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Closing Speech by Ir. Allen Yeung, JP, Government Chief Information Officer, at “Cloud Expo Asia 2017– Information Security Summit”

Eric (Yeung) , Elizabeth (Quat) , distinguished guests, ladies and gentlemen,

Good afternoon.

I am most delighted to hear the useful discussion and sharing this afternoon by experts from the financial industry on the development of Fintech and smart city as well as the associated security risks that come with such technology emergence.

The portmanteau of Fintech is self-explanatory, fusing the meanings of “finance” and “technology” in one word. In fact, Fintech is a loose term embracing a wide range of applications of technology in financial services, including offerings that may change the relationship between the financial service provider and the customer.

Fintech is changing how we conduct commerce, the way we make payment, how we choose and how services are delivered. Indeed, the rapid upsurge of Fintech is becoming a global phenomenon. As an international financial hub, Hong Kong is no doubt a hotspot for Fintech adoption to drive its smart economy development. Hong Kong people are digitally active consumers in the financial services sector. According to a study in December 2015, we are leading the Fintech adoption rate, at 29.1%, among other technology leaders such as the United States, the United Kingdom and Singapore . Hong Kong is well equipped with the most efficient, safest and robust financial infrastructure to support high-frequency and large-volume transactions, where the people in this city are generally very receptive and accustomed to Fintech services.

The Government spares no efforts to support the development of Fintech in Hong Kong. In the 2017 Policy Address, the Government pledged to establish Hong Kong as a hub for the application and setting of standards for cutting-edge Fintech. The Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission, and the Office of the Commissioner of Insurance have already established their respective dedicated Fintech platforms to enhance communication between regulators and the Fintech community. Invest Hong Kong has also established the Fintech team to assist the startups, investors and R&D institutions from the Mainland and overseas in establishing their presence in Hong Kong.

To support financial innovation, Cyberport has launched its designated incubation programme to support 150 Fintech startups over the next five years and opened a 3 000-square metre dedicated Fintech Smart-Space in 2016. Up to now, 60 Fintech companies have been admitted to the incubation programme. Cyberport also joined hand with the Hong Kong Applied Science and Technology Research Institute (ASTRI), HKMA and the industry to roll out a number of programmes to nurture the Fintech talents.

Fintech is rapidly growing, creating ample opportunities for the finance industry and contributing to our economy. Fintech forms part and parcel of our smart city. Through smart city development, we aim to make use of innovation and technology to address urban challenges and enhance city management, as well as to improve quality of living, sustainability, efficiency and safety of our city. This will also provide good opportunities for sustainable economic development, and attracting the best overseas talents to Hong Kong.

We will soon complete the consultancy study to formulate the Smart City Blueprint for Hong Kong. Development plans in the blueprint will cover specific areas including environment, healthcare and transportation. In addition, the consultant will map out business models and collaboration framework for promoting public-private partnership to facilitate the development of innovative smart city initiatives and solutions.

Smart city development requires close collaboration of our society. I look forward to your continuous support to the Government in transforming Hong Kong into a smart city!

Thank you.