From Alipay to Chow Tai Fook: What level of blockchain application has it reached in Hong Kong? (with full picture of Hong Kong financial technology companies)

The HashKey 2019 Digital Assets Global Summit, co-sponsored by HashKey Group and the Universal Blockchain Lab, was held in Hong Kong. At the meeting, Patricia Yeung, Senior Manager of Financial Technology of the Hong Kong Investment Promotion Agency, gave a keynote speech entitled "The Status Quo of Hong Kong's Financial Technology Development".

The shorthand translations from Patricia Yeung, below, do not affect the original intention.

Hello everyone, I am Patricia Yeung, Senior Manager of Financial Technology, Hong Kong Investment Promotion Agency. In the following speech, I will share with you the current status of the Hong Kong financial technology ecosystem and some of the blockchain application cases in Hong Kong.

Hong Kong's financial technology sector is led by the private sector and has received government support. In 2016, the Hong Kong Monetary Authority launched a sandbox and released the first version of the blockchain white paper. Subsequently, in 2017, the Hong Kong Monetary Authority upgraded the sandbox to Sandbox 2.0 and released the second edition of the blockchain white paper. The Hong Kong Securities Regulatory Commission and the Insurance Industry Regulatory Authority also launched a sandbox in the same year. In 2017, the Hong Kong Financial Technology Association was established.

2018 is a very exciting year for the financial technology sector. The Hong Kong Monetary Authority announced the launch of the fast payment system, and individuals can now easily make cross-bank payments by entering their mobile phone number and the recipient's email address. The system provides users with 24/7 instant payment service, which not only supports the Hong Kong dollar, but also supports the RMB. The Hong Kong Monetary Authority officially launched the Trade Linkage (eTradeConnect), which was developed by 12 banking unions in Hong Kong and will be explained later.

Hong Kong's financial technology development has six focus areas: cybersecurity , blockchain , wealth technology , insurance technology , regulatory technology and credit technology . Last year we did a study on Hong Kong's financial technology and published this infographic at Hong Kong Financial Technology Week. There are currently more than 550 financial technology companies in Hong Kong and only 160 financial technology companies in 2016. This does indicate that the financial technology ecosystem is growing rapidly.

The following are some of the major blockchain companies that have been established in Hong Kong. They have employees and offices, are physically operated in Hong Kong, and of course include the HashKey Group. There are some blockchain communities in Hong Kong that regularly organize community meetings such as Bitcoin, Ethereum, and Superbooks.

Next I will share some examples of blockchain applications in Hong Kong. As mentioned earlier, the Hong Kong Monetary Authority has launched Tradelink (eTradeConnect), a blockchain-based Hong Kong trade finance platform that combines the services of 12 major domestic banks, including HSBC and Standard Chartered Bank. Strengthen cross-border trade. Tradelink (eTradeConnect) is Hong Kong's first large multi-bank blockchain project. HKEx encourages a blockchain platform for digital assets that simplifies the Northbound trading process. It is currently testing new system models, attempting to accelerate post-trade processes through digital platforms and smart contract modeling languages, and optimize settlement efficiency.

Hong Kong Alipay has applied blockchain technology to streamline the remittance process, increase delivery speed, increase transparency, reduce cost, and ensure better security measures when remittances are cross-border. BOC Hong Kong Branch handles 85% of real estate valuations by leveraging its own distributed ledger technology. In the past, real estate appraisers had to produce and deliver physical certificates by fax and e-mail, and now all the processes can be done on the blockchain in a matter of seconds.

New World Development Corporation is a Hong Kong corporate group that recently announced a partnership with the Hong Kong Applied Science and Technology Research Institute to create Hong Kong's first home-based blockchain cross-border platform; BOCHK is the first bank to participate in and apply the new platform, and will blockchain The integration of technology into the home buying platform has shortened the time and effort between signing the agreement and completing the transaction as never before; Chow Tai Fook Jewellery Group has launched a blockchain pilot for their diamonds in Hong Kong retail stores, which use the blockchain to issue diamond identification certificates. Provide customers with safe, traceable and accessible services.

In addition to the business applications mentioned above, the Hong Kong Polytechnic University has also established a blockchain joint laboratory for the study of blockchain and cryptocurrency technologies.

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