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FSDC holds forum on future of financial technology in Hong Kong
The following is issued on behalf of the Financial Services Development Council:

     The Financial Services Development Council (FSDC), in collaboration with the School of Professional and Continuing Education of the University of Hong Kong, the Chartered Financial Analyst Institute and the Hong Kong Society of Finance Analysts, today (September 28) hosted a forum to discuss how Hong Kong could secure its important role as a major international financial centre amid the rapid development of financial technology (FinTech).
     Entitled "The Future of FinTech in Hong Kong", the forum was the 20th event under the FSDC's Practitioner Speaker Series. The panel featured the Founder of JP Asia Partners Limited, Mr Christopher Lee, who also serves as a member of the FSDC New Business Committee; the Chief Executive Officer of Value Partners Group Limited, Dr Au King-lun, who also serves as a member of the FSDC Market Development Committee; the Head of Risk Management & MIS Division, Information Technology Department, Bank of China (Hong Kong) Limited, Mr Frazer Lam; and the Founder of SuperCharger, Mr Janos Barberis.
     Following the recommendations made in the FSDC report entitled "The Future of FinTech in Hong Kong" in May, Mr Lee and Dr Au, who are also the Chairman and a member of the FinTech report working group respectively, further analysed the collaboration between FinTech and financial institutions.
     Mr Lee said, "The global economy underwent substantial changes, and the rise of FinTech has brought in new financial institutions providing financial services to a large number of customers and investors, as well as changing the ways banks and corporates interact with their clients and each other."
     Dr Au, however, opined that building the capability for technological innovation is a constraint and challenge for Hong Kong. He added, "Hong Kong's information and communications technology sector employs over 80,000 people including the information and technology staff within enterprises, and contributed 6.6 per cent of the Gross Domestic Product. Some of Hong Kong's universities have strong science and technology faculties, but there is limited co-operation between the academic community and the financial industry in research and development."
     The FSDC's Practitioner Speaker Series is a project developed between the FSDC and local universities, with speakers from the financial services industry giving talks to university students about important industry facts and the skill sets required in developing a career in financial services.
About the FSDC
     The Hong Kong Special Administrative Region Government established the FSDC in 2013 as a high-level, cross-sectoral advisory body to engage the industry in formulating proposals to promote the further development of Hong Kong's financial services industry and to map out the strategic direction for development.
     The FSDC set up five committees, namely the Policy Research Committee, the Mainland Opportunities Committee, the New Business Committee, the Market Development Committee and the Human Capital Committee, as the five streams of its work.
Ends/Thursday, September 28, 2017
Issued at HKT 20:45
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