Hong Kong draws financial experts and start-ups

More than 130 policymakers, financial and business leaders, and heavyweight investors, and over 3,300 participants from around the world gathered at the 12th Asian Financial Forum, a leading financial industry event, in Hong Kong on January 14 and 15. Under the theme "Creating a Sustainable and Inclusive Future," this year's forum explored a series of issues related to the new economy and FinTech. The debut FinTech Showcase gave a chance for international financial institutions and technological enterprises to present their innovative solutions. Hong Kong’s Chief Executive Mrs Carrie Lam, the Financial Secretary, Mr Paul Chan and the Secretary for Financial Services and the Treasury, Mr James Lau attended the event and took the opportunity to promote Hong Kong's strengths as a global financial centre.

While noting that the trade discord between the two largest economies in the world and uncertainties in other parts of the world had created considerable challenges ahead, Mrs Lam emphasised she was confident that Hong Kong, by leveraging on its solid foundations and proactive policies, will turn some of those global challenges into opportunities. The financial industry is one of the city’s economic pillars, contributing almost 19 percent of its gross domestic product in 2017.

From October 29 to November 2, Hong Kong hosted the world's first cross-border FinTech event. It took place in Hong Kong as well as in the neighbouring city Shenzhen. Presented by Invest Hong Kong (InvestHK), FinTech Week drew more than 8,000 attendees from over 50 economies, more than 260 world-class speakers, 100 exhibitors, 60 start-ups and 1,000-plus business matching meetings. In his keynote speech at FinTech Week, Financial Secretary Mr Paul Chan highlighted the rapid growth of Hong Kong's FinTech sector, including some of the very recent developments, reinforcing the message behind InvestHK's new tagline for FinTech in Hong Kong: "Launch, Leap, Lead".

The cross-boundary event provided an excellent opportunity to showcase the unique role of Hong Kong as a springboard for Mainland FinTech firms to 'go global', and for global FinTech firms to enter the Mainland market. The Guangdong-Hong Kong-Macao Greater Bay Area consists of nine cities and two special administrative regions with a population close to 70 million – a huge market with a wealth of talent and professionals in innovation and technology as well as financial, legal and professional services.

Last but not least, StartmeupHK, a week-long event to help founders of innovative start-ups from overseas to set up or expand in Hong Kong, was held at the Hong Kong Convention and Exhibition Centre from January 21 to 25. The festival was organised by InvestHK, and drew well over 17,000 delegates and more than 300 speakers, presenters, panellists and performers to the city. A key feature of the StartmeupHK Festival is that it brings together multiple sectors within the technology and start-up community not just from Hong Kong, but from around the world, to exchange ideas and do business.

Hong Kong’s strong focus on nurturing start-ups as well as enduring efforts to foster its start-up ecosystem already pays dividends. Associate Director-General of Investment Promotion at InvestHK Mr Charles Ng said, "Hong Kong's start-up ecosystem grew 18 percent year-on-year to 2,625 start-ups in 2018, while the number of jobs created rose a remarkable 51 percent to 9,548. More than a third of the start-up founders are from outside Hong Kong.”