In August, the FinTech Affiliation of Hong Kong (FTAHK) appointed Lareina Wang as its new chairperson. Wang additionally works as govt director, head of digital and innovation at DBS Financial institution Hong Kong, managing the digital enterprise of the Singaporean financial institution’s institutional banking group.
In line with a press launch, Wang (pictured) will proceed the affiliation’s mission to ‘advocate, collaborate and educate’ the fintech group in Hong Kong, with a better push in direction of regional partnerships. For instance, she used the phrase ‘super-connector’ when describing the affiliation’s function in regional markets, together with Hong Kong and the broader Higher Bay Space (GBA).
The FTAHK was first launched in 2017, and has round 300 company members to date, over 80 of which joined in 2022 and 2023. The affiliation boasts over 60 occasions held final 12 months, from open banking, insurance coverage tech, funds to tokenisation.
It’s the metropolis’s largest fintech group, but Wang stated they’ve recognized some key points when offering worth added for its current and potential members; for instance, are fintech gamers becoming a member of just for enterprise alternatives? What ought to the organisation’s worth proposition be? How can they purchase new members, and make the dialog extra inclusive?
In an interview, Wang spoke to FinanceAsia about her imaginative and prescient to additional develop the organisation, whereas preserving the legacy of representing the fintech group in one among Asia’s largest fintech hubs.
She succeeded Neil Tan, managing companion at fintech consultancy Tsunami Advisors, who has not too long ago accomplished his two-year chair time period. Previous to DBS Financial institution Hong Kong, Wang labored at HSBC for over 9 years, with a most up-to-date function as deputy head of GBA, in response to her LinkedIn profile.
Business focus
Wang didn’t draw back from speaking concerning the affiliation’s funding.
“We’re a 100% self-funded affiliation, relying nearly absolutely on our membership charges to maintain [the association]. We’ve got full-time workers, work with exterior service suppliers, and are sponsorship alternatives to enlarge our voice,” she stated.
From a industrial lens, the affiliation wants a ‘sharper buyer worth proposition’, she emphasised. This contains growing the notice of current members, in addition to a extra focused recruiting method.
Facilitating collaboration is one among FTAHK’s key missions, whereas she desires one thing past enterprise agreements.
“The purchase aspect versus promote aspect state of affairs is inevitable, and individuals are sensible. However on prime of that, I consider the affiliation as a supportive community,” she famous. An instance of this might be when a newcomer enters the Hong Kong market, the affiliation turns into knowledgeable companies community, from banking to authorized and insurance coverage suppliers; or, for instance, it’s a platform the place firms and people can sit down at a panel discussing the newest market tendencies.
When it comes to rising the membership, Wang suggests reaching out to ‘fintech-curious’ folks and college students as future particular person members, along with current fintech company members.
“We’ve got among the world’s greatest universities on the town, whereas, general, the fintech trade is wanting fintech expertise. Advocating for insurance policies and reaching collaborations may not attraction to them, however they’re taken with being educated round fintech matters,” she stated. By doubling down on attracting extra particular person members, “our alternative can be multiplied.”
China connection
Improved communications with mainland China is one other space Wang is exploring.
She informed FA that talks with fintech counterparts in main Chinese language cities, reminiscent of Beijing, Shanghai and Shenzhen, are ongoing. The GBA, which incorporates Guangdong province (the place Shenzhen is a primarily based), Hong Kong and Macau, is an effective start line given its proximity to the Particular Administrative Area (SAR).
On September 5, the affiliation organised a day journey to Huawei’s analysis and growth institute in Dongguan, in Guangdong province. Members who joined included these from HSBC, DBS Financial institution, Linklaters, Dangle Seng Financial institution and the London Inventory Trade Group (LSEG).
Wang stated she is anticipating extra comparable journeys sooner or later.
In her view, mainland China stays a pacesetter in sure fintech areas, reminiscent of retail choices, and can be an enormous market most fintech gamers in Hong Kong are exploring. Given the ‘one nation, two methods’ association, the differenct regulatory environments have to be thought of.
For example, authorities in Shenzhen and Hong Kong launched a blockchain-based information verification platform in Could this 12 months, making it doable for Hong Kong establishments to validate a Chinese language consumer’s credit score dangers, with out the necessity of transferring information or paperwork.
Wang cited the newest cross-border information growth for instance of profit from growing ties with the mainland market, mentioning that it’s essential for gamers within the SAR to familiarise themselves with the world’s second largest financial system, earlier than increasing.
“Our alternative to serve our members is to change into the voice of fintech for your complete GBA,” she underlined.
In the meantime Hong Kong Fintech Week is the subsequent large alternative for the market to satisfy within the SAR. The convention takes place on the Asia World-Expo between October 28 and November 1.
¬ Haymarket Media Restricted. All rights reserved.