Victor Yim’s Post

【Visiting Middle East】The Middle East FinTech Delegation visited the Central Bank of the United Arab Emirates, The nine-day itinerary concluded successfully in Abu Dhabi After Riyadh, Doha and Dubai, the delegation came to the last stop of this Middle East trip, Abu Dhabi, the capital of the United Arab Emirates, is also a rising global financial capital. In the morning, selected representatives from the delegation were invited to attend a meeting with the Central Bank of the United Arab Emirates (CBUAE). At the meeting, Fintech office and transformation office of #CBUAE introduced progress of their strategies covering open finance based on a hybrid centralized approach, centralized KYC for business, stablecoins regulation for banks in the UAE and CBDC pilots; Cyberport and CBUAE also discussed future collaboration with their innovation hub in the area of AI, open finance, sustainable finance and talent exchange. Another group of delegates visited the Abu Dhabi Global Market (ADGM). Relying on its friendly, diverse and prosperous business environment, the financial centre has attracted many global enterprises, investment banks, financial technology companies, private equity, leading institutions, asset management companies and consulting firms. The delegation also met with the Abu Dhabi Investment Office and the Abu Dhabi Residents Office to understand local tech support and landing policies. In the afternoon, the delegation arrived at the office of Hub71, ADGM’s technology and innovation incubator. It is a global tech ecosystem based in Abu Dhabi, uniting top corporations and investors to foster the growth of disruptive tech startups worldwide from UAE capital. The beautiful environment, good infrastructure, friendly tax system, progressive regulatory agencies and laws and regulations more adapted to the West all give Abu Dhabi the potential to become one of the global financial centres; there are huge opportunities for cooperation lie between Abu Dhabi and Hong Kong. With this, the Middle East Fintech delegation led by 香港投資推廣署 and Cyberport came to an end. During this trip, the delegates not only deepened their understanding with all walks of life in the Middle East and laid the foundation for future cooperation; also gained precious friendships and established various connections within nine days. We look forward to supporting the vigorous development of Hong Kong’s FinTech in the future. 香港金融管理局| Aereve Company Ltd | AQUMON | Carbonbase | Evident | FundingReach Holdings Limited | #InnoChain | OneDegree | LianLian Global | KPay Merchant Service | XTransfer | On-us | Syndicate Capital Group #Cyberport #CyberportCommunity #Fintech #ESG #Web3 #VirtualAsset #Wealthmanagement #RegTech #InsurTech #VC #Freezone #OpenFinance #eKYC #Stablecoin #CBDC

Dubai: On The Road To Becoming A Top Global Financial Services Hub! 🌍🚀 Competition for new global financial services hubs intensifying, historic global financial hubs are under increasing pressure. 🔥 🏆 A 10-year economic agenda aimed at doubling the size of the economy , to position Dubai as a top global financial services and talent hub other leaders. 🏆 Dubai is positioned as the gateway to more than four billion people in the Middle East to the wolrd. 🏆The financial centre has been expanding five-fold faster than the Emirate's average gross domestic product growth over the past 10 years 🏆The (DIFC), a financial “free zone”, launched in 2004, with over 550 regulated financial institutions, 4,200 companies with over 36,000 employees in legal and professional services and is the largest fintech ecosystem in the Middle East and South Asia!! Dubai is positioning itself to lead the global hurdle race to become synonymous with New York, London, Hong Kong, and Singapore, through its leadership in innovation and digital finance. #fintech #dubai #difc #fintechhub #globalfinance

The global financial landscape is undergoing a remarkable shift, fueled by the rise of digital assets. Numerous countries are seizing the opportunity to redefine themselves as the next global financial hubs. Unfortunately, Malta faced setbacks due to challenges in corporate due diligence and a robust AML framework, resulting in its placement on the FATF grey list. In contrast, other nations have thrived by laying down solid foundations. They are succeeding and thier success to date is testament to embracing change and innovation! Singapore 🇸🇬 already renowned for its stringent regulations, has surged ahead by early investments in supporting innovation and sandboxes. This proactive approach has attracted a myriad of exceptional fintech and crypto firms. The UAE 🇦🇪 stands out prominently, displaying foresight through investments in innovation and a regulatory framework that meticulously breaks down use cases for digital assets, showcasing an incredible commitment to progress. Notably, Lithuania 🇱🇹 is emerging as a contender, closely following in the footsteps of Singapore and the UAE. Its distinctive approach to fintech and green finance sets it apart, reflecting a ministry keen on innovation and sustainability. The race to become the next financial powerhouse is undoubtedly dynamic, with nations strategically positioning themselves in this era of digital transformation. There has never been a more exciting time to be working in the global regulatory environment 🚀 #digitalassets #regulations #compliancerisk

"No other economy can claim our #unique advantage under the 'one country, two systems' principle - which has empowered us to draw on, and create, opportunities from both our country and the world at large" "The #greaterbayarea , as one of the most open, dynamic, and competitive world-class city #clusters , is well-positioned for developing fintech and inclusive finance" #web3 #virtualassets #regtech #digitalcurrencies #fundplatform #ecommerce #paymenttech #blockchain #delegation

Heading to Hong Kong this week for the #hkfintechweek ! Hong Kong is a very special place: it is one of the largest global financial centres in the world and has the most Diverse, Resilient, and Dynamic International FinTech Hub. Hong Kong has been highly successful supporting and driving digital innovation over the past few years. Over 800 fintech companies and over 3,900 start-ups (including 10+ unicorns: e.g. WeLab) were born locally. How did they achieve that ? 1-Cooperation: Regulators (e.g. HKMA) and Corporations (e.g. AWS, HSBC) have worked together to support and fund these initiatives through organised programs (e.g. Global Fast Track, HSBC Venture Capital, FintechHK, InvestHK). Some of the key topics this year are: CBDC, AI, Web3, Embedded Finance. 2- Local Demand for new technologies : 74% of Hong Kong residents use at least two fintech services and over 90% have adopted digital payment, according to FintechHK in a 2023 study. Moreover the adoptions of Virtual Wealth, Virtual Bank, and Virtual Insurance were at 57%, 55%, and 41%, respectively. 3-International hub : Hong Kong is also a great way to create, start and then expand globally e.g. China, the world’s top consumer market for FinTech. This is WHY Hong Kong has been one of our most dynamic markets at Episode Six and we are proud of empowering many global banks and fintechs there. At Episode Six, we give our clients powerful infrastructure to quickly deliver industry-leading payments solutions and the flexibility to adapt in real time. No matter the changing trends, you’ll be in the lead with our payment technology and we will support you to expand globally. Looking forward to this week ! Feel free to reach out to me for a chat. FintechHK Episode Six Hendrik Gunawan King Hei Ma, MBA Gauthier Roebroeck Ravi Patel Nirmal Chander

The Financial Services and the Treasury Bureau (FSTB) announced on November 2, a series of major initiatives for fintech development in Hong Kong in the Hong Kong FinTech Week 2023.   These initiatives aim at fostering co-development of fintech and the real economy, including launching a new Integrated Fund Platform (IFP); welcoming cross-boundary e-CNY applications to benefit inbound and outbound visitors between the Mainland and Hong Kong; and promoting real economy related applications and innovations by the Virtual Assets (VA) and Web3.0 sector, as well as further development of the regulatory framework.   This industry development was part of the recent press release which can be accessed in this link for more information - https://lnkd.in/gQTEQwsd   #fintechdevelopment     Follow our page for weekly news updates on key industry developments and business grants.

Navigating Regulations for Fintech Innovations: Insights from the Africa Fintech Festival 2024 In the ever-evolving world of financial technology, the need to balance innovation with regulatory compliance is more crucial than ever. The Africa Fintech Festival 2024 provided a platform for key industry leaders to discuss strategies to master the regulatory landscape, ensuring that groundbreaking fintech ideas can safely and responsibly reach the market. The panel discussion featured prominent figures such as Dr. Patrick Olomo, Senior Economist at the African Union; Kwame Oppong, Director of Fintech & Innovation at the Bank of Ghana; Ahmed Monir, General Department Manager of FinTech and Innovation & Head of Regulatory Sandbox at the Central Bank of Egypt; Wycliffe Shamiah, CEO of the Capital Markets Authority; and Magalie Gauze-Sanga, Founder & CEO of Koree, Cameroun. The panelists highlighted that the traditional financial regulatory system, often static and rigid, struggles to keep pace with the dynamic nature of fintech innovations. To address this challenge, they proposed several strategies to create a conducive regulatory environment that supports innovation while ensuring consumer protection and compliance. A key recommendation from th... #2024 #AFF #Fintech #Innovations

Bahrain Fintech Bay and the Qatar Financial Centre Authority enter into an MoU agreement.   On the fringes of the Web Summit 2024, #Bahrain #FinTech Bay (BFB), Bahrain's fintech #ecosystem builder, and Partior, the global unified #ledger #market infrastructure for clearing and settlement, signed separate memorandum of understanding with the #Qatar Financial Centre Authority (QFCA), the #legal and tax arm of the #QatarFinancialCentre (QFC), a prominent onshore #financial and #business center in the region. To advance the fintech scene in both nations, the Memorandum of Understanding (MoU) with Bahrain FinTech Bay creates extensive #frameworks for collaboration in cooperative research initiatives and hosting #virtual sessions to exchange knowledge and experiences. According to the MoU, each party will offer resources, support, and assistance to new firms wishing to develop into the areas of the other, including the #QFC and #BFB. They will also make it easier for them to visit coworking spaces in Bahrain and Qatar during business visits.  The QFC and Partior have partnered to establish a tight working relationship that will leverage both organizations' strengths to achieve good change, foster #innovation, and leave a lasting impression. The QFC acknowledges that #technology improves #security, #sustainability, #transparency, and operational efficiencies. The QFC Tech Circle and Digital Assets Lab, two venues promoting digital and technology growth, are a testament to its commitment to fostering technological innovation and adoption.   The fintech scene in Bahrain has developed significantly. There's no denying that recent moves by the Kingdom's business, investment, and government sectors have improved the climate in which domestic and foreign #companies can expand. Hundreds of fintechs are currently operating in Bahrain, including larger ones with a market capitalization of more than $1 billion. On the other hand, the fintech industry in Qatar is expanding quickly because of substantial government funding and #technological #investments. The initiatives to improve financial services and diversify the #economy through innovation—such as #blockchain and #digitalpayments—are driving this expansion. Qatar is establishing itself as a significant fintech hotspot in the #MiddleEast thanks to its robust financial infrastructure and strategic efforts that encourage collaborations between established institutions and fintech firms.

The Fintech Landscape of Hong Kong in 2024 (my next one about Asia): "It is no secret that Hong Kong is a financial services leader. It is one of the world’s most active and liquid securities markets, while 78 of the world’s top 100 banks call Hong Kong home. Hong Kong’s financial services sector accounts for 21.3 per cent of the city’s gross domestic product (GDP) and boasts 163 licensed banks, 164 authorised insurers, and eight virtual banks. Some of the world’s largest banks and financial institutions originate from the city, including HSBC (its acronym, after all, stands for ‘Hong Kong Shanghai Banking Corporation’). In 2022, one-third of Asia’s international sustainable bond issuances were arranged in Hong Kong (Asia’s leading city in this category)." To read more -> https://lnkd.in/drmGjz_E #fintech #fintechhongkong #hongkong #fintechasia Hong Kong Monetary Authority (HKMA) Hong Kong FinTech Week #economicdevelopment #digital #digitaldisruption #Asia The Fintech Times Invest Hong Kong

The highly anticipated 3i Africa Summit has garnered endorsement from key players in the fintech industry, with over 3,000 industry leaders from 78 countries confirming their participation. This ground-breaking event, set to take place in Accra from May 13 to 15, 2024, will catalyze innovation, investment, and impact in Africa's rapidly evolving fintech and financial services sectors. Developed through a strategic partnership between the Bank of Ghana (BoG), and Development Bank Ghana, and supported by Elevandi, a subsidiary of the Monetary Authority of Singapore (MAS), the 3i Africa Summit aims to spearhead transformative discussions, address critical growth and investment opportunities, and explore how market players in the financial ecosystem are embracing digital transformation. https://lnkd.in/dCY48yBW