FS Boosts UK Fintech Ties

Financial Secretary Paul Chan continued his visit to London by touring a fintech accelerator and meeting industry figures to strengthen financial innovation ties.

Mr Chan first visited the Accenture Fintech Innovation Hub for an update on fintech trends including the latest developments in virtual banking in the UK.

He also met the country's industry members at a roundtable discussion organised by Invest Hong Kong and the Hong Kong Economic & Trade Office, London of the Hong Kong Special Administrative Region Government and supported by the UK Department for International Trade.

During the discussion, Mr Chan spoke on the fintech developments in Hong Kong and highlighted the progress in launching the Open Application Programming Interface Framework for the city’s banking sector, the Faster Payment System that supports the payment and remittance of 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 it 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 held a discussion with Lloyd's of London Chief Executive Officer John Neal on 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.

He highlighted Hong Kong's role as a financing and risk management centre for infrastructure projects under the Belt & Road Initiative and encouraged the UK insurance industry to make use of a 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 London Metal Exchange (LME) Chief Executive Matthew Chamberlain on the outlook for the commodities trading markets of both places.

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 platforms.

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

He had earlier met Hong Kong people living in the UK to brief them on Hong Kong's latest developments and learn about their everyday lives in the country.