Developing HK’s Fintech Strategy
FinTech is shaping the world economy in an unprecedented scale and pace. The applications of artificial intelligence, blockchain and encryption technologies have transformed the financial industry, challenging the decades-old traditional business models in banking, investment, payment, regulation and compliance. New FinTech start-ups reimagine financial services to fit the convenience and streamlined nature of the digital world. According to KPMG, global investment in the FinTech sector, between 2015-17 alone, totaled US$122 billion.
As new technologies continue to emerge with many of them reveal a transformational impact on the economy, addressing the fundamental issues of FinTech is of the utmost priority. In a large-scale Theme-based Research Project, Prof Kar-Yan Tam and his multidisciplinary team will exert their efforts in understanding the interplay between technology and financial services in Hong Kong, as well as research the issues of blockchain technology, machine learning applications, cybersecurity and risk assessment. The outcome will identify the potential and existing gaps of developing Hong Kong into a FinTech hub, including a grand FinTech strategy catered toward the trajectory of the Hong Kong’s economy.
Prof Kar-Yan Tam is Dean of Business and Management and Chair Professor of Information Systems, Business Statistics and Operations Management. He is currently on the editorial board of a number of Information Systems journals. He had served as a consultant to a number of corporations and government units, and is currently on the board of the Hong Kong Productivity Council, the Curriculum Development Council, the Open University of Hong Kong, and the Hong Kong Deposit Protection Board.