Published: 11:48, November 2, 2022 | Updated: 12:13, November 2, 2022
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HK’s fintech sector delights global executives
By Liu Yifan and Zhang Tianyuan in Hong Kong

Visitors walk past a metaverse stand during Fintech Week 2022 in Hong Kong on Nov 1, 2022. (PETER PARKS / AFP)

Hong Kong Fintech Week shows how the city has bounced back to international fintech executives, who regard “the timely event” as a golden opportunity to seek partnerships and investments in Hong Kong.

Inaki Amate, chairman of the European Chamber of Commerce in Hong Kong, said the fintech week has been a massive success and a sure sign that Hong Kong is getting back to its old self. 

“We all need to work hard to get the message out and convince the rest of the world,” Amate said on Tuesday.

Richard Abrahams, CEO of investment firm Magpie Securities, said the fintech week is “a timely event” for the city with an excellent array of speakers across all aspects of the industry, regulatory, traditional finance and innovators. 

“It’s very important to show everyone that Hong Kong is open for business, and the market for financial innovation in the Asia region with strong backing from the government,” Abrahams said.

Secretary for Commerce and Economic Development Algernon Yau Ying-wah said that now is “the perfect time” to expand the fintech business in Hong Kong after compulsory quarantine measures were eased in September and Chief Executive John Lee Ka-chiu announced many new supporting measures in his Policy Address.

Yau said the Hong Kong Special Administrative Region boasts overriding advantages in developing fintech, including its gateway position connecting the Chinese mainland with global markets and the opportunities under the country’s national development plan.

Describing Hong Kong as a thriving hub for fintech companies, including fintech startups, Yau said there are already more than 800 fintech firms active in a wide range of areas, including virtual banks, insurers, wealth-tech, credit-tech, regulatory-tech, cybersecurity, and fintech solutions for enterprises.

The fintech gatherings also sparked jubilation among exhibitors from across the globe. 

“We are certainly happy to see so many people are coming to an event in Hong Kong again. We waited for this for a long time,” said Agost Makszin, co-founder of Lendary Asia Capital, a German-headquartered asset management firm that has expanded to Hong Kong.

Makszin said Hong Kong Fintech Week offers a very useful platform as he’s had “a lot of great discussions and outcomes” with potential partnerships and investors.

Devere Bryan, chief revenue officer of Payment Asia, said his experience during the fintech gathering in Hong Kong has been fascinating.

“I really enjoyed the Web3 stage, talking about how to manage the metaverse. It’s really good to look into the future like that,” Bryan said. “It’s wonderful to just understand that lots and lots of people are thinking on the same page. So that’s been a wonderful theme for me today.” 

It’s the first trip to Hong Kong for Adeel Ali, CEO of New Zealand-based fintech startup APIMatic, who said the fintech week has exceeded his expectations.

“I found it quite good coming to Hong Kong and exhibiting in an environment where there are so many from fintech companies who are potential customers,” Ali said. “It’s also good to see companies coming not just from Hong Kong but from other places, and I hope this trend can continue.”

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