Hong Kong Fintech Week, the town’s flagship fintech occasion, happened from 31 October to 4 November on the Hong Kong Conference and Exhibition Centre.
With the theme of ‘Pushing Boundaries, Reaping Advantages’, the five-day occasion attracted greater than 20,000 attendees from over 80 international economies placing a concentrate on the rise of Web3 and metaverse applied sciences.
The convention
Opening HKFTW2022 Paul Chan, Monetary Secretary of Hong Kong Particular Administrative Area (HKSAR), outlined a spread of measures to develop the digital property business within the metropolis driving its development as a global cryptocurrency hub.
He mentioned: “Our coverage stance on digital property is now clearly communicated to the worldwide markets and it serves to exhibit our dedication and dedication to discover monetary improvements along with the worldwide virtual-asset group.”
Chan was adopted onto the worldwide stage by Eddie Yue, chief govt of the Hong Kong Financial Authority. He described how fintechs within the area are progressing with fast-evolving blockchain protocols to create services or products by means of crypto, stablecoins, NFTs, DeFi and the metaverse.
“Over time, it has turn into obvious that these improvements, particularly the applied sciences and enterprise innovation underpinning them, are right here to remain and can naturally develop in a wholesome monetary system like Hong Kong’s. They’ve the potential to enhance efficiencies, cut back middleman value and promote innovation.”
On day two, Algernon Yau, Secretary for Commerce and Financial Growth of HKSAR, talked about in his opening keynote deal with how funding help has been elementary for SMEs to develop, and for fintech startups and enterprises to scale. Whereas Clement Cheung, CEO of Insurance coverage Authority, described insurtech as a driver of transformation.
HKFTW 2022 Highlights
On day one, organiser Finoverse (beforehand FINNOVASIA) revealed its enlargement into North America, the Center East and the size up into Web3. This follows a partnership with The Securities Fee of The Bahamas and Authorities of The Bahamas, to host a worldwide fintech and Web3 Competition on 24 to 26 January 2023 in Nassau.
Highlighting the enlargement and development, the corporate additionally pronounces the completion of an intensive rebranding effort unveiling its new model id, emblem and identify – Finoverse. The brand new model represents the brand new chapter for the corporate, which has pushed the expansion of Hong Kong’s and Asia’s fintech ecosystem since 2015.
HKMA revealed it will make use of an anti-money laundering (AML) suptech software, utilizing granular information from a number of banks for the primary time, to check how community evaluation on mule accounts can help in understanding how and the place dangers transfer throughout the banking sector, with a purpose to forestall financial institution accounts from being abused for fraud and defend clients from monetary crime losses.
The HKMA can be piloting a tokenised authorities inexperienced bond issuance to check out using distributed ledger expertise to situation bonds in Hong Kong.
