When Alvin Kwock, co-founder of digital insurer OneDegree, took part in the inaugural Hong Kong FinTech Week in November 2016, it was held at a venue suitable for only a few hundred people.
“As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.”
In the years since, fintech in Hong Kong has gone through a sea change. “Now fintech is no longer confined to a few start-ups; it’s on the top of the agenda of banks and insurers,” Kwock said.
The venue has moved from the PMQ (formerly the Police Married Quarters) to the massive Hong Kong Convention and Exhibition Centre, with the number of attendees growing 18-fold to 45,000 people. At the recent forum, speakers included some of the most high-profile figures in the financial sector like HSBC CEO Georges Elhedery and Standard Chartered Bank CEO Bill Winters.
This maturation has intensified Hong Kong’s long-standing rivalry with Singapore. The two cities are competing to develop fintech, a rivalry highlighted this month as both hosted their 10th annual flagship fintech festivals.
While attendance in Hong Kong may have been thinner than in Singapore, the city has an edge over its Southeast Asian rival, thanks to its vibrant capital market providing funding for fintech companies and serving as a gateway to the Greater Bay Area.