HSBC: Asia embracing digital banking faster thanks to Hong Kong fintech initiatives

By BizClik Admin

According to Josh Bottomley, global head of digital at HSBC, the pace of change in Asia with regards to digital banking development is the fastest in the world.

Concerns are easing over Hong Kong losing its place as a financial hub due to its slow adoption of fintech thanks to its new initiatives.

According to Bottomley: “Before the Hong Kong Monetary Authority’s seven initiatives for fintech came out, there was definitely a concern that Hong Kong might have got left behind compared to what is happening in other markets like China and Singapore.”

See also:

Paypal: Cash still king in Asia despite China’s digital payment advance

Google launches Tex, e-payment app for India

Business Review Asia – November edition

The HKMA’s initiatives, announced by chief executive Norman Chan in September, promised to open up “a new era of smart banking.”

They included re-jigging the city-state’s faster payments system to be launched in 2018, opening up the fintech supervisory “sandbox” to technology firms and creating new policies around opening up banks’ application programming interfaces to technology companies.

It had previously been thought newer tech firms were being left out due to regulations as Hong Kong tried to encourage innovation within its older financial institutions.

Speaking at last weekend’s INSEAD (European Institute for Business Administration) forum, Bottomley stated: “what has happened with the HKMA is a big step forward to allow Hong Kong in particular to create an environment where we can offer new services.”

He continued: “I think the pace of change of what is happening in digital banking is happening faster in Asia, both on the consumer side and the regulatory side, and also when it comes to adoption of technology like cloud… if you extrapolate from that, you may see that financial services as a whole will innovate faster and go to a newer place.”

HSBS is using fintech in mainland China, too, with chatbots being used to help customers set up new accounts as the bank expands into Guangdong.



Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia


Huawei smartwatch goes for gold with Ultimate Edition


How IKEA India plans to double business, triple headcount

Corporate Finance