Dynamic Hong Kong ‘can own FinTech phenomenon’

Since the arrival of the first ATM, the worlds of finance and technology have become ever more closely linked, creating in the process the need for a special kind of expertise spanning the two sectors.

Recognising this, the FinTech First seminar held on June 10 gave an audience of business school students, MBAs and professionals already working in the field a chance to hear about the latest trends and developments and what they may mean for start-ups, established businesses and general career prospects.

Co-organised by Education Post, the Hong Kong Design Centre and Nest Hong Kong, the event looked at areas of innovation and investment. The well-structured programme also included highly relevant case studies dealing with aspects of cyber security, data privacy and P2P (peer to peer) lending. The two panel discussions gave leading voices the chance to expound their views on the importance of subjects such as “human-centred” design and the value of accelerator programmes in supporting new enterprises and creating jobs.

From left, Guy Parsonage, CEO of Fluid Design; Steve Monaghan, regional director and head of edge (group innovation) for AIA Hong Kong; Mukesh Bubna, founder & CEO of Monexo Innovations; Chelsea Ling, group director, strategic investments and business development, SCMP; Simon Galpin, director-general of investment promotion for Invest Hong Kong; Dr Edmund Lee, executive director, Hong Kong Design Centre; Rob Findlay, SVP, experience design of DBS Singapore; Tim Stock, co-founder & managing director, scenarioDNA, USA; Jack Poon, CEO, AtCipher.com; Dr Wu Po Chi, adjunct professor, School of Business & Management, HKUST; and Razlan Manjaji, business director, digital education business, SCMP.

In his opening remarks, Simon Galpin, director-general of investment promotion for Invest Hong Kong, notes that FinTech is becoming very important as a global phenomenon, with US$3.1 billion of new investment in the sector recorded in just the fourth quarter of 2014.

“Hong Kong now has one of the fastest growing start-up ecosystems in the world,” he says, adding that 74 new FinTech ventures were set up locally last year. That total is sure to have risen to well over 100 by now, besides which 41 of the international “FinTech 100” companies also have a presence and an office in Hong Kong.

“Our job as a government department is really to support companies one-to-one, providing specialist advice and acting as ‘account managers’ over a period of several years,” Galpin says.