Panel Discussion is being moderated by Professor Paul McGuinness and will embody Mrs Christine Ip, Mr. Tim Pagett, Mr. Hendra Tan, and Mr. Wilson Wan.
McGuinness introduces a contention as being focused essentially on ‘Financial Innovation’. He highlights a sparkling Fintech prospects for Hong Kong. Capital Funding is also a pivotal indicate of discussion. He deduction to deliver a panelists.
Mrs Ip. opens adult a contention per a impasse of a banking industry. She mentions a internet bang in a early 2000’s, and a technological developments that has authorised it to be sustainable. Ms. Ip is Managing Director and CEO, Greater China, United Overseas Bank Limited. Banking attention will face identical expansion prospects with fintech developments, quite in mainland China, where expansion rates are most aloft than in a US and Europe. Emphasizes a significance of partnership with other companies to dig China, arguably a biggest marketplace right now for Hong Kong and other ‘big unfamiliar players’.
Ms. Ip furthers a fintech contention by bringing adult crowd-funding platforms that give access to new opportunities for companies, quite start-ups to pull for innovative products and services, and timeless companies and banks are given new investment opportunities. There are however dangers in fintech: “if we incited on a radio this morning, we will have listened about nonetheless another story of someone removing scammed out of 3 million dollars by a digital fintech height in China.” She says that this is customarily due to ‘ignorance and negligence’ and can be avoided, records a critical purpose universities play in scrupulously educating immature people entering a banking/finance industries in this new fintech era.
Final point: with a devaluation of a RMB, this will usually serve fuel Hong Kong’s ability to deposit abroad.
Mr. Tim Pagett opens adult vouchsafing us know it’s his 50th birthday and how he’s a same age as a CUHK MBA.
Pagett thinks behind to a early days when we used to be means to wear hoodies and trainers to work, and how most a attention has developed given then. He mentions payments and pronounced he wants to investigate a judgment of ‘a cashless society’. Mentions China’s ‘BAT phenomenon’, a fast technological developments in E-commerce and a payments routine (mobile wallets, etc) all enabled for a rare bang of some of China’s biggest companies. Highlights how a subsequent generations might never possess a credit or bank card, will open bank accounts with mobile phone, travel, insurance, all (including marriage) will be finished on phones or digitally. This combined potency to a banking attention presents opportunities as good as challenges. 90% of a commerce is now finished on a digital basis, says a banking attention will naturally have to follow.
However, Mr. Pagett mentions a large separator to banking apropos wholly electronic: high value payments where trust, trustworthiness are ‘of a essence’, he believes it will be a prolonged time before people will feel gentle creation exchange of millions of dollars on an electronic platform. ‘Scalability’ another problem. He calls himself a ‘skeptic’ that still has issues with cyber-security. Even something that it ‘virtually impenetrable’ still contingency be ‘virtually penetrable’. ‘Nothing will ever be 100% secure’, Pagett concludes. Banks, and their regulated environments give off an aura of trust, therefore a ‘losses’ are supposed and accepted.
Asks a following Questions: ‘What do we do when a lights go out?’ Almost a Y2K-esque concern. ‘What do we with all of a aged batteries? Because they aren’t bio-degredable.’ Rightfully raises adult environmental concerns. A thespian finish to an interesting speech.