Hong Kong and Shenzhen fintech industry groups hold joint event as they seek to boost ties and innovation across the GBA
- The FinTech Association of Hong Kong and the Shenzhen FinTech Association have started working together for the first time
- Hong Kong and neighbouring Shenzhen are expected to cooperate more closely to boost science and technology innovation across GBA
Two fintech industry groups in Hong Kong and Shenzhen said they will boost links as the two cities seek closer integration, despite challenges in the Greater Bay Area (GBA) such as restrictions on data flows due to different regulatory frameworks.
The FinTech Association of Hong Kong (FTAHK) and the Shenzhen FinTech Association have started working together for the first time to help their member companies expand in each other’s market, FTAHK chairman Neil Tan and Li Shen, executive vice-president at the Shenzhen FinTech Association, told the Post on Thursday on the sidelines of an industry event co-organised by the groups in Shenzhen.
The FTAHK, established in 2017, has 270 member companies while Shenzhen’s FinTech Association, launched in 2005, has more than a hundred members and also runs a government-funded incubator programme.
The Shenzhen association is hoping that all of its member companies will be able to develop their businesses in Hong Kong, where fintech firms born in the southern tech hub can “learn and understand” the rules of international markets before expanding globally, Li said.
The Shenzhen association is planning, for instance, to send member companies to participate in Hong Kong’s upcoming FinTech Week, an annual conference organised by the SAR government.
The FTAHK will also organise at least two trips to Shenzhen every year with themes including artificial intelligence and Web3, according to Tan.