In August, the FinTech Association of Hong Kong (FTAHK) appointed Lareina Wang as its new chairperson. Wang also works as executive director, head of digital and innovation at DBS Bank Hong Kong, managing the digital business of the Singaporean bank’s institutional banking group.
According to a press release, Wang (pictured) will continue the association’s mission to ‘advocate, collaborate and educate’ the fintech community in Hong Kong, with a greater push towards regional partnerships. For example, she used the word ‘super-connector’ when describing the association’s role in regional markets, including Hong Kong and the wider Greater Bay Area (GBA).
The FTAHK was first launched in 2017, and has around 300 corporate members so far, over 80 of which joined in 2022 and 2023. The association boasts over 60 events held last year, from open banking, insurance tech, payments to tokenisation.
It is the city’s largest fintech group, yet Wang said they’ve identified some key issues when providing value added for its existing and potential members; for example, are fintech players joining only for business opportunities? What should the organisation’s value proposition be? How can they acquire new members, and make the conversation more inclusive?
In an interview, Wang spoke to FinanceAsia about her vision to further grow the organisation, while preserving the legacy of representing the fintech community in one of Asia’s largest fintech hubs.
She succeeded Neil Tan, managing partner at fintech consultancy Tsunami Advisors, who has recently completed his two-year chair term. Prior to DBS Bank Hong Kong, Wang worked at HSBC for over nine years, with a most recent role as deputy head of GBA, according to her LinkedIn profile.
Commercial focus
Wang did not shy away from talking about the association’s funding.
“We’re a 100% self-funded association, relying almost fully on our membership fees to sustain [the association]. We have full-time employees, work with external service providers, and are looking at sponsorship opportunities to enlarge our voice,” she said.
From a commercial lens, the association needs a ‘sharper customer value proposition’, she emphasised. This includes increasing the awareness of existing members, as well as a more targeted recruiting approach.
Facilitating collaboration is one of FTAHK’s key missions, while she wants something beyond business agreements.
“The buy side versus sell side scenario is inevitable, and people are practical. But on top of that, I think of the association as a supportive network,” she noted. An example of this would be when a newcomer enters the Hong Kong market, the association becomes a professional services network, from banking to legal and insurance providers; or, for example, it is a platform where companies and individuals can sit down at a panel discussing the latest market trends.
In terms of growing the membership, Wang suggests reaching out to ‘fintech-curious’ people and students as future individual members, in addition to existing fintech corporate members.
“We have some of the world’s best universities in town, while, overall, the fintech industry is short of fintech talent. Advocating for policies and reaching collaborations might not appeal to them, but they are interested in being educated around fintech topics,” she said. By doubling down on attracting more individual members, “our opportunity will be multiplied.”
China connection
Improved communications with mainland China is another area Wang is exploring.
She told FA that talks with fintech counterparts in major Chinese cities, such as Beijing, Shanghai and Shenzhen, are ongoing. The GBA, which includes Guangdong province (where Shenzhen is a based), Hong Kong and Macau, is a good starting point given its proximity to the Special Administrative Region (SAR).
On September 5, the association organised a day trip to Huawei’s research and development institute in Dongguan, in Guangdong province. Members who joined included those from HSBC, DBS Bank, Linklaters, Hang Seng Bank and the London Stock Exchange Group (LSEG).
Wang said she is expecting more similar trips in the future.
In her view, mainland China remains a leader in certain fintech areas, such as retail offerings, and is also a vast market most fintech players in Hong Kong are exploring. Given the ‘one country, two systems’ arrangement, the differenct regulatory environments need to be considered.
For instance, authorities in Shenzhen and Hong Kong launched a blockchain-based data verification platform in May this year, making it possible for Hong Kong institutions to validate a Chinese client’s credit risks, without the need of transferring data or documents.
Wang cited the latest cross-border data development as an example of benefit from increasing ties with the mainland market, pointing out that it’s crucial for players in the SAR to familiarise themselves with the world’s second largest economy, before expanding.
“Our opportunity to serve our members is to become the voice of fintech for the entire GBA,” she underlined.
Meanwhile Hong Kong Fintech Week is the next big opportunity for the market to meet in the SAR. The conference takes place at the Asia World-Expo between October 28 and November 1.
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