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To pave the way for a digital economy, it is necessary to create an interconnected and coherent digital infrastructure that supports decentralized applications and platforms, develop cross-platform solutions to enable seamless integration, and work with policymakers to develop supporting and to establish adaptable regulations.
On April 14, the two-day Digital Economy Summit (DES) 2023 ended, bringing together banking executives, entrepreneurs, innovators and thought leaders to discuss the future trends in smart city, data innovation, fintech, web3, AI and big data as well as intelligent Decode mobility and new industrialization.
Many countries have already formulated plans to promote the development of the digital economy, so it is important for Hong Kong to build a unified standard and a coherent digital financial infrastructure for financial institutions, innovators and customers in the digital economy, said Dr. Rocky Cheng. Chief Information Officer of the Bank of China (Hong Kong) (BOCHK), in his keynote speech. The bank is Digital Banking Partner of this year’s DES.
It is important for Hong Kong to build an interconnected and coherent digital financial infrastructure, says Dr. Rocky Cheng, Chief Information Officer, Bank of China (Hong Kong).
dr Cheng believes that an integrated digital financial infrastructure should be built on three foundations. First, the complete digitization of various infrastructures. Second, the interconnectivity and interoperability of different infrastructures, which at least allow for the sharing and seamless exchange of transactions and operational data.
Third, the ultimate goal is to achieve an interaction between different financial infrastructures to form a unified ecosystem that can transform big data into insights, increase operational intelligence, and enable better risk control and crisis management.
Once the digital financial infrastructure system is successfully established, a unified digital transformation standard can be established for other sectors, accelerating Hong Kong’s digital transformation and smart city development, while connecting Hong Kong to the global digital economy, said Dr. cheng
During a panel discussion, Arnold Chow, deputy general manager of BOCHK’s personal digital banking product division, noted that various types of cross-industry collaborative digital transformations have taken place in recent years, many of which have embraced emerging technologies such as big data and artificial intelligence to Increase operational efficiencies and resolve customer service issues.
It is important for Hong Kong to build an interconnected and coherent digital financial infrastructure, says Dr. Rocky Cheng, Chief Information Officer, Bank of China (Hong Kong).
For example, the bank has adopted technology to better understand its customers’ risk profiles and help them make informed investment decisions through mobile banking, in addition to traditional in-person investment analysis services.
He added that the bank has launched a series of online services such as green loans, green mortgages and green bonds in recent years to actively promote sustainable development and help Hong Kong become a smart city .
In fact, Hong Kong’s fintech ecosystem is gradually maturing, with banks, tech companies and fintech startups entering into a symbiotic relationship that offers many opportunities for collaboration and synergy.
“Hong Kong has a vibrant fintech ecosystem and is home to more than 800 fintech companies… The success or failure of fintech, virtual assets or web3 applications in finance will depend on whether new technologies, models and applications actually meet the needs of businesses.” We want to strengthen the real economy, address existing vulnerabilities, improve transaction efficiency, create value and deliver better experiences,” Paul Chan, Hong Kong Finance Minister, told the audience in his welcoming speech.
Hong Kong’s fintech scene comprises over 800 companies. The success of fintech, virtual assets and Web3 will depend on their ability to respond to the needs of the real economy and address vulnerabilities, Paul Chan, Hong Kong’s finance minister, told the audience in his welcome speech.
Chan noted that Hong Kong has the potential to become a major player in the burgeoning digital economy and is well positioned to capitalize on the opportunities Web3 presents. In doing so, the government will continue to strike the right balance of regulation and facilitation to allow virtual asset innovation to thrive in Hong Kong in a sustainable and responsible manner.
Organized by the Hong Kong government with the support of various industry organizations, DES 2023 was Cyberport’s latest attempt to build a vibrant smart city ecosystem and fuel the growth of the digital economy, “Kong I&T Development Blueprint”, ultimately supporting the long-term vision, Hong Kong into an international I&T center.
Held in a hybrid format, this year’s summit attracted an unprecedented 4,000 participants from over 40 countries, including technology firms, business leaders, industry observers and government agencies. More than 100 renowned international speakers shared their insights in eight specialist forums, all of which had the motto “Emerging with Resilience: Fostering a Smarter Future”.
DES 2023 took place in a hybrid format and was attended by 4,000 participants from 40 countries, including representatives from technology, business and government.
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