Organized by Business France – the French Trade Commission- and the French Economic Department of the French Consulate, the First Financial innovation seminar, Connecting France and Hong Kong, was held at the Hong Kong Monetary Authority (HKMA), on Friday November 8th,2019 as a side event of the Fintech week and gathered more than 150 attendees.
Mr. Alexandre Giorgini, Consul General of France in Hong Kong in Macau, Mr. Joseph Chan, Under Secretary for Financial Services and the Treasury of The Government of Hong Kong SAR and Mr. Laurence Li, Chairman of the Financial Services Development Council shared French and Hong Kong’s government commitment in supporting technology innovation in the financial sector and in strengthening the ties between Hong Kong and France in the Fintech and Insurtech fields. Indeed, HKMA and ACPR (French Prudential Supervision and Resolution Authority) signed a MOU in July 2019 to enhance collaboration between the two authorities in supporting fintech innovation. There are currently approximately 20 French Fintechs in Hong Kong (including Fintechs headquartered in Hong Kong and funded by French entrepreneurs). The seminar was then followed by three panels with speakers from the French and Hong Kong regulatory authorities, banks, funds as well as start-ups.
The first panel, “Financial innovation, New Regulatory Challenges”, tackled the challenges of regulatory authorities and the regulated entities with the development and integration of technological innovation in the financial world.
Afterwards, Mr. Thierry Bedoin, Chief Digital Officer at the Banque de France, delivered his keynote speech where he explained how the Banque de France and ACPR, the regulatory unit of the Banque de France, are open to innovation, with for instance, the opening of Le Lab, the innovation center of the Central Bank, 2 years ago. He then introduced the vibrant ecosystem in France, which has more than 750 fintechs. While the French fintechs raised €365 million in 2018, the 1st semester of 2019 accounted for already more than €380 million raised by the French fintechs. The Fintech ecosystem in France in also very dynamic, thanks to public and private initiatives, such as La French Tech, which promotes French start-ups in France and abroad, as well as Le Swave, a French innovation platform dedicated to fintech businesses.
In the second panel, “Boosting the Fintech Ecosystems, France & Hong Kong Experiences”, Credit Agricole CIB, Ping An Global Voyager Fund and Fintechs, discussed how they contribute in boosting the fintech ecosystem.
Last but not least, the speakers discussed about how innovation help ameliorate consumer experiences at the third panel on “Innovating in the Insurance Sector”. datascience etc..).
This first Financial Innovation seminar, sponsored by Credit Agricole, Mazars and Invest in Hong Kong, and supported by the Fintech Association of Hong Kong and the French Tech Community in Hong kong and Shenzhen, provided an opportunity for Hong Kong and French financial actors to better understand the regulatory framework as well as respective innovative ecosystems. Hopefully this seminar will bring further collaboration between both France and Hong Kong.
Business contact :
Ms. Jacqueline Tellier
Ms. Phoebe GUO
Communications & Press
Business France (www.businessfrance.fr) is the national agency supporting the international development of the French economy, responsible for fostering export growth by French businesses, as well as promoting and facilitating international investment in France. It promotes France’s companies, business image and nationwide attractiveness as an investment location, and runs the V.I.E international internship program.
Founded on January 1, 2015 through a merge between Ubifrance and the Invest in France Agency, Business France has 1,500 personnel, both in France and in 70 countries throughout the world, who work with a network of public and private-sector partners.