Economy· Macro· Fintech

Hong Kong Fintech Week: How can financial institutions in China collaborate with fintechs to safeguard their business in the new world order

minutes 2018/10/30 08:43:14
China's Financial News, China News, Hong Kong Fintech Week

Oct 30, 2018 (China Knowledge) - With the rapid development of financial technology, traditional financial institutions in China have not only changed the front-end business such as marketing and customer acquisition, but also have changed their strategic development direction. The investment and application of various institutions in fintech is deepening.

More than half of the traditional financial institutions are conducting their own fintech research & development and application in different forms, or choosing to make cooperation with fintech companies.

There was a talk, in today’s Hong Kong Fintech Week, on the question of “how can financial institutions in China collaborate with fintechs to safeguard their business in the new world order? “

Musheer Ahmed, General Manager Fintech Association of Hong Kong, said that China's bank focus on the traditional banking, but in the U.S, the banks like JP Morgan, focus on technology to be their main business. In addition, he mentioned that, in China, Alibaba and Tencent have their own bank focus on the technology.

William Bao Bean, Managing Director of Fintech Association of Hong Kong and SOSV Partner Chinaccelerator, added Musheer's point that Tencent and Alibaba do everything what they can in China, they did a lot of things that other businesses were afraid to do, and tried to provide service to the customers, invested a lot in the Southeast Asian region.

Medhy Souidi, the director of Prive Technologies, pointed that we ought to pay more attention to the field which could utilize fintech to make people's life easier.

On the other hand, Musheer expressed that the data is the key for the financial institutions and fintech companies, as it allows them to identify upcoming trends, but the key to success, in the trends, is the financial technology.

Overall, China Knowledge's analysts thinks that, as the regulatory environment changes, fintech companies' strategies to cooperate with traditional financial institutions have also changed, and returning to technology has gradually become a trend.

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