The FinTech Association of Hong Kong, which has grown to represent over 1,000 members and 160 organisations, has marked its first anniversary.
The growth of the not-for-profit organisation, which was set-up in June 2017 with goals to advocate, collaborate and educate, reflects the fast developing FinTech ecosystem in Hong Kong.
Henri Arslanian, Chairman of the FinTech Association of Hong Kong, said: “Whilst I am proud of the milestones that the Association has accomplished in its first year, a lot of work remains to be done to give Hong Kong the FinTech Association that it deserves.”
The Association has had a very active first year of existence.
On the advocacy front, it provided comments on behalf of its members to important regulatory consultations, including to those on virtual banking and Open APIs. It also published numerous best practice guides, including about token sales and an upcoming guide to ethics and standards in Artificial Intelligence.
From a collaboration perspective, it entered into partnerships with many local organisations including Cyberport and Hong Kong Science Park, and organised demo days to connect FinTech start-ups with financial institutions in Hong Kong.
In meeting its education goal, it held workshops for regulators on topics like cryptocurrencies and robo-advisors, and worked with local universities to support FinTech programmes and promote careers in the industry.
“The FinTech Association of Hong Kong has had a productive first year and has become a vital part of the local FinTech ecosystem,” said Charles D’Haussy, Head of FinTech, Invest Hong Kong.
“Our mission is to be the voice of the FinTech community in Hong Kong,” added Arslanian. “That includes representing not only promising start-ups and passionate individuals but also financial institutions and service providers.”
The FinTech Association of Hong Kong is run by an elected board of directors and serves its members via 15 different committees that range from artificial intelligence and blockchain to digital banking and cyber security.
Over its first year, the Association has:
- Represented the community with government authorities, including the Hong Kong Monetary Authority, the Securities and Futures Commission, the Mandatory Provident Fund Schemes Authority and the Insurance Authority.
- Participated in numerous regulatory consultations including on virtual banking and Open APIs
- Led closed door sessions between regulators and the industry
- Advocated for higher standards within the community itself, with the launch of a whitepaper on best practices in token sales and an upcoming paper on ethics and standards in Artificial Intelligence
- Signed Memoranda of Understanding with seven other FinTech associations, including Singapore, Taiwan, Japan, Switzerland and Australia, with ten more in discussion
- Entered into partnerships with local organisations to promote the startup and technology ecosystem: Hong Kong Science Park, Cyberport, WHub, Metta and Hong Kong Internet Finance Association
- Partnered with Hong Kong FinTech week and over 20 other major events
- Launched new committee to focus on Hong Kong’s role in the Greater Bay Area scheme
- Held demo days to connect FinTech start-ups with corporates on specific areas such as InsurTech and KYC/AML
- Organised events attended by over 2,000 people
- Worked with universities to support FinTech programmes and promote careers in the industry: University of Hong Kong, Chinese University of Hong Kong, Hong Kong University of Science and Technology and Lingnan University
- Participated in the HKU FinTech Massive Open Online Course, with Chairman and Committee Co-Chairs actively contributing
- Held workshops for regulators on cryptocurrencies and robo-advisory
- Organised summer internship programme for SMEs and start-ups
- Hosted seminars and events to promote greater financial technology literacy amongst the wider community