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Hong Kong FinTech Week 2024: Over 37,000 Attendees Explore Innovations and Opportunities in Financial Technology.

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Hong Kong FinTech Week 2024: Over 37,000 Attendees Explore Innovations and Opportunities in Financial Technology.
HK

HK

Hong Kong FinTech Week 2024: Over 37,000 Attendees Explore Innovations and Opportunities in Financial Technology.

2024-11-25 15:00 Last Updated At:15:08

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation

Hong Kong FinTech Week (HKFW) 2024 concluded on November 1. The week commenced with the two-day main conference on October 28 and 29, featuring engaging panels, speeches and discussions among government officials, regulators, fintech innovators and industry leaders from around the world.

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Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

The entire week attracted over 37 000 visitors from over 100 economies and featured over 800 distinguished speakers, over 700 sponsors and exhibitors and more than 30 Mainland and international delegations. The annual flagship event was organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), and co-organised by the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), and the Insurance Authority (IA).

Steer the future of financial services

With this year's theme "Illuminating New Pathways in Fintech", the main conference featured eight themed forums on the latest technologies and cross-industry connections. These included the Global Forum; Artificial Intelligence (AI) & Advanced Tech Forum; Blockchain & Digital Assets Forum; Payments & Other FinTech Forum; InsurTech Forum; Green FinTech & Impact Forum; WealthTech & InvestTech Forum; and Hong Kong Connect Forum.

The Financial Secretary, Mr Paul Chan, opened HKFW 2024. He remarked that Hong Kong, with its singular advantages, has attracted fintech start-ups from around the globe. He said, "At present, we house more than 1100 fintech and Web3 companies, an increase of about 15 per cent compared to last year. Hong Kong's open, free and diverse environment, burgeoning innovation and technology ecosystem, full range of funding support, deep talent pool, pro-business and pro-innovation regulatory system, the Greater Bay Area application scenarios, and the ability to connect both China and the world are clear points of attraction."

Looking to the future, as AI and blockchain technologies guide the development of fintech, Mr Chan emphasised the need to promote development while addressing potential challenges. "The Government has rolled out a policy statement to outline our policy stance and regulatory approach towards the responsible application of AI in financial services sector. We will continue to encourage the industry to capture opportunities brought by AI, and assess and mitigate its associated risks. The Government and the financial regulators will work closely with the industry to create a conducive and sustainable market environment," he said with regard to AI.

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, then gave a thorough presentation on the AI policy statement. Mr Hui said, "The Government will work hand in hand with the financial regulators and industry players to foster a healthy and sustainable market environment, thereby enabling the financial institutions to seize the opportunities and adopt AI in a responsible manner. Such efforts will promote the high-quality development of Hong Kong as an international financial centre. There are plenty of AI models and infrastructures available to financial institutions, accounting firms and solution providers. We encourage the financial services industry to make full use of these resources in the market."

New policy address initiatives

The Secretary for Commerce and Economic Development, Mr Algernon Yau, attended the main conference and delivered his keynote address. He introduced Hong Kong's multi-dimensional business advantages and an array of new business-friendly initiatives announced by the Chief Executive in his 2024 Policy Address, such as the recently amended Mainland and Hong Kong Closer Economic Partnership Arrangement, which provides more flexibility and convenience for Hong Kong enterprises (including fintech ones) to invest and do business on the Mainland. In addition, he encouraged fintech companies to set up or expand businesses in Hong Kong to enjoy Hong Kong's advantages and the new initiatives.

The Under Secretary for Innovation, Technology and Industry, Ms Lillian Cheong, shared the initiatives in the Policy Address to fuel the sustainable development of the innovation and technology (I&T) ecosystem, such as the setting up of a HK$10 billion I&T Industry-Oriented Fund and redeploying HK$1.5 billion for optimising the I&T Venture Fund. "Hong Kong's fintech mission continues to gather pace, backed by an I&T ecosystem that is growing in strength. Companies investing in Hong Kong are set to benefit from both the Mainland's unique technological progress and global innovation."

The Director-General of Investment Promotion of Invest Hong Kong, Ms Alpha Lau, also highlighted a series of financial services and fintech key measures from the Policy Address. "We will continue to actively expand and deepen our overseas networks, forge more financial co-operation with the Middle East, North Africa and Turkey region and the Association of Southeast Asian Nations, explore further collaboration with Islamic markets in finance, and organise more international financial mega-events in Hong Kong."

The future of innovative technologies

The Chief Executive of the HKMA, Mr Eddie Yue, highlighted in his keynote speech the importance of embracing the digital frontier to drive the next phase of financial innovation, and shared lessons learned during the HKMA's fintech journey: focus on real-world problems, be bold and be collaborative in driving innovation.

Mr Yue also emphasised two key areas of financial innovation for the next phase: tokenisation and AI. The HKMA is accelerating the development of asset tokenisation in Hong Kong through Project Ensemble to drive innovation in financial market infrastructure and Project Evergreen to promote a wider adoption of tokenisation in capital markets. The HKMA also announced a series of other initiatives covering various areas, including breaking down boundaries for payment, unlocking data potential, and empowering banks to go fintech, to spearhead the journey of fintech development.

The Executive Director, Intermediaries of the SFC, Dr Eric Yip, noted in his keynote address how virtual assets are at the forefront of every financial regulator's agenda today. Hong Kong currently has three SFC-licensed virtual asset trading platforms (VATPs), with 15 more applications being processed. Investors can soon expect more licensed platforms that are compliant with the SFC's robust investor protection measures. Dr Yip also highlighted the SFC's initiatives in fostering a vibrant virtual asset market in Hong Kong, including implementing a swift licensing process for VATPs, establishing an official consultative panel for all licensed VATPs, developing further regulatory building blocks for related regulation, and supporting tokenisation initiatives.

The IA is also launching the Cyber Resilience Assessment Framework under the Guideline on Cybersecurity to bolster insurers' operational resilience and an industry survey in 2025 to facilitate the development of a robust but flexible regulatory framework to spur the fair, transparent and ethical use of AI. With the significant protection gap in Asia, regulators and enterprises should focus on measures that enhance resilience in the face of increased climate and cyber risks, according to the Chief Executive Officer of the IA, Mr Clement Cheung.

Working towards a shared future

Hong Kong's international collaborations shared the spotlight at this year's main conference. In a panel discussion on "Fintech in Hong Kong & the Middle East: New Opportunities", the Under Secretary for Financial Services and the Treasury, Mr Joseph Chan, and Deputy Director General, Financial Sector Development Program of Saudi Arabia, Mr Mohammed AlSarrani shared the benefits of increasing collaboration between the two markets, specifically when it comes to green finance, fintech, Web3, and family offices.

According to Mr AlSarrani, Saudi Arabia's position at the centre of three continents, along with its economic transformation, offers unique investment opportunities for companies and financial institutions in Hong Kong and vice versa. "I believe both Hong Kong and Saudi Arabia offer unique economic landscapes that can benefit significantly from collaboration."

In the panel "Harmonising Regulation & Governance Across Jurisdictions", the Chief Executive Officer of the Virtual Assets Regulatory Authority, Mr Matthew White, and the Minister Counsellor for Economic and Financial Affairs of the European Union, Mr Sabino Fornies-Martinez, discussed how different jurisdictions balance innovation and regulation in the virtual assets industry, with case studies from Dubai and the European Union. Both Mr White and Mr Fornies-Martinez agreed on the importance of international collaboration to avoid regulatory arbitrage and ensure seamless cross-border operations.

The technology opportunities in Mainland China were of specific interest to speakers. In the "FinTech Frontier: Exploring Accelerated Cross-Border Technology Integration" panel discussion, speakers noted an 80 per cent increase in cross-boundary travel between Hong Kong and Shenzhen, along with a 70 per cent rise in cross-boundary digital payment usage in Mainland China. A mix of fintech advancements from Mainland and international innovation companies in Hong Kong can offer better solutions for cross-boundary payments. The panel also emphasised Hong Kong's role in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) technology integration, stating that Hong Kong is a window for Chinese companies to reach global markets. By leveraging Hong Kong as a "super connector" for international engagement, it could enable GBA fintech companies to reach global markets and attract talent from around the world to the region.

Global Fast Track winners

The semi-finalists of the Global Fast Track were also invited to Hong Kong to showcase their business solutions on stage during HKFW, with the grand finale taking place during the main conference.

This year's Global Fast Track Awards was the most competitive ever with over 500 competitors from 56 global economies pitching to be crowned fintech champion. The 2024 edition of the global pitching contest featured five verticals: fintech, artificial intelligence, ESG/green, blockchain, and insurance/healthtech.

The seventh edition of the annual competition announced two winners for the first time, as this year featured two categories:

  • Winner of the Global Fast Track Mainland China Category was: Datatist
  • Shanghai-based AI predictive analytics software solutions for banking and securities clients. Its AI platform comprises hundreds of models to ensure operational effectiveness, while maximising ROI and efficiency.

  • Winner of the Global Fast Track International Category: WeavAir
  • Singaporean provider of cutting-edge environmental, social and governance (ESG) data analytics software specifically designed for financial institutions and fund managers. Its unique platform combines satellite imagery networks, predictive AI models, and decision support systems to deliver real-time, highly accurate data-backed ESG decision-making.

    The Global Head of Financial Services, Fintech & Sustainability at Invest Hong Kong, Mr King Leung, presented the awards to this year's winners and expressed his hope that more emerging start-ups would achieve even greater global success through Hong Kong.

    About Hong Kong FinTech Week

    Hong Kong FinTech Week 2024, organised by the FSTB and InvestHK, and co-organised by the HKMA, the SFC and the IA, is Asia's global financial technology event for scaling new heights. The week-long event featured a series of community activities across Hong Kong and Shenzhen, including a GBA Tour, satellite and networking events, lifestyle activities, and workshop. The event also featured the world's first-ever Web3x3 Basketball Game, hosted by FinTech Basketball League. For more information, please visit www.fintechweek.hk.

    About InvestHK

    InvestHK is the department of the Hong Kong Special Administrative Region Government responsible for attracting foreign direct investment. It has set up a dedicated fintech team in Hong Kong to attract the world's top innovative fintech enterprises, start-up entrepreneurs, investors, and other stakeholders to set up and scale their business via Hong Kong into Mainland China, Asia, and beyond. For more information, please visit www.hongkong-fintech.hk.

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation  Source: HKSAR Government Press Releases

    Hong Kong FinTech Week 2024 illuminates Hong Kong's pathway to fintech innovation Source: HKSAR Government Press Releases

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    Health Officials Urge Elderly to Prepare for Cold Weather Health Risks in Hong Kong

    2024-11-25 14:47 Last Updated At:14:58

    CHP reminds public on precautions against upcoming cold weather

    The Centre for Health Protection (CHP) of the Department of Health (DH) today (November 25) reminded the public, particularly the elderly and people with chronic illnesses, to adopt appropriate measures to protect their health as the temperature in Hong Kong will drop significantly.

    A spokesman for the CHP said that cold weather can easily trigger or exacerbate diseases, especially among the elderly and persons suffering from heart disease, respiratory illness or other chronic illnesses.

    "Elderly people have less insulating fat beneath their skin to keep them warm and their body temperature control mechanism may be weaker. Their body may not be able to appropriately respond to the cold weather," the spokesman said.

    Some senior persons may have decreased mobility, which can in turn impair their ability to generate and conserve body heat. Chronic illnesses, such as hypertension, diabetes and endocrine disorders may undermine the health of elderly people and lower their metabolic rate, subsequently causing their body to generate less heat. Persons with chronic illnesses such as chronic respiratory illnesses or heart disease are vulnerable to disease aggravation due to cold weather.

    The CHP reminded the public, in particular the elderly and persons with chronic illnesses, to adopt the following preventive measures:

  • Take note of the weather forecast. Wear warm clothing, including hats, scarves, gloves and socks accordingly;
  • Consume sufficient food to ensure adequate calorie intake;
  • Perform regular exercise to facilitate blood circulation and heat production;
  • Stay in a warm environment and avoid prolonged outdoor exposure;
  • Use heaters with care, and maintain adequate indoor ventilation; and
  • Seek medical advice if feeling unwell.
  • ​In addition, the public should avoid alcoholic beverages.

    "Drinking alcohol cannot keep you warm. Alcohol accelerates the loss of body heat through dilated blood vessels, resulting in chilling instead," the spokesman said.

    "Parents should ensure that babies are sufficiently warm, but it is also important to keep babies relatively lightly clothed to avoid overheating them," the spokesman added.

    Parents should observe the following safety measures when putting their children to bed:

  • Keep the room well ventilated and at a comfortable temperature;
  • Always place babies on their back to sleep. Leave their head, face and arms uncovered during sleep;
  • Babies do not need pillows. Place babies on a firm and well-fitted mattress to sleep. Avoid soft objects, pillows and loose bedding;
  • Let babies sleep in a cot placed near the parent’s bed; and
  • Maintain a smoke-free environment.
  • In addition, many respiratory pathogens including influenza and SARS-CoV-2 may have increasing activity and community transmission during winter. Seasonal influenza vaccination is recommended for all persons aged 6 months or above, except those with known contraindications. Persons at higher risk of getting influenza and its complications, including the elderly and children, should receive seasonal influenza vaccination early. Please see details of the vaccination schemes on theCHP's website.

    A person who gets influenza and COVID-19 at the same time may be more seriously ill and would have a higher risk of death. It is important for elderly persons, especially those residing in residential care homes, to receive both a seasonal influenza vaccination and a COVID-19 vaccination. They should also receive an additional booster against COVID-19 according to recommendations as soon as possible. The public should also maintain good personal and environmental hygiene against respiratory illnesses and note the following:

  • Surgical masks can prevent transmission of respiratory viruses from ill persons. It is essential for persons who are symptomatic (even if having mild symptoms) to wear a surgical mask;
  • Wear a surgical mask when taking public transport or staying in crowded places. It is important to wear a mask properly, including performing hand hygiene before wearing and after removing a mask;
  • Avoid touching one's eyes, mouth and nose;
  • Wash hands with liquid soap and water properly whenever possibly contaminated;
  • When hands are not visibly soiled, clean them with 70 to 80 per cent alcohol-based handrub;
  • Cover the mouth and nose with tissue paper when sneezing or coughing. Dispose of soiled tissue paper properly into a lidded rubbish bin, and wash hands thoroughly afterwards;
  • Maintain good indoor ventilation;
  • When having respiratory symptoms, wear a surgical mask, refrain from work or attending classes at school, avoid going to crowded places and seek medical advice promptly; and
  • Maintain a balanced diet, exercise regularly, take adequate rest, do not smoke and avoid overstress.
  • Food-borne diseases, particularly those linked to hot-pot cuisine, are also common in cold weather. The following preventive measures should be taken:

  • Wash hands before handling and consuming food;
  • Do not patronise unlicensed vendors or those with poor hygienic standards while selecting food;
  • Wash and cook all food thoroughly;
  • Vegetables should be washed thoroughly in clean running water before cooking and consumption. When appropriate, scrub vegetables with hard surfaces with a clean brush to remove dirt and substances, including pesticide residues and contaminants, from the surface and crevices;
  • Shrimps should be fully cooked until the shells turn red and the flesh turns white and opaque;
  • For shellfish such as scallops and geoduck, scrub the shells thoroughly and remove internal organs;
  • Do not eat any undercooked freshwater aquatic products. To ensure that the food is thoroughly cooked, the centre of the food should reach a temperature of at least 75 degrees Celsius so as to destroy pathogens;
  • Most hot pot ingredients should be stored in a refrigerator at 4 degrees Cor below, while frozen food should be stored in a freezer at -18 degrees Cor below;
  • Never use raw eggs as a dipping sauce for hot pot; and
  • Use different sets of chopsticks to handle raw and cooked food to avoid cross-contamination.
  • ​In addition, when using fuel-burning appliances, especially in indoor areas, the public should ensure adequate ventilation to avoid harmful exposure to carbon monoxide (CO) and prevent CO poisoning.

    For more health information, the public may call the DH's Health Education Infoline (2833 0111) or visit theCHP's websiteandFacebook Fanpage.

    The public may also call Dial-a-Weather (1878 200) or visit thewebsite of the Hong Kong Observatoryfor the latest weather information and forecast, or itspage on Weather Information for Senior Citizens.

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