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HONG KONG, Nov.2 (Xinhua) – Hong Kong FinTech Week 2020 kicked off on Monday, bringing together the world’s top innovators, regulators, venture capitalists, investors and financiers to discuss the future trend of fintechs and new opportunities for financial sector.
The event, co-organized by the Hong Kong Monetary Authority and InvestHK, was held virtually this year amid the COVID-19 epidemic.
Paul Chan, finance secretary of the Hong Kong Special Administrative Region government, said in the case that COVID-19 has spurred wide acceptance and adoption of digital solutions. As of September, Hong Kong FPS, a payment platform that enables instant person-to-person transfers, has logged 6.2 million records, with an average daily turnover in September reaching 426,000 real-time transactions, which is seven times more than the first month of FPS. of business.
As of August, eight virtual banks and four virtual insurers, as well as one virtual asset trading company, have been authorized, or have been granted a master agreement, to operate in Hong Kong, Chan said.
“We are proud to be one of the first markets in the region to have fully digital banks or virtual banks. As we speak, our city has one of the highest numbers of virtual banks in Asia,” Eddie Yue, CEO of The Monetary Authority Hong Kong said in his opening speech.
The Hong Kong Monetary Authority also announced at the event a series of initiatives to further foster the fintech ecosystem and support businesses. They include the use of data to facilitate the financing of small and medium-sized enterprises and the digitization of trade finance. Final product
