Asian fintech experts share views at Beijing-Hong Kong CFA event

05 April 2017   Category: News, Asia, China, Global, Hong Kong   By Asia Asset Management

Asian financial technology leaders shared their views on market trends recently at the first Beijing-Hong Kong Fintech Connect.

The CFA Institute, the global association of investment professionals, which co-hosted the conference with the CFA Society Beijing and the Hong Kong Society of Financial Analysts, says nearly 400 financial professionals from Hong Kong, China, Thailand, and Indonesia gathered to hear from 15 speakers, including technology innovators, financial institutions, regulators and experts.

The CFA Institute said in a statement that the March 25 conference was broadcast live to participants in Hong Kong, Beijing, Hangzhou, Shenzhen, Indonesia, and Thailand.  

At the Beijing session, Li Wei, director, science and technology of the People’s Bank of China, said financial regulatory authorities could get a better idea of potential financial risks via the use of big data, cloud computing, artificial intelligence and other technologies.

“This can improve the collection of regulatory data, integration, real-time sharing and enhance the accuracy of risk identification and the effectiveness of risk prevention by detecting illegal operations, high-risk trading, and other potential issues,” Mr. Li said.

Tang Ning, founder and chief executive officer of Mainland fintech lending company CreditEase, said that in Beijing, most people from the middle class would have their own “robo-advisers” on their mobile phones to provide them with asset allocation services or insurance technology.  

As such, he said, regulatory technology is evolving in two major directions: how financial institutions use technology to improve compliance, and how regulators use technology to conduct supervision.   

Bénédicte N. Nolens, senior director and head of risk and strategy at the Hong Kong Securities and Futures Commission, said fintech companies should understand the importance of regulatory compliance, and that it’s dangerous to flout regulations.

“Regulators may consider strengthening financial literacy and investor education, as trading and investment in securities through fintech is more self-directed and mainly involves retail investors,” he said.  

James McKeogh, AP Fintech lead partner of accounting firm KPMG, said the establishment of digital identity would be a focus over the next couple of years, as this needs to be done within and across different jurisdictions.