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Tuesday, June 27, 2017, 20:37
Fintech bodies join forces to create single unit
By Duan Ting
Tuesday, June 27, 2017, 20:37 By Duan Ting

Students type on laptop computers during a coding class at the First Code Academy in Hong Kong.  (Xaume Olleros / Bloomberg)

Bodies in Hong Kong involved with Fintech have joined forces to launch the FinTech Association of Hong Kong (FTAHK) which aims to elevate the city’s status as a Fintech hub as a wave of tech fever sweeps the region.

Arslanian said Hong Kong definitely had many Fintech strengths while weakness exists in the region

Henri Arslanian, director at PricewaterhouseCoopers Consulting, who is also a temporary board member of the association, elaborated that the association was finally established on Monday, a couple of months after he and some other committees thought Hong Kong needed a voice for the Fintech community to represent and link-up all the organizations that have interest in the area, including startups, financial services and insurance bodies, academia, government bodies, investors, corporates and accelerators in areas ranging from digital finance to blockchain, bitcoin and so on.  

Arslanian said Hong Kong definitely had many Fintech strengths while weakness exists in the region, including problems with the availability of Fintech talent for startups and institutions. The organization will also concentrate on education to nurture the next generation of talent.

He said FTAHK is an independent, non-profit organization which aims to provide direction for Fintech activity in Hong Kong and give members a single point of access to innovators, investors, regulators, policy makers and commercial partners. 

There have been several Fintech organizations in the community already. While Arslanian said: “we are very membership-driven and we are a non-profit organization with diversified angels and board members from eight nationalities.”

He said the committees of the organization are being formed on key areas of focus for Fintech development in Hong Kong to help provide direction and stimulate development. And they have established a temporary board of 10 people to dedicate their time to help create the association. Members of the temporary board will be re-elected at the first annual general meeting of the FTAHK.

The association plans to hire a chief executive to head the association and run the activities. The chief executive will report to board of directors and should be a non-voting member of the board. According to the association, the recruitment and operation fund will be from membership fees and a small profit their event would generate.

Membership fees will vary depending on membership types.  Corporates, small and medium enterprises and Fintech startups, individuals and students and would pay an annual fee of HK$25,000, HK$10,000, HK$1,000, HK$3,000 and HK$200 respectively for the first year.

tingduan@chinadailyhk.com


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