Some of Hong Kong’s biggest fintech start-ups, including virtual banks and insurers, are using their early advantage to expand their services in Southeast Asia. Stronger promotion by government bodies could open doors to new opportunities, they said.
WeLab is seeking a virtual banking licence in Thailand to add to its operations in Indonesia, while virtual insurer OneDegree Group is looking to offer its expertise in pet and cybersecurity policies and other technology solutions to peers in the region.
To support these plans, the Financial Services Development Council recently established advisory groups on Southeast Asia and the Middle East, each consisting of leading financial experts and top corporate executives, to promote Hong Kong’s business interests in those regions.
“It is expected that the advisory group will support and inform accelerated engagement between Hong Kong and key Asean nations,” said Damien Green, chairman of Manulife International and a member of the advisory group. The priority is to identify economic opportunities, and the friendships that underpin these, he added.
The FSDC Southeast Asia advisory group held its first meeting on October 4, which was chaired by Daryl Ng Win-kong of real estate developer Sino Group.
Chief Executive John Lee Ka-chiu established regional collaborations to help lift Hong Kong out of its post-pandemic economic struggles. He has led several delegations to promote Hong Kong in the Middle East as the government looks elsewhere amid the US-China trade tensions.