The Financial Secretary, Mr Paul Chan, in London yesterday (October 28, London time) led a Hong Kong fintech delegation of about 20 members to visit a fintech accelerator and meet with industry figures to strengthen financial innovation ties.

     They first visited the Accenture Fintech Innovation Hub to get an update on fintech trends including the latest developments in virtual banking in the UK.  They also met with members of the industry in the United Kingdom (UK) at a roundtable discussion on fintech organised by Invest Hong Kong and the Hong Kong Economic and Trade Office, London of the Hong Kong Special Administrative Region (HKSAR)Government and supported by the UK Department for International Trade.

     During the discussion, Mr Chan spoke briefly on the significant fintech developments in Hong Kong, particularly in smart banking, and highlighted the progress in launching the Open Application Programming Interface Framework for the Hong Kong banking sector, the Faster Payment System that supports the payment and remittance of both Hong Kong dollar and Renminbi, as well as the mobile application for the Hong Kong Common QR Code.

     He said that with over 550 fintech companies, Hong Kong has been keeping up efforts to provide a supportive environment for fintech firms and welcomes more to ride on the UK-Hong Kong Fintech Bridge Agreement and the facilities and assistance available in Hong Kong to set up operations in the city and expand their reach.

     Mr Chan also met with the Chief Executive Officer of Lloyd's of London, Mr John Neal, and discussed how Hong Kong could enhance its status as an international insurance hub and the worldwide trends in the development of the insurance and reinsurance market, particularly in insurtech.

     He highlighted Hong Kong's role as a financing and risk management centre for infrastructure projects under the Belt and Road Initiative, and encouraged the UK insurance industry to make good use of the Belt and Road Insurance Exchange Facilitation platform, launched by the Insurance Authority in Hong Kong, for information exchange to tap into the vast opportunities under the Initiative.

     Lloyd's of London is a specialist insurance market where world-class underwriters from over 50 international insurers work with brokers to provide tailored solutions for complex risks.

     Mr Chan then exchanged views with the Chief Executive of the London Metal Exchange (LME), Mr Matthew Chamberlain, on the outlook for the commodities trading markets of both places, and learnt about the operation of the LME. 

     The LME is the world centre for the trading of industrial metals, with the majority of all non-ferrous metal futures business transacted on its three platforms.

     While in London, Mr Chan also visited the Design Museum to explore closer collaboration between both sides on promoting design. 

     In the afternoon of the day before (October 27, London time), he also met with Hong Kong people living in the UK to brief them on Hong Kong's latest development and learn about their everyday lives.

     Today(October 29, London time), Mr Chan will address a Hong Kong Association luncheon and meet with UK government officials as well as members of the business sector to promote Hong Kong-UK bilateral trade ties.

Ends/Tuesday, October 29, 2019
Issued at HKT 9:00

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