Following is the speech by the Chief Executive, Mrs Carrie Lam, at 2018 Hong Kong Fintech Week today (September 12):
 
Stephen (Director-General of Investment Promotion, Mr Stephen Phillips), ladies and gentlemen,
 
     Good evening. I'm pleased to be here this evening for the launch reception of Hong Kong Fintech Week 2018.
 
     The Fintech Week is still some six weeks away, so I must say I'm delighted with the turnout this evening, with so many of you from different areas of our flourishing Fintech community as well as from banking and financial services in general joining us. Your presence this evening is a clear reflection of the holistic approach the industry and its investors, together with the institutions, the regulators and this government, are taking when it comes to the development of Fintech. It also shows that we are all aware of the importance and the long-term promise that Fintech can offer us all.
 
     Technology is leading the world into a new era, bringing with it a dramatic shift in the global economy. How we do business, how we interact with our customers, our communities, our family and our friends, and in general how we live our lives are being transformed by technology. The financial services sector is no exception. It is being rewired to keep pace with our everyday lives, furnishing retailers and consumers with the electronic means to buy and sell with unprecedented ease and speed. We can now make payments through a wide array of electronic means, with or without a physical card. We can remit money across the globe with a tap of our fingers, with the intended recipients getting the cash almost instantly. We have e-wallets, mobile phone wallets, etc. here in Hong Kong and around the world. Technology is also helping companies, especially SMEs, trade and do business, saving time and papers in the process. Those of you who have the chance to visit the Mainland of China in recent years would know what a cashless society is like, and the convenience it brings.
 
     My Government has targeted Fintech as a key technology area to focus on and invest in. Fintech is a natural evolution for Hong Kong, one of the world's leading international financial centres and among the world's most competitive economies. We are blessed with a strategic location and growing economic integration with Mainland China. We are also having a highly enabling and efficient information and communications technology sector, a vigorous financial regulatory framework and the rule of law.
 
     And let's not forget our deep pool of talent in financial and professional services as well as in our research expertise and our tertiary institutions. Last year, the Chinese University of Hong Kong introduced a new, four-year undergraduate programme in Fintech. And just a few months ago, the University of Hong Kong launched Asia's first Fintech open online course, with the support of Australia's University of New South Wales and a variety of industry leaders.
 
     We are determined to rise as the region's and one of the world's Fintech hubs. Indeed, that's already happening. For Fintech investors, Hong Kong has become their first choice in East Asia outside the Mainland. Fintech investment here has spiralled in recent years, from about US$108 million in 2015 to US$216 million in 2016, and some US$546 million last year.

     To fast-track that marvellous momentum, my Government and Hong Kong's regulators are ready to launch a raft of Fintech initiatives. I am told that the Hong Kong Monetary Authority (HKMA) will very soon begin the long-anticipated Faster Payment System. It will set in motion full connectivity between banks and stored value facility operators. That means around-the-clock, real-time fund transfer for peer-to-peer and merchant payments. One will only need to register his mobile phone number or email address with a bank or stored value facility account in order to allow payments to be made to him anytime, anywhere.
 
     A common QR code enabling mobile payment is also on the way. A number of stored value facility operators are already providing QR code payments at various locations now. Their services have expanded to a variety of chain supermarkets, convenience stores and even some wet markets and taxis. To expand mobile retail payment and provide greater convenience for both merchants and customers, the Hong Kong Monetary Authority and the industry have agreed upon a common QR code standard, which will soon be launched publicly.
 
     Then there's virtual banking, which is primed to transform the industry. In May, the HKMA issued revised guidelines for the authorisation of virtual banks. It has received about 30 virtual bank applications to date, ranging from telecommunications operators and Fintech companies to global banks. I understand that the HKMA hopes to start granting licences to virtual banks by the first quarter of next year.
 
     An essential element for Fintech is talent. Last month, we introduced Hong Kong's first Talent List, created to attract talented professionals from around the world. The list focuses on 11 professions and they include specialists in Fintech, as well as cyber-security and innovation and technology. We welcome them all with open arms, for we believe that a vibrant mix of local, Mainland and overseas talents can keep our Fintech ecology connected to the latest ideas and developments of the global Fintech landscape and be most conducive to having the next big Fintech innovations right here in Hong Kong.
 
     The Government's role in Fintech is that of a facilitator. It's our job to lay down the foundation, including building the financial infrastructure for the faster payment system, setting standards for the common QR code, reworking the guidelines to welcome virtual banks and ensuring an abundant supply of talent. We hope that they will help the industry focus on creating Fintech solutions for their customers and for our society at large.
 
     We also take up the role of promoter. Certainly, Hong Kong Fintech Week, in its 3rd edition this year, is a splendid occasion in which to showcase to the world what Hong Kong has to offer. This year, the Fintech Week will welcome some 8 000 executives and professionals from about 50 countries and regions, along with more than 200 celebrated speakers. For the first time, a “Fast Track Programme” will be added to facilitate start-ups and international exhibitors to establish their presence in Hong Kong. In addition, this year's Fintech Week will serve as an unprecedented cross-boundary event, moving from Hong Kong to Shenzhen on its final day. That will give participants the extraordinary opportunity to visit Fintech companies and network with their stakeholders.
 
     The cross-boundary event will be an excellent opportunity to showcase the unique role of Hong Kong as a conduit to the Guangdong-Hong Kong-Macao Greater Bay Area. Consisting of nine cities and two special administrative regions and with a population close to 70 million, the Greater Bay Area can offer Hong Kong a huge market, talent as well as complementary advantages of other cities, which will fuel Hong Kong's Fintech development.
 
     Hong Kong's participation in the Greater Bay Area development will get a huge boost later this month. As you all know, the high-speed rail linking Hong Kong to Shenzhen, Guangzhou and the rest of the Mainland of China , with the terminus right here at West Kowloon, will begin operation on September 23, which is 11 days from now. We are all looking forward to it, and I encourage you to make use of the high speed train for the Shenzhen day event of the Fintech Week. Get a stop at the Futian Station.
 
     Ladies and Gentlemen, I wish Fintech Week 2018 every success, and I wish you a very special evening. Thank you very much.

      

     In response to media enquiries on regulator kiosks and staff rest rooms at the West Kowloon Station Bus Terminus (WKSBT), a spokesman for the Transport Department (TD) gave the following reply today (September 12):
 
     During the planning of a new public transport interchange (PTI), the TD will generally provide toilets and reserve suitable locations for franchised bus companies to set up regulator kiosks and staff rest rooms.  Before the commencement of a new PTI, the TD, together with relevant franchised bus companies, will conduct trial run of buses at the PTI and will make appropriate alterations, if necessary, to ensure the bus operation is smooth.
 
     A public toilet has been provided at the WKSBT while Kowloon Motor Bus (KMB) and Citybus (CTB) have also set up their regulator kiosks and staff rest rooms.  The TD, together with KMB and CTB have already arranged trial run of buses at the bus terminus and the alteration works for related road facilities were completed to facilitate the commencement of the bus terminus on September 16.
 
     The TD expresses regret over the misrepresentation by KMB on the facilities of the WKSBT.

     The Chief Secretary for Administration, Mr Matthew Cheung Kin-chung, today (September 12) visited Sha Tin District to understand the preservation of history of the old Ma On Shan mine and the new community  facility in the district.

     Accompanied by the District Officer (Sha Tin), Miss Amy Chan, Mr Cheung visited the ELCHK Grace Youth Camp in Ma On Shan managed by the Evangelical Lutheran Church of Hong Kong (ELCHK) to learn how the ELCHK has showcased the history of the Ma On Shan mining village  through revitalisation of the buildings within the Camp.
       
     The site was originally a church structure within the old Ma On Shan mine village where the ELCHK provided relief and community care services to miners and their relatives in the 1950s and ‘60s. After the mine was shut down, the church and adjacent buildings were turned into the existing camp site. In 2016, the compound was classified as a Grade 3 historic building by the Antiquities Advisory Board.
      
     Mr Cheung expressed his appreciation to the ELCHK for its relentless efforts in preserving the unique history of the iron mine in Ma On Shan.

     He stated that the Hong Kong Special Administrative Region Government attaches great importance to promoting heritage conservation and injecting new life into historic buildings through revitalisation work in order to allow the public to visit and appreciate old buildings with heritage value.
      
     Accompanied by the Chairman of the Sha Tin District Council (STDC), Mr Ho Hau-cheung, and Miss Chan, he then inspected the Tai Wai futsal pitch scheduled for use soon. The pitch, which is located on a deck constructed above the Tai Wai Nullah, and formed part of the Signature Project Scheme in Sha Tin is the first purpose-built pitch with a size in compliance with the latest standard of the Federation Internationale de Football Association for futsal matches in the district. The pitch is equipped with demountable spectator stands with ramps and stairs on both sides for multi-purpose use and barrier-free access.
      
     Mr Cheung said that this pitch with a modern design would offer a multi-purpose public space to the district residents and strengthen the inclusiveness of the community.
      
     Mr Cheung then met STDC members and listened carefully to their views on various development issues and matters of concern to the community.

          

     The Director-General of the Air Traffic Management Bureau (ATMB) of the Civil Aviation Administration of China, Mr Che Jinjun; the Director-General of Civil Aviation, Mr Simon Li; and the President of the Civil Aviation Authority of the Macao Special Administrative Region, Mr Chan Weng-hong, attended the Pearl River Delta (PRD) Region Air Traffic Management Planning and Implementation Tripartite Working Group (TWG) high-level meeting in Harbin today (September 12). They were briefed on the work progress of the airspace management technical group and the air traffic flow management (ATFM) technical group under the TWG, and discussed measures to further optimise airspace management in the PRD region and enhance the efficiency of regional ATFM.

     At the meeting, the senior management of the three parties agreed that progress has been made in a number of areas since the last meeting in November 2017. First, with regard to airspace optimisation and air traffic management enhancement, the airspace management technical group set up a fast-time simulation (FTS) modeling sub-group at the end of last year to initiate modelling and simulation of the airspace and air traffic in the Guangdong-Hong Kong-Macao Greater Bay Area. The FTS has a certain degree of complexity as it involves data integration and analysis work from many airports in the PRD. At present, the database required for the FTS software is near completion. Consolidation and validation of the database are about to begin, while assessment and analysis work is expected to be completed by next year. The TWG will formulate specific measures to further optimise airspace and air traffic management based on the results of the assessment and analysis.

     The TWG is also committed to improving the efficiency of ATFM in the region. There has been a marked reduction in flight delays along the eastern coast of China since the full operation of Route M503 was commissioned early this year, which is an additional route beyond the original one, with more notable improvements for flights between Hong Kong and Shanghai Pudong International Airports. The on-time performance of flights departing from Hong Kong to Shanghai Pudong International Airport jumped from about 47 per cent in the second quarter of 2017 to about 68 per cent in the second quarter of 2018. The TWG will continue to actively study the gradual increase in usage rate of routes connecting Hong Kong, Macao and other regions in eastern China to meet the growing demand for air traffic in the region.

     In addition, air traffic control units have established a direct co-ordination mechanism on ATFM for flights from Hong Kong and Macao flying to or through the Mainland. The TWG will continue to monitor flight delays and will discuss measures to improve on-time performance when necessary.

     Mr Li said that the TWG has made encouraging progress in various aspects, and will continue to progressively achieve the ultimate target runway capacity of 102 air traffic movements per hour under the Three-runway System operation at Hong Kong International Airport and promote the healthy development of the air transport industry in the Mainland, Hong Kong and Macao, so as to achieve greater synergy in the Greater Bay Area's airspace and create an airport economic belt with international influence.

     Invest Hong Kong (InvestHK) today (September 12) announced details of the third annual Hong Kong FinTech Week (October 29 to November 2), which this year will straddle Hong Kong and Shenzhen to be the world's first cross-border financial technology (Fintech) event, one that spotlights the hottest industry developments and the huge potential of the Guangdong-Hong Kong-Macao Greater Bay Area.
      
     Hong Kong FinTech Week will run from October 29 to November 1 at the Hong Kong Convention and Exhibition Centre, before moving to Shenzhen on November 2. Regulators, investors, academics and more than 200 founders from the world's top Fintech companies will be among the 8,000 attendees set to gather in the two neighbouring cities.
      
     Key FinTech Week partners include the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Hong Kong Insurance Authority and Hong Kong Exchanges and Clearing Limited. Alongside them will be Hong Kong FinTech Week strategic partner AMTD Group, diamond sponsors Standard Chartered and Citi, Bay Area Fintech partner Tencent and the appointed event organiser Finnovasia.
      
     "The Fintech developments we have seen in Hong Kong are phenomenal," the Director-General of Investment Promotion at InvestHK, Mr Stephen Phillips, said. "They reflect the dynamic nature of the city and our strategic advantage of being right at the doorstep of China's vibrant Fintech scene."
      
     High on FinTech Week's agenda will be virtual banking, trade finance through distributed ledger technology and open application programming interfaces. Fintech in China and its Greater Bay Area will also be a hot topic throughout the event, particularly in the context of artificial intelligence and blockchain. Regulatory technology, supervisory technology and cyber security will feature heavily, while insurance technology (insurtech), wealth technology and digital payments will also be discussed.
      
     The Chief Fintech Officer of the HKMA, Mr Nelson Chow, said, “This is the third year that we are co-organising Hong Kong FinTech Week with InvestHK and we are glad to see that it is expanding into Shenzhen. We believe that this cross-border event will become a powerful conduit to foster development and application of Fintech in the Greater Bay Area, and at the same time strengthen Hong Kong's role as a springboard for Mainland Fintech firms to 'go global', and for global Fintech firms to enter the Mainland market.”
      
     The SFC's Director, Licensing and Head, Fintech unit, Intermediaries, Ms Clara Chiu, said, "Hong Kong FinTech Week is an excellent forum for industry participants and other stakeholders to exchange views and share experiences. As part of our efforts to maintain and promote an efficient and fair market whilst protecting the investing public, the SFC is committed to providing a clear regulatory environment to support the healthy development of the Fintech industry."
      
     The Associate Director, Policy and Development Division, Insurance Authority, Mr Tony Chan, said, "It is exciting to witness how insurance companies in Hong Kong are leading the path of technological innovation to provide customers with services that are more convenient, timely, personalised and secure than ever. The Insurance Authority is committed to working closely with the industry to support realisation of insurtech's potential which can facilitate further development of the insurance industry."
      
     Days one and two of FinTech Week will see the demo-based FinovateAsia 2018 take place. This major Fintech start-up event is returning to Hong Kong for the third year running. Alongside it will be satellite events taking place around the city, including an innovation lab tour and education events organised by universities and academic institutions. On days three and four, the main activities will comprise a mix of speeches, panel discussions, fireside chats and workshops. The highlights will centre around the Fast Track Programme and Deal Floor.
      
     The Fast Track Programme will offer selected overseas companies on-site consultations with Hong Kong regulators and training workshops on how to start and scale their Fintech businesses in Asia. The Deal Floor will include a variety of activities, including the chance to meet some of the leading Fintech start-up unicorns, along with some of the region’s most active investors and business-matching.  
      
     Keynote speakers and panellists will include C-suite executives and leaders from Lufax, WeBank, Ant Financial, Tencent, JD Fintech Institute, Ping An (Mainland China), R3 (US), Grab Financial (Singapore), Fidor Bank (Germany), WeTrade (Ireland), Tinkoff Bank (Russia), Revolut (UK) and NuBank (Brazil).
      
     On day five, FinTech Week will move to Shenzhen for a networking lunch with government officials, senior company executives, venture investors and Fintech founders. That will be followed by in-depth visits to the headquarters of WeBank, Tencent and Zhong An with networking activities. During Shenzhen Day, participants will be able to meet key Mainland players to explore potential business opportunities and make use of Hong Kong’s vital position and appeal as a key entry point to the Greater Bay Area.
      
     The Head of Fintech at InvestHK, Mr Charles d'Haussy, introduced the refreshed Fintech HK branding which highlights Hong Kong’s positioning in the region: "It presents Hong Kong as intrinsically Fintech. The new logo reflects Fintech as an integral part of the fabric of this city. That’s the reality; that’s the message."
      
     Mr d'Haussy continued, "We've also adopted 'Launch • Leap • Lead' as a tagline. Hong Kong is the ideal place for Fintech companies to launch their business in Asia, after which they can take the leap to grow and expand outward, and then lead in the world of Fintech as so many other Hong Kong-based companies have done.”
      
     Founder and CEO of Finnovasia Mr Anthony Sar said, "It's going to be the world's first cross-border FinTech Week full of exciting events across Hong Kong and Shenzhen. We are bringing over 200 world-class speakers with 100 hours of high-quality content, including founders and CEOs of over 12 unicorns and some of the fastest growing companies around the world.”
      
     To follow the latest programmes and speakers of FinTech Week, please visit fintechweek.hk, or follow on Twitter (@HongKongFintech and #HKFintechWeek) and Linkedin.
 
About InvestHK
 
     Invest Hong Kong is the Hong Kong Special Administrative Region Government department responsible for foreign direct investment. It has set up a dedicated Fintech team in Hong Kong with correspondents located in London and San Francisco. It aims at attracting the world's top innovative Fintech enterprises, start-up entrepreneurs, investors and other stakeholders to expand and scale their business via Hong Kong to the Mainland of China, Asia and beyond.