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Fintech
Opinion
SCMP Editorial
SCMP Editorial

EditorialHong Kong cannot afford to be second best when it comes to fintech

  • Recent successes have been rather limited to payments and transfers when China on the other hand is fast becoming the world’s first cashless society

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Financial Secretary Paul Chan Mo-po, at the opening of Hong Kong FinTech Week in Wan Chai on November 3. Photo: K.Y. Cheng
SCMP Editorial

Hong Kong prides itself on being a fintech hub. On the first “fin” part, there is no doubt. On the second “tech” bit, much work remains to be done.

The Hong Kong FinTech Week that ended last week has exposed both the city’s strengths and weaknesses. Rather than thinking that Hong Kong needs to catch up with fintech, perhaps it’s more accurate to say that fintech is giving the city no choice but to adapt to survive.

Hong Kong’s centrality in the nation’s financial architecture was highlighted at the FinTech conference by featuring Yi Gang, the governor of the People’s Bank of China, as the keynote speaker. It was, of course, also attended by top local officials and bankers, and executives of exciting fintech start-ups from the city and around the world, all eager to take part in the fast-growing Greater Bay Area.
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There have been some recent successes achieved in Hong Kong, and Financial Secretary Paul Chan Mo-po, who attended the event, was more than happy to advertise them. But they have been rather limited to payments and transfers.

David Liao of HSBC (seated) and Alibaba’s Joe Tsai during FinTech Week. Photo: K.Y. Cheng
David Liao of HSBC (seated) and Alibaba’s Joe Tsai during FinTech Week. Photo: K.Y. Cheng
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Fintech is much more than that – artificial intelligence, big data, cloud computing, blockchains and digital currencies. On these fronts, the city is lagging the mainland and most advanced economies.

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