These were the words that opened Hong Kong Fintech Week (which crossed an internal border for its final day, shifting venue from Hong Kong’s Asia World Expo to Shenzhen) and set the scene for a conference that focussed on how technology can enable cross-border trade, financial inclusion and the digitisation of financial services.
It has become a tradition for regulators to use Fintech Week to make key policy announcements, and this year did not disappoint:
- Ashley Alder (CEO, Securities and Futures Commission of Hong Kong) unveiled a new regulatory regime that covers virtual asset trading platforms. Stay tuned to Freshfields Digital for our digest of the new regime.
- Representatives from the Bank of Thailand and the Hong Kong Monetary Authority talked about a new blockchain-based trade finance initiative.
- Mu Changchun of the People’s Bank of China provided greater detail on the bank’s proposal for a new digital currency that will allow the general public to make mobile payments outside the confines of WeChat Pay or Alipay.
Between a full programme of panel sessions and presentations, Freshfields attendees spoke to clients and other market players about the issues affecting fintech, insurtech and regtech in the Asia region.