Fintech in Action

The global slowdown caused by COVID-19 disruptions has advanced digital transformation for many businesses. This gave tech-heavy industries like fintech an opportunity to grow and expand. The School launched different activities for both students and industry practitioners to look into the future of fintech in Hong Kong and beyond.

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Published: 10:10am, 14 Jan 2021Updated: 10:10am, 14 Jan 2021

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HKUST x University of Chicago Webinar Attracted 10,000 Viewers

HKUST and the University of Chicago co-presented the webinar “Thrive Amidst Disruptions: The Role of Fintech Post COVID-19” in September. The webinar attracted 10,000 viewers and featured prominent academics and leaders in fintech. Professor KC CHAN of WeLab Bank, Professor HE Zhiguo of the University of Chicago, Alvin KWOCK of OneDegree, and Professor TAM Kar Yan of the HKUST Business School took part. The event was moderated by Benjamin QUINLAN, Chairman of the FinTech Association of Hong Kong.

Topics discussed included competition between traditional banks and virtual banks, trust and security concerns, the public’s sentiment towards fintech, and what is needed to drive the transformation. Although changing the public’s mindset about fintech services takes time, the disruption and changes that the pandemic brought indicates that mindsets can change when forced to do so. Soon, fintech will likely dominate our everyday lives and will exist in the form of a fully digitalized set of financial services.

Activities in Support of HK Fintech Week

Hong Kong Fintech Week is a major annual event led by InvestHK to promote fintech development in the city. With a mission to nurture future talent for the industry, the School organized a series of activities that echoed events in Fintech Week.
These activities included Hong Kong’s First Blockchain-themed Case Competition – the HKUST x HashKey Blockchain Business Model Challenge, which took place on October 30-31. This first-of-its-kind case competition in Hong Kong was joined by 80 students and alumni!

“Fintechstic” was another activity series. Held between October 12 and November 7, Fintechstic was a series of fun-filled activities co-organized by the school, gini and Tap & Go by HKT, with support from AngelHub and InvestHK. Around 200 students and alumni participated in an online quiz challenge, workshops, and a case competition. These month-long activities prepared our young generation for the fast-changing fintech industry and helped them gain a hands-on experience of the latest trends and opportunities.

Industry Report on the Adoption of Virtual Banks and Insurers

To understand the perception of the public towards virtual banks and insurers in Hong Kong, HKUST’s Fintech Research Team launched its second industry report under the Fintech Research Project, “The Adoption of Virtual Banks and Insurers”.

The report features findings from a survey conducted between May and July 2020, and seeks to uncover the opportunities and challenges these virtual service providers face in the early stages of business. The report highlights key observations drawn from over 2,200 respondents in different demographics. A wide range of insights related to public products and service appeal, success factors, and measures to facilitate user adoption, are featured with the aim of supporting virtual banks and insurers who are adapting their business models. The insights will also help them align their branding with the public’s perception of it.

Read the Report:
https://www.bm.ust.hk/en-us/media-resources/overview/publications/reports/issue:3/