Hong Kong's Faster Payment System (FPS) has recorded over 18 million registrations as of October this year, processing an average of more than 2 million transactions daily with a total transaction value exceeding HK$16 billion ($2.05 billion), Hong Kong Secretary for Financial Services and the Treasury Christopher Hui Ching-yu told a summit on Wednesday.

Hui emphasized that the Hong Kong Special Administrative Region government has continuously intensified its efforts to advance fintech development in recent years, including upgrading financial infrastructure, cultivating a vibrant and diverse ecosystem, nurturing talent, and strengthening cross-border collaboration, particularly within the Guangdong-Hong Kong-Macao Greater Bay Area. “Hong Kong is now home to over 1,200 fintech companies, including eight digital banks, four virtual insurers, and 11 licensed digital asset trading platforms,” he said.

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“As digitization accelerates, one of the key trends is the seamless transition and integration between the traditional banking model and the fintech world. This shift is largely driven by investors and their growing interest in such developments. It's definitely an opportunity, but I also feel a sense of threat that I am not moving fast enough to fully capture it, ” said Amy Lo, chairman of UBS global wealth management Asia.

"Talent is the cornerstone of any successful innovation hub, and this is especially true for the fintech sector," Hui added. He highlighted the pilot scheme on training subsidy for fintech practitioners launched by the government in September 2022. As of October this year, approximately 730 practitioners have enrolled in relevant courses, equipping themselves with the skills needed to thrive in this rapidly evolving field.

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Hui also detailed Hong Kong's initiatives to deepen collaboration with the Chinese mainland. He highlighted the recently announced "Action Plan for Jointly Building Hong Kong-Shenzhen Global Fintech Hub," developed by Hong Kong's Financial Services and the Treasury Bureau and Shenzhen's Municipal Financial Regulatory Bureau. The plan leverages Hong Kong's strengths in fintech innovation and Shenzhen's expertise in industrial finance. It focuses on key areas such as digital finance, technology-driven finance, green finance, inclusive finance, and pension finance, with the aim of establishing a world-class fintech hub.

Co-organized by Bloomberg, the Hong Kong United Youth Association, and the Hong Kong Monetary Authority, the Greater Bay Area Fintech Talent Initiative invited students from Hong Kong and Shenzhen to participate in cross-border training, corporate visits, and other activities. The goal is to provide a platform that blends fintech education with practical application, fostering digital transformation and enhancing connectivity within the Greater Bay Area.

Contact the writer at akirawang@chinadaily.com