October 3, 2024
By Our Correspondent
Artificial intelligence is anticipated to take precedence over Web3 during this year’s FinTech Week, commencing at the end of the month.
Organizers InvestHK and Finoverse have hinted at a lineup of exhibitors from mainland China eager to capitalize on the generative AI trend.
“There is a significant increase in the representation of mainland Chinese companies at this year’s event, with a strong emphasis on AI and advanced technologies,” stated Anthony Sar, founder and CEO of Finoverse. “AI, particularly influenced by Chinese technology, stands out as a key trend that is markedly different.”
Two years prior, Hong Kong utilized FinTech Week to emphasize a regulatory reform aimed at establishing the city as a hub for virtual assets. Notably, one of the main speakers was Sam Bankman-Fried, the founder of FTX, who is currently serving a 25-year prison sentence for fraud. Since that time, various challenges have arisen, including a downturn in the cryptocurrency market—partly instigated by the 2022 collapse of FTX—significant fraud cases in Hong Kong, and a regulatory framework for exchanges that has faced criticism for being overly stringent and hindering business activity.
Concurrently, the introduction of ChatGPT by OpenAI has diverted considerable attention within the technology sector towards AI initiatives. FinTech Week is evolving in response to these developments. The emphasis has shifted to Hong Kong’s position as a “connector” between international business and China, which ranks as the second-largest AI market globally, following the United States.
This year’s conference, scheduled from October 28 to November 1, will attract participants to Shenzhen, where they will visit prominent companies in China’s southern technology hub, including SenseTime, Tencent Holdings, and ByteDance. For the first time, Ant Group, the fintech subsidiary of Alibaba Group Holding, is sponsoring the event, with CEO Eric Jing among the distinguished speakers. Representatives from Tencent, Xiaomi, JD.com, and SenseTime are also expected to attend.
King Leung, the global head of financial services at InvestHK, the investment promotion agency of the Hong Kong government, emphasized the importance of connecting with international markets, including Southeast Asia, the Middle East, and Europe. He noted that Hong Kong serves as a regional headquarters for various financial institutions.
This scenario presents a significant opportunity for AI companies visiting the city to propose proof of concept projects to these institutions and subsequently offer to implement similar solutions in other markets, according to Leung.
As Hong Kong strives to uphold its position as Asia’s financial center, AI has demonstrated commercial viability in ways that blockchain has not. Numerous blockchain initiatives within financial institutions have either failed to gain traction or have stagnated. In contrast, companies are actively working to incorporate generative AI into their services, assisting with regulatory compliance and investment advice.
The organizers acknowledge that while there is a notable shift in focus towards AI, Web3 continues to play a vital role in the event. “We aim to showcase the significant presence of Chinese companies, but our scope is not confined to that,” stated Sar.
