by TYC Finance Ali 

Hong Kong’s Chief Executive, John Lee, got Hong Kong FinTech Week 2023 underway with a bang, telling a packed keynote audience that the city is the ideal environment for Fintech. Citing Hong Kong’s position as one of the world’s leading financial centres and China’s major financial sector, he said “No other economy can claim our unique advantage under the one country two systems principle, to draw on and create opportunities from both our country and the world at large.“

This year’s event theme is “Fintech Redefined”, which he noted will help shape the future of Fintech in every dimension. After referencing initiatives in his recent policy address designed to boost growth and promote the sustainable development of the Hong Kong Stock Market, he revealed plans to promote the better integration of Fintech and green finance, and establish Hong Kong as a green Fintech hub. Last year, the green and sustainable debts issued in Hong Kong exceeded US$80 billion, while green and sustainable bonds arranged in Hong Kong accounted for more than one-third of the entire Asian market.

“These, and other achievements, reflect the prowess of Hong Kong’s financial sector and its potential. The HKSAR Government is committed to the continuing rise of Fintech and is expanding research and reach and influence in Hong Kong and beyond. We offer unparalleled opportunities for Fintech businesses to grow and thrive in this 21st century of opportunities,” he said.

Unquestionably, at the core of any successful financial hub is an environment that fosters financial inclusion. With growing efforts to give unbanked people access to financial services, and major emphasis on sustainable and responsible financial practices. Islamic finance, or Islamic fintech in particular, has grown in popularity in Asia. Fintech that is Shariah Law compliant would soon become the default to the fast-growing Muslim population, and this panel introduces its importance in the context of Asia and the essential parts it plays on the global fintech stage.

It is noteworthy that the Hong Kong Fintech Week event also successfully included topics related to Islamic finance and held a panel discussion on the theme "The rise of Islamic Fintech and its importance to Asia's Fintech Hub", and invited panelist including Mr. Saif Khan, the Chief Product and Technology Officer of the Ethis Group, Mr. Wai Lum Kwok, the Senior Executive Director at Abu Dhabi Global Market (ADGM), Ms.Sandra Ernst, the COO of the Igloo, and Ms. Ella Arwyn Jones, the Editor, CorporateTreasurer & FinanceAsia at Haymarket Media Group.

For example, as shared by panelist Mr. Saif Khan, He said “Islamic Fintechs hold immense potential in transforming the financial landscape. Their core values and principles not only facilitate financial inclusion but also nurture the real economy by encouraging responsible and ethical financing. Moreover, they play a pivotal role in promoting sustainability, aligning with the global drive for responsible finance and environmental preservation.

As a true alternative mechanism for financing and circulating good, Islamic Fintechs present a unique approach to finance that transcends boundaries and resonates with the essence of equitable wealth distribution. The impact they can have on communities and economies is immeasurable.”