In this file photo dated Oct 31, 2022, visitors pass by a booth of the Hong Kong Digital Asset Exchange on the first day of Fintech Week 2022 in Hong Kong. (PHOTO / AFP)

Hong Kong is gearing up to host the eighth edition of Fintech Week as the city seeks to showcase its financial innovations and their practical applications in everyday life.

The five-day event from Oct 30 to Nov 5, organized by the Financial Services and the Treasury Bureau and InvestHK – the special administrative region government’s arm aimed at making Hong Kong a top investment spot in Asia – is themed “Fintech Redefined”.

The gathering is expected to attract more than 30,000 attendees from about 90 economies, with a global online audience of 5 million.

Undersecretary for Financial Services and the Treasury Joseph Chan Ho-lim said the theme of this year’s Hong Kong Fintech Week demonstrates how fintech’s practical applications can strengthen financial inclusivity, improve customer experience, and drive sustainable development. 

The upcoming event will go beyond exploring cutting-edge technologies like artificial intelligence, blockchain and Web 3.0, as the participants delve into the practical applications of financial technology in everyday life.

Joseph Chan Ho-lim, undersecretary for Financial Services and the Treasury

“The upcoming event will go beyond exploring cutting-edge technologies like artificial intelligence, blockchain and Web 3.0, as the participants delve into the practical applications of financial technology in everyday life,” he said.

Hong Kong has emerged as a leading force in technological transformation, experiencing noteworthy advancements in financial services and electronic payments in recent years, Chan added. 

The event will incorporate elements of the metaverse, such as virtual games, virtual reality, and augmented reality, aimed at enhancing the overall participant experience, while serving as a platform for education in emerging technologies.

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George Chou Wai-keung, chief fintech officer of the Fintech Facilitation Office at the Hong Kong Monetary Authority, said the HKMA believes fintech will remain as a primary driver for growth in the financial industry. 

The progress made so far in the People’s Bank of China’s digital currency project — mBridge and the e-HKD pilot program — will be discussed during Fintech Week. Chou said the conference provides an “excellent” platform to connect policymakers, industry players and investors in fostering public-private partnerships.  

During Fintech Week, “GBA Day” is scheduled to resume on Oct 31. A full-day conference will be held in Shenzhen’s Futian District, to be followed by a series of activities, including visits to Chinese mainland technology giants.

More than 300 speakers are expected to attend the main physical conference at the Hong Kong Convention and Exhibition Centre from Nov 2-3, with 540 exhibitions to be held.   

Chief Executive John Lee Ka-chiu; Financial Secretary Paul Chan Mo-po; Secretary for Financial Services and the Treasury Christopher Hui Ching-yu; and Secretary for Innovation, Technology and Industry Sun Dong are also due to take part at.

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According to InvestHK, the SAR is home to over 800 fintech companies. The city ranks first in the Asia Pacific and ninth worldwide in The Global Fintech Index 2021.

Contact the writer at tianyuanzhang@chinadailyhk.com