Hong Kong Fintech Week
Organized by InvestHK, a HKSAR government department, supported by the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC), the Insurance Authority (IA) and the Hong Kong Stock Exchange (HKEX), and with AMTD Group as the sole strategic partner, Hong Kong Fintech Week 2019 took place from November 4th to 8th in Hong Kong and Shenzhen. This is the second year in a row that AMTD Group serves as a sole strategic partner for Hong Kong Fintech Week.
During Hong Kong Fintech Week 2019, the Regional Banks + Strategic Cooperation Alliance initiated by AMTD Group announced the addition of East West Bank (NASDAQ: EWBC), the largest regional bank capitalizing on the growth of Chinese Americans and also top 30 banks in the United States, and Airstar Bank, one of the eight virtual banks in Hong Kong that is jointly established by AMTD Group and Xiaomi Corporation (1810.HK). Calvin Choi, Chairman and CEO of AMTD Group, founder of the Regional Banks + Strategic Cooperation Alliance and board member of Bank of Qingdao, Wang Xing, CEO of East West Bank Hong Kong Branch, Dr. Frederic Lau, Chief Executive of Airstar Bank, and Raymond Yung, Vice Chairman of AMTD Global Advisory Committee and Independent Non-executive Director of Guangzhou Rural Commercial Bank attended the signing ceremony. Other witnesses included Dr. Bernard Chan, Deputy Secretary for Commerce and Economic Development, Charles Ng, Associate Director-General of InvestHK, Lin Yaobang, Chief Fintech Officer of the Hong Kong Cyberport Management Company, Professor Witman Hung, Hong Kong Deputy to the National People’s Congress and Principal Liaison Officer for Hong Kong, Shenzhen Qianhai Authority, as well as Liu Wei, Head of Finance of Xiaomi Corporation.
The Regional Banks + Strategic Cooperation Alliance was initiated by AMTD Group and jointly established by four leading regional banks of China including Bank of Qingdao, Guangzhou Rural Commercial Bank, Jiangxi Bank and Zhongyuan Bank over Hong Kong Fintech Week 2018. The Alliance operates with the principle of “Leading Innovation, Reciprocity, Fairness, Openness, and Independence,” and promotes fintech into the traditional financial business. It aims to develop a new model of fintech, smart finance, inclusive finance and green finance and to boost innovation and cooperation globally among Alliance members.
Wang Xing, CEO of East West Bank Hong Kong Branch, pointed out that the banking and financial services sector is becoming much more diverse and complex with the emergence of new technologies, consumption patterns and increasingly stringent regulations. Geographical distance and culture shocks will pose even greater challenges. East West Bank is a premier bank focuses exclusively on the United States and Greater China markets and is one of a few American banks that have established wholly foreign-owned branches in China. The bank provides full services and is committed to helping clients in the United States and Greater China exploring business opportunities and achieving success. East West Bank is pleased to share experiences of bridging the gap between China and the United States and to grow with AMTD, a leading independent investment bank in Asia, and other excellent members from the Alliance.
Dr. Frederic Lau, Vice Chairman of AMTD Group and Chief Executive of Airstar Bank, insisted that financial institutions should work together on innovation and development to achieve win-win situations. Airstar Bank, jointly established by AMTD Group and Xiaomi Corporation, successfully secured one of eight virtual banking licenses in Hong Kong granted by the Hong Kong Monetary Authority (HKMA) this May. The Regional Banks + Strategic Cooperation Alliance strives for innovated developments under the premise of complying with relevant laws and regulations. As a global fintech partner, Airstar Bank will empower alliance members to make full use of technology in order to break regional boundaries, reduce operating costs and achieve sustainable growth.
AMTD Group, founder of the Regional Banks + Strategic Cooperation Alliance, successfully listed its subsidiary, AMTD International (NYSE: HKIB), on the New York Stock Exchange on August. AMTD Group has accumulated rich experiences and abundant resources for China-based issuers in international capital markets over the years. Other sponsors, including Bank of Qingdao, Guangzhou Rural Commercial Bank, Jiangxi Bank and Zhongyuan Bank, are among leading regional banks in China and have all listed on the Hong Kong Stock Exchange.