city’s regulatory framework both to give greater clarity to businesses looking to set up in the city and to update rules in order to bring them into line with new business practices while continuing to offer strong investor and consumer protection,” FTAHK officials say.
Keep an eye on Hong Kong, I’d say.