Hong Kong’s Fintech ecosystem is reportedly focusing on growth plans across Greater Bay, along with closer cooperation with Shenzhen.
As first reported by the SCMP, the Fintech association intends to further expand its operations and programs in the Greater Bay Area, according to Chair Lareina Wang.
Hong Kong’s fintech ecosystem is focused on further expanding its scale of programs as various opportunities from the Greater Bay Area as well as the cross-border investment Connect schemes bring in key participants to the city, its head revealed.
They noted:
“We are seeing more rapid developments in the GBA,”
Lareina Wang, the chairperson of the FinTech Association of Hong Kong (FTAHK) revealed that they are seeing steady developments in the Greater Bay Area (GBA).
The Connect schemes, particularly following the launch of Wealth Management Connect, have been picking up more momentum in the economic area, she said.
The association now intends to enhance its ongoing relationship with Shenzhen, the mainland’s tech hub in southern Guangdong province, stated Wang, who is currently head of digital and innovation at DBS Bank Hong Kong, a division of the largest banking group in Sngapore.
The FTAHK is expected to pay a visit to Huawei’s R&D institute, located in Dongguan, which a key city in the province, in September of this year. This will reportedly take place during an event managed by the two Fintech ecosystems groups, Wang said.
The FTAHK intends to have a greater impact on the vibrant industry and increase its range of activity, explained Wang.
The FTAHK is reportedly eager to have more influence across “everything GBA for fintech,” stated Wang.
The Shenzhen FinTech Association has become a “natural partner,” she revealed in an interview and statements shared with the SCMP.
The FTAHK, formed back in 2017, has reported steady growth. At present, it has around 300 corporate members. Its Shenzhen unit reportedly signed about 180 members.
Government bodies have also launched various initiatives to support Fintechs in the GBA area, Wang shared.
She added:
“For any fintech, and banks included, to be able to offer a seamless experience across different sites, data is a must.”
Wang further noted that the FTAHK aims to bring on additional mainland China members to represent the various Fintech entities in Hong Kong. This may also include supporting more events and media publications in Mandarin as well as introducing a WeChat account to strengthen its connections with the GBA Fintech industry.