Video Texts

1. Collaboration plays a very important role

2. in the way FinTech has developed in the last few years,

3. in particular, in Hong Kong.

4. Initially, we saw a lot of work done by FinTechs

5. trying to do it on themselves,

6. looking to disrupt financial services

7. and also the banks at one stage,

8. looking to be more guarded

9. about how they use technology,

10. especially FinTechs with them.

11. But as the reality dawned on the markets,

12. such as Hong Kong,

13. which is largely business-to-business,

14. people realised that

15. there needs to be a lot of collaboration.

16. Banks need a longer time for transformation,

17. but they also need to be able to be more agile

18. with regards to adopting new technologies,

19. and for FinTechs,

20. they don't have a long runway,

21. and secondly, they also aren't able

22. to have the required capital

23. if they want to face off with banks,

24. in particular,

25. where larger creations are impacted.

26. So, it's quite important that

27. collaboration is done in this field.

28. Secondly, what we are seeing now is

29. banks are not just collaborating with FinTechs,

30. but they're going a step ahead

31. and some of them are acquiring them

32. through strategic investments.

33. So, they'll have a large investment,

34. and these FinTechs are solving

35. just the banks' need for strategy

36. in Hong Kong or across the region.

37. Three, very importantly,

38. is cross-regional collaboration.

39. So, you see certain strands of different FinTechs

40. in different regions,

41. and what banks are trying to do

42. is try to find these FinTechs here.

43. If you have a FinTech which is very strong

44. in the B2B section of AI in Hong Kong,

45. they look to use that from Hong Kong,

46. and they might use another

47. coming in from Singapore.

48. So, it becomes very important for them

49. to have teams that can collaborate this.

50. Lastly, it is very important

51. that compliance plays a role

52. in making this effort of collaboration

53. between banks and FinTechs faster.

54. Onboarding is a very important factor

55. and of compliance,

56. time can be shortened.

57. It gives the start-ups

58. more time to present a POC

59. and be onboarded with the banks.

60. So, collaboration plays an important role,

61. and we should be aware that

62. banking is going to change

63. not by disruption,

64. but through collaboration.

65.