Paul Chan Starts London Visit

Financial Secretary Paul Chan started his visit programme in London on October 25 to strengthen bilateral links in finance, innovation and technology between Hong Kong and the UK.

Mr Chan first met the senior management of Oxford VR, a medical technology institute spinout from the University of Oxford to understand the development of application of virtual reality technology in mental health treatment.

He underlined the Hong Kong Special Administrative Region Government's commitment in promoting research and development, and that an innovative cluster focusing on healthcare technologies, Health@InnoHK, is being established in the Science Park.

Oxford VR announced in June its partnership with the Chinese University of Hong Kong to launch a study project.

Mr Chan encouraged the institute to set up an office in Hong Kong for closer collaboration with the local healthcare industry, and seizing the development opportunities of the Guangdong-Hong Kong-Macao Greater Bay Area.

In the afternoon, Mr Chan met UK Financial Conduct Authority Chief Executive Andrew Bailey to discuss further promoting co-operation in financial innovation.

He introduced the latest developments and trend of fintech in Hong Kong, including progress in virtual banks, insurtech and eTradeConnect, a Hong Kong trade finance platform.

Mr Chan said as a founding member of the Global Financial Innovation Network (GFiN), the Hong Kong Monetary Authority will continue to contribute to the work of GFiN by collaborating closely with other members on cross-border trials, and support its work.

The finance chief then visited a Modular Integrated Construction (MiC) project and met Department of Health & Social Care representatives to learn about their use of MiC in building hospitals and tap into the UK's relevant experience.

He noted the HKSAR Government spares no effort in encouraging the wider adoption of innovation and technology in the construction industry, and has piloted the use of the modular intergrated construction technique in public projects.

Mr Chan also attended a reception with awardees under the Hong Kong Scholarship for Excellence Scheme who are studying in the UK.

He briefed the students on Hong Kong's latest situation and encouraged them to return to the city after graduation to contribute to society.