Speech by FS at Hong Kong Investment Corporation Limited and WeLab Strategic Partnership Kick-off Ceremony (English only) (with photos/video)
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Deputy Consul-General Ms Ranida Chamchalerm (Deputy Consul-General of Thailand in Hong Kong), Clara (Chief Executive Officer of Hong Kong Investment Corporation, Ms Clara Chan), Simon (Chief Executive Officer of WeLab, Mr Simon Loong), distinguished guests, ladies and gentlemen,
Good morning. It is a pleasure to join you today to witness the strategic partnership between the Hong Kong Investment Corporation Limited (HKIC) and WeLab, a collaboration that embodies the spirit of innovation and aspiration.
As an international financial centre, fintech is a vital component of Hong Kong's financial landscape. We are home to around 1100 fintech companies and start-ups. The ecosystem has been rapidly growing, particularly in the areas of digital assets, blockchain applications and cybersecurity.
Our progress in fintech has gained international recognition. In the recently released Global Financial Centres Index, Hong Kong has risen five places to become global No. 4 in the category of fintech.
Innovation sits at the heart of this endeavour. And we are guided by a clear mission: to build a fintech ecosystem where cutting-edge solutions thrive and technology serves as a force for good. The objective is to make financial services more efficient and accessible, benefitting not just the local market but also our regional partners like ASEAN (Association of Southeast Asian Nations) through collaboration opportunities.
Strategic partnership
I'm pleased to note that the HKIC plays an important role in advancing these objectives. While pursuing reasonable financial returns, it promotes the development of target sectors that are crucial for Hong Kong's long-term competitiveness and economic vitality. The HKIC invests and co-invests in start-ups and companies at different stages of development that are conducive to the building of such an ecosystem. Acting as "patient capital", it also helps channel private capital, including private equity and venture capital, to support the realisation of our vision.
The HKIC is driving forward the vision together with WeLab, whose success in the Indonesian market and its plan to expand to Thailand are closely aligned with our overarching goals and strategies.
On the other hand, globally, AI is rapidly reshaping production, business and consumption models. It empowers the upgrading of traditional industries and creates new ones. It is defining the future of finance by transforming customer experiences, enabling us to overcome traditional barriers and providing us with faster, cheaper and more inclusive financial services.
For instance, AI technologies can uncover correlations between seemingly unrelated factors, enabling the identification of creditworthiness in individuals who might otherwise be regarded as unqualified for lending. This is exactly what WeLab is achieving through its innovative technologies.
This Government is pro-AI. In my Budget this year, I have outlined our vision to develop AI as a core industry for Hong Kong. We are driving this development on five fronts: computing capabilities, algorithms, data, capital and talent. Beyond investing more resources into AI development, we are committed to fostering a pro-innovation environment that facilitates the testing and trial of AI applications.
I'm confident that through this partnership, the HKIC and Welab can assist more local and regional enterprises to leverage AI and fintech, thereby unlocking the potential of finance to support the economic development across Asia.
Synergies for good
Ladies and gentlemen, today's partnership goes well beyond investments and corporate cooperation. Allow me to emphasise two points.
First, by integrating WeLab, a pioneer in fintech, into its ecosystem of innovative companies, the HKIC is expanding the nexus for co-creation. I'm confident that this partnership will inspire more innovation among the HKIC's partners and other innovators, with vast potential for cross-sectoral collaboration in areas such as digital transformation and application scenarios for AI.
Second, innovation thrives on talent. We want our young people to become not merely participants but architects of Hong Kong's digital future. This partnership is committed to supporting acceleration programmes and academic partnerships, thereby equipping our youth with the skills and knowledge necessary to excel in the rapidly evolving fintech space. Together, we can work to nurture the next generation of tech-savvy leaders.
In short, today's partnership is a catalyst for progress. I wish this collaboration enduring success, and all of you the best of business and health in the time ahead. Thank you very much.
Ends/Thursday, April 10, 2025
Issued at HKT 11:55
Issued at HKT 11:55
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Speech by FS at Hong Kong Investment Corporation Limited and WeLab Strategic Partnership Kick-off Ceremony