Survey finds majority of respondents upbeat about economic
prospects in 2018; AI, other technologies pose biggest disruption
to financial industry
|
The 11th Asian Financial Forum (AFF) welcomed more than
3,000 financial policymakers, financial elites and business leaders
to the two-day Forum. |
|
Professor Daniela Rus, Director of the Computer Science and
Artificial Intelligence Laboratory (CSAIL) and Professor of
Electrical Engineering and Computer Science at the Massachusetts
Institute of Technology |
|
JP Nicols, Managing Director of FinTech Forge and Chairman
of NextMoney.org |
HONG KONG, Jan 17, 2018 - (ACN Newswire) - More
than 3,000 financial policymakers, financial elites and business
leaders attended the two-day 11th Asian Financial Forum (AFF),
which concluded yesterday. Co-organised by the Hong Kong Special
Administrative Region Government and the Hong Kong Trade
Development Council (HKTDC), AFF 2018 was held under the theme
"Steering Growth and Pioneering Innovation: Asia and Beyond," which
examined the latest economic trends, industries with the greatest
growth potential and investment opportunities presented by
technology and innovation. More than 670 one-on-one meetings were
arranged during the AFF Deal Flow Matchmaking Session, to help
participants explore business and investment opportunities.
- Over half of the respondents optimistic about the Chinese
market
On-site real-time surveys conducted during AFF sought to gauge the
views of participants on such issues as the economy, business
development and technology. The survey suggests general optimism
among the business community about this year's global economic
prospects, with 58 per cent of the respondents saying they were
positive about the outlook, while 36 per cent said they were
neutral, and only six per cent expressing pessimism about the
economy. On global economic risks in 2018, respondents said they
were most concerned about the policy direction of the United States
administration (25 per cent), the escalation of trade protectionism
(19 per cent), and heightened geopolitical tensions (19 per
cent).
More than half of the respondents (55 per cent) believed that China
will offer the best investment returns in 2018, with
telecommunications, media, technology sector (27 per cent),
healthcare (22 per cent) and green industries (19 per cent) viewed
the most favourably. Respondents also considered economic
liberalisation and structural reforms (32 per cent) and the Belt
and Road Initiative (19 per cent) to be China's main growth engines
in 2018.
The Chinese mainland continues to be the market most favoured by
AFF participants, and Hong Kong's cooperation with mainland
financial industries received much attention during the Forum.
Sponsored by the Financial Services Development Council, Hong Kong,
the Breakfast Panel "Hong Kong Connects: Mainland China and Beyond:
Stock, Bond, Mutual Recognition and more......" was moderated by
Benjamin Hung, CEO of Retail Banking and Regional CEO, Greater
China & North Asia, of Standard Chartered Bank. The panel
featured speakers Dr Zhu Min, former Deputy Managing Director of
the International Monetary Fund and President of the National
Institute of Finance Research of Tsinghua University; Norman Chan,
Chief Executive of the Hong Kong Monetary Authority; and Charles
Li, Chief Executive of the Hong Kong Exchanges and Clearing Ltd,
who discussed future prospects of growing links between the
financial markets of Hong Kong and the Chinese mainland.
- Technology disrupts financial ecosystems and gives rise to
start-ups
Technology and innovation were prioritised components at this
year's AFF. When asked about technologies that could pose the
biggest disruption to the financial industry in 2018, most
respondents chose artificial intelligence (30 per cent), followed
by big data analytics (21 per cent) and blockchain (15 per cent).
As for the factors that would pose the greatest challenge to
financial innovation, most respondents perceived over-regulation
(29 per cent), incumbents' conservatism (21 per cent) and lack of
talent (15 per cent) presenting the biggest hurdles. On financial
development, some 33 per cent of the respondents considered
cybersecurity a top regulatory concern, ahead of customer privacy
and protection (23 per cent) and systematic risks (23 per
cent).
Experts in the areas of artificial intelligence and Fintech were
among the highlights on the last day of AFF. At yesterday's keynote
luncheon, Professor Daniela Rus, Director of the Computer Science
and Artificial Intelligence Laboratory (CSAIL) and Professor of
Electrical Engineering and Computer Science at the Massachusetts
Institute of Technology, spoke about the latest developments in
artificial intelligence and robotics and the impact these
technologies may have on the financial and business industries. A
keynote address by FinTech opinion leader JP Nicols, Managing
Director of FinTech Forge and Chairman of NextMoney.org, offered
insights on financial innovation and technology development. Mr
Nicols also discussed how financial enterprises and businesses can
leverage innovation to thrive in the shifting global market.
With technology opening unprecedented entrepreneurship and
employment opportunities for the younger generation and inspiring
many start-ups, the Fireside Chat yesterday morning featured 500
Startups's Founding Partner and CEO, Christine Tsai, who shared
secrets to the success of many start-ups.
Co-organised by the HKTDC and the International Finance Corporation
(IFC), the workshop examined how technological developments will
influence future labour demand and foster a new generation of
entrepreneurs. A number of InnoTalks workshops also tackled such
topics as Fintech, innovations in banking and big data.
- All-new InnoVenture Salon offers a stage for start-ups to
shine
This year's Forum once again featured the AFF Deal Flow Matchmaking
Session to provide one-to-one deal-sourcing and matchmaking
meetings for project owners and investors. More than 670 meetings
were held yesterday, covering more than 500 investment projects in
digital technology, including Fintech, environment and energy,
healthcare technology and infrastructure and real estate services.
The sessions sought to foster more concrete cooperation between
participants.
The inaugural InnoVenture Salon featured about 20 start-ups to
showcase their solutions at the Start-up zone and pitch their
projects at the Project Presentation session. It also featured
Investors Meet-ups, connecting start-ups with potential venture
capital and private equity investors. In addition, representatives
of venture capital funds, incubators and start-up experts offered
practical advice about setting up and operation, financing,
marketing strategies and pitching during Mentor Hours, to help
start-ups enhance their competiveness.
Asian Financial Forum: http://www.asianfinancialforum.com
International Financial Week:
http://www.internationalfinancialweek.com
Photo download: http://bit.ly/2reyvK9
About HKTDC
Established in 1966, the Hong Kong Trade Development Council
(HKTDC) is a statutory body dedicated to creating opportunities for
Hong Kong's businesses. With more than 40 offices globally,
including 13 on the Chinese mainland, the HKTDC promotes Hong Kong
as a platform for doing business with China, Asia and the world.
With 50 years of experience, the HKTDC organises international
exhibitions, conferences and business missions to provide
companies, particularly SMEs, with business opportunities on the
mainland and in international markets, while providing information
via trade publications, research reports and digital channels
including the media room. For more information, please visit:
www.hktdc.com/aboutus. Follow us on Google+, Twitter @hktdc,
LinkedIn.
- Google+: https://plus.google.com/+hktdc
- Twitter: http://www.twitter.com/hktdc
- LinkedIn:
http://www.linkedin.com/company/hong-kong-trade-development-council
Source: HKTDC
Contact:
HKTDC
Communications & Public Affairs Department
Billy Ng
Tel: +852 2584 4393
Email: billy.km.ng@hktdc.org
Copyright 2018 ACN Newswire . All rights reserved.
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