Chen Maobo: Setting up a technology company in Hong Kong by WeBank is of great significance in enriching the fintech ecosystem in Hong Kong.

Hong Kong Financial Secretary Paul Chan Mo-po delivered a speech at the unveiling and signing ceremony of WeBank Limited today (January 16). He mentioned that as the parent company of WeBank Limited, WeBank is the first digital bank in Mainland China, based in Shenzhen, providing inclusive financial services to small and micro enterprises as well as the general public. Its "Weilidai" and "Weiyedai" products are well-received. The establishment of a technology company by WeBank Limited in Hong Kong will enrich the financial technology ecosystem, contribute to the development of Hong Kong's innovation and technology industry, and have positive significance. Firstly, WeBank Limited can leverage the successful experience and technological advantages of WeBank in Mainland China to bring new perspectives and possibilities to financial institutions in Hong Kong. Technology plays a crucial role in advancing financial services, and the Hong Kong Special Administrative Region government has been keen on developing financial technology. The ecosystem is thriving, with over 1,100 fintech companies in Hong Kong last year, representing a 15% increase from the previous year, including 8 digital banks and 4 digital insurance companies. It is hoped that financial institutions in Hong Kong can continue to adopt new technologies to enhance operational efficiency, enrich product offerings, drive service innovation, and make financial services more accessible to businesses in various industries and citizens from all walks of life. Congrats to WeBank Limited for initiating collaborations with local financial institutions. Secondly, the establishment of WeBank Limited in Hong Kong signifies more cross-border and cross-sectoral innovation and technology cooperation. Hong Kong possesses an international innovation and technology atmosphere, with nearly 20% of founders of the close to 4,700 startups coming from overseas countries. Policies and regulatory support are in place to facilitate innovation, such as the establishment of a fintech regulatory sandbox to encourage technology companies to speed up research and development of new products and services. As of the end of November last year, close to 360 fintech projects were being trialed in the sandbox. Overall, Hong Kong offers a friendly environment for innovation and technology exploration, as well as international testing and application scenarios. With more mainland financial and other technological companies coming to Hong Kong, there will be more technology exchanges and mutual learning, injecting new energy into the technological innovation sector in Hong Kong and the region. Lastly, the presence of WeBank Limited in Hong Kong also signifies mainland competitive financial technology companies stepping onto the world stage. Under the principle of "one country, two systems", Hong Kong's unique advantage of being "internally connected and externally linked" makes it the preferred platform for mainland companies going global. Our full range of funding and professional services can support WeBank Limited in exporting advanced technologies, expanding international markets, especially providing more inclusive and accessible financial services to "Global South" countries to support local social and economic development.