Fintech
Asian Financial Forum (AFF) returns to explore collaborations
The 17th Asian Financial Forum 2024 (AFF), co-organised by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), is set to take place on 24 and 25 January 2024 (Wednesday and Thursday) at the Hong Kong Convention and Exhibition Centre (HKCEC). This year’s AFF, themed Multilateral Cooperation for a Shared Tomorrow, will be the first significant financial and business event in the region this year, bringing together over a hundred speakers, influential figures in the financial industry, global policymakers and business leaders. Speakers will thoroughly analyse the global economic outlook, actively promote collaboration in accordance with the policies of national and HKSAR governments, explore sustainable economic development models and collectively identify the abundant opportunities for multilateral cooperation. The Forum is expected to draw over 3,000 elite professionals from financial and business sectors, to facilitate fruitful exchanges and strengthen ties among industry leaders.
Luanne Lim, Chairperson of the AFF 2024 Steering Committee and HSBC’s Chief Executive Officer, Hong Kong, said: “The year 2024 is expected to be characterised by a slowdown in inflation and potential rate cuts. The focus of markets will be on the timing and extent of policy easing, as well as elections in multiple countries and regions. In these complex times, the Asian Financial Forum serves as a valuable platform for exchanging diverse perspectives and supporting multilateral cooperation. The collective wisdom of experts speaking at the AFF will give the participants a deeper understanding, enabling them to make well-informed decisions in the year ahead.”
Dr Patrick Lau, Deputy Executive Director, HKTDC, said: “Amidst global uncertainties and geopolitical tensions, accompanied by various challenges, new market opportunities and partners are emerging. To build a sustainable and inclusive development model, close communication and cooperation among nations are crucial. With the theme Multilateral Cooperation for a Shared Tomorrow, this year’s AFF will explore economic policies and multilateral cooperation opportunities among governments and governments (G2G), governments and businesses (G2B) and businesses and businesses (B2B) from multiple angles. It will also address a range of timely market-related issues, further promoting sustainable development and showcasing the advantages of Hong Kong as an international financial centre.”
This year’s Forum will encompass diverse events, including over 40 thematic discussions, policy dialogue, keynote luncheons and breakfast panel, and workshops. These sessions will explore pressing topics such as the global economic outlook, opportunities in Mainland China, investment prospects, green finance, financial technology and interest-rate trends. Their objective is to provide participants with valuable insights into internationally relevant issues and global economic development trends. These events will boost Hong Kong’s ties with the international community, fostering greater connections and generating more business opportunities.
ASEAN, Middle East market opportunities take centre stage as thematic discussions expand
ASEAN and the Middle East, with their considerable economic potential, hold crucial position in driving global multilateral cooperation. This year’s Forum has garnered enthusiastic responses, and a surge in participation from ASEAN, the Middle East and other parts of the globe is expected. To facilitate broader discussions and embrace sustainable economic development, the Plenary Sessions have been expanded from one to two, enabling financial leaders from ASEAN, the Middle East and other regions to convene and deliberate on future fiscal policy trends. Topics of significant focus will include the opportunities in the mainland, ASEAN and the Middle East.
On the first day of the AFF (24 January), Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, will preside over two Plenary Sessions. At the morning Plenary esteemed speakers including Ali bin Ahmad Alkuwari, Minister of Finance of Qatar; Julapun Amornvivat, Deputy Minister of Finance of Thailand; Mohamed Maait, Minister of Finance of Egypt; and Marko Primorac, Minister of Finance of Croatia, will share their countries’ respective outlooks on financial policies. At the afternoon Plenary, distinguished speakers including Muhammad Al Jasser, President of the Islamic Development Bank; Prof Hala Elsaid, Minister of Planning and Economic Development of Egypt; Alexandra Jour-Schroeder, Deputy Director-General of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union at the European Commission; Suahasil Nazara Vice Minister of Finance, Indonesia and Dilma Rousseff, President of New Development Bank, will analyse the influence of multilateral cooperation on regional economic development, financial crises and sustainable economic growth.
On the same day Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, will host the Policy Dialogue where esteemed representatives from the Asian Development Bank, Central Bank of Mongolia, Deutsche Bundesbank, Dubai Financial Services Authority, and International Monetary Fund will convene under the theme Towards International Economic and Financial Cooperation to exchange perspectives on global monetary policies.
Global leaders and Nobel laureates take the stage at keynote luncheon sessions
Another noteworthy aspect of the Forum will be two Keynote Luncheons featuring esteemed guests. Prof Jeffrey D Sachs, President of the UN Sustainable Development Solutions Network, and Prof Douglas W Diamond, Nobel Laureate in Economic Sciences in 2022 and Merton H Miller, Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business, have been invited to deliver insightful speeches. Prof Sachs will delve into the topic of sustainable development, while Prof Diamond will discuss the future trajectory of United States Federal Reserve interest rate moves and the risks associated with economic development.
Dialogue with Bob Prince added as a special session
An additional session, Dialogue with Bob Prince, has been added to this year’s AFF on the second day. Mr Prince, Co-Chief Investment Officer of Bridgewater Associates, the world’s largest hedge fund, will appear to share valuable investment insights and provide perspectives on the importance of multilateral cooperation.
Staying ahead of market trends with Stewarding China’s New Chapter and CIO Insights
In response to dynamic market opportunities and evolving industry trends, this year’s AFF will introduce Stewarding China’s New Chapter and CIO Insights, closely aligned with market conditions. The session Stewarding China’s New Chapter seeks to explore the mainland market potential and analyse collaborative prospects with other regions, underscoring the role and advantages of Hong Kong. CIO Insights will bring together chief investment officers from renowned international institutions to share unique perspectives on the investment landscape within the current macroeconomic environment. The HKTDC and Knowledge Partner PwC will also present the findings of a joint survey on the industry’s views and outlook on artificial intelligence. The results of this survey will be announced on the first day of the Forum.
The highly anticipated Global Economic Outlook, Global Spectrum, Dialogues for Tomorrow, and Fireside Chat sessions will return, covering topics such as asset and wealth management, insurance and risk management, multilateral capital market cooperation, food technology and supply chain security, financial technology, RMB internationalisation, financial technology, Web 3 and virtual assets, impact investing, and financial cooperation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Islamic finance. Prominent speakers include Lorenzo Bini Smaghi, Chairman of Société Générale; Fang Feng-lei, Founder and Chairman of HOPU Investments; Jenny Johnson, President and Chief Executive Officer of Franklin Templeton; Nicolas Moreau, Global Chief Executive Officer of HSBC Asset Management; Thomas Tsao, Co-Founder of Gobi Partners; Anil Wadhwani, Chief Executive Officer of Prudential plc etc.
AFF Deal-making and exhibition connect investors and start-ups, driving innovation
To facilitate more substantial cooperation, the HKTDC and Hong Kong Venture Capital and Private Equity Association (HKVCA) are co-organising the AFF Deal-making. This platform enables participants to engage in one-on-one meetings, connecting them with funds and investment projects from around the world. The event will focus on key industries such as financial technology, environment, energy and clean technology, medical technology, deep technology and consumer goods. This year’s AFF Deal-making is expected to attract about 200 investors and approximately 400 projects. Following the conclusion of the Forum, participants can utilize online matching services for virtual meetings until 30 January (Tuesday) to continue exploring key opportunities in different fields.
The Forum continues to feature exhibition zones including Fintech Showcase, Fintech HK Startup Salon, the InnoVenture Salon and Global Investment Zone to introduce cutting-edge applications of financial technology and showcase future unicorn innovation concepts. The exhibition zones are expected to bring together over 140 local and global exhibitors, international financial institutions, technology companies, start-ups, investment promotion agencies and sponsors, including Knowledge Partner PwC, HSBC, Bank of China, Standard Chartered Bank, UBS, China International Capital Corporation (CICC), Huatai International, Cyberport and more.
The Global Investment Zone includes participation from countries such as Canada, Dubai, Egypt, Finland, Kuwait, Luxembourg, Mainland China, Malaysia, Mauritius, Portugal and Spain. Investment promotion agencies from these countries will introduce local investment environments and potential projects on-site. The InnoVenture Salon is dedicated to supporting start-up development and provides a platform for more than 100 start-ups to connect with international investors and potential partners, of which 60 fintech start-ups from Hong Kong, Australia, Austria, France, Japan, Korea, the Mainland, Singapore, Thailand, the United States and Vietnam under the FintechHK Startup Salon will showcase innovative concepts in areas such as AI, blockchain, insurtech, payment technology, regulatory technology, and wealthtech.
Exclusive offers for AFF participants
As the first major financial and business event in the region for the year, the AFF is committed to telling the good story of Hong Kong and promoting large-scale events or exhibitions. Organisers have arranged experiential activities for overseas participants, including one-time privileged access to the airport lounge, free admission to the Hong Kong Palace Museum, 1-hour night tour of Hong Kong aboard an open-top Big Bus or Hong Kong’s iconic Aqua Luna red-sail junk boat arranged by the Hong Kong Tourism Board. Furthermore, participation in the Standard Chartered Hong Kong Marathon 2024, dining discounts and guided tours by the Lan Kwai Fong Group, dining discounts at Harbour City and Times Square, and discounted passes for Hong Kong attractions through Klook will be available. These initiatives aim to provide overseas visitors with a firsthand experience of the vibrant colours, rich culture and dynamic lifestyle that Hong Kong has to offer.
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Fintech
Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey
A desire for more insights into personal finances, a willingness to share data to unlock individually tailored services, and a high level of comfort with AI-driven guidance are key themes to emerge from the new survey of UAE retail banking customers conducted by Capco, the global management and technology consultancy.
As the UAE pushes forward with ambitious plans to grow its digital economy, Capco’s Bank of the Future survey of over 1,200 UAE banking service users aged between 18 and 65 found that 89% have become more confident in using mobile and digital banking services over the last two years. Eight in ten (83%) now use mobile apps to access banking, offering a solid foundation for future banking innovation.
In addition, 87% of respondents say they would be attracted to an app that offered personalized insights into their finances, including 41% who say this would be ‘extremely attractive’. The survey also reveals that 72% would ‘definitely’ or ‘probably’ share additional personal data – such as social media profiles or wearables data – to unlock personalized products, services or offers.
In support of its main survey, Capco conducted more focused polling of 500 consumers that looked specifically at the adoption of digital-first banking services. This found that nine in ten UAE respondents (89%) now have digital-first accounts, including both international and UAE-based firms. Three-quarters (76%) have an account with a UAE-based digital-first provider.
Capco’s survey findings highlight opportunities for UAE banks and fintechs to capitalize on positive attitudes to data sharing and innovation to deliver the products and services that consumers say they want. It also offers recommended paths forward for banks as they explore how best to apply the latest approaches to data analytics and AI to address customers’ aspirations.
James Arnett, Managing Partner, APAC & Middle East at Capco, said: “Consumers in the UAE are looking for products and services that provide a more bespoke user experience, including personalized financial insights. Seizing this opportunity will require an ever more nuanced understanding of individual consumer’s aspirations, and banks and other providers will need to prepare by investing in improved data management and advanced analytics.”
Naim Alame, Managing Partner, Middle East at Capco, said: “Consumers want convenient, integrated financial services and seamless digital journeys enabled by improved connectivity, data analytics and AI. Delivering the products and experiences that consumers want will require more agile banking models and significantly greater collaboration with third parties in order to embed value-added financial services ever more deeply into customers’ lives.
“For the bank of the future, collaboration may prove to be as important a priority as disruption. Offering a mobile-first experience that embeds payment aggregations, finance options and other ecosystem services to provide a more seamless and holistic experience will be the key to keeping customers engaged.”
Other key findings in Capco’s UAE survey report include:
86% of respondents would be attracted by a banking app that integrates financial services with the non-financial services they use in their daily lives, such as ride hailing and e-commerce.
- 37% would find such an app ‘extremely attractive’.
The characteristics that would convince a respondent to use a specific bank or financial institution include ‘a wide range of services’ (51%) and ‘more accessible services’ (45%).*
- ‘Trust in the company’ (39%) and ‘highly personalized products’ (34%) are also seen as important.
Four in ten of respondents (41%) cite cashback options as a value-added feature they consider when selecting a new card or account.*
- Other important features respondents would consider include discounts on travel (33%), monthly offers such as retail discounts (32%) and the ability to use points to make purchases (32%).
As digitalization accelerates, 72% of those using payment services identify online payments as a preferred payment method and 69% mention digital wallets.*
- Cash remains a preferred payment method for 51% of respondents, and cheques continue to be preferred by 28%.
- In Capco’s recent Kingdom of Saudi Arabia (KSA) banking survey, online payments (65%) and cards (65%) were the leading preferred methods of payment, while 57% of respondents cited digital wallets, 55% mentioned cash, but only 11% chose cheques.
The UAE played host to the COP28 global climate conference in late 2023, and almost nine in ten respondents (88%) say it is important that their primary bank has a proactive stance on ESG issues.
- In our KSA banking survey, 80% of respondents stated that this is important.
*Multiple responses permitted
Capco’s UAE survey report can be accessed here.
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RegVerse, a leading provider of compliance solutions, has announced a significant update to its Avery platform, designed to enhance compliance support for Registered Investment Advisors (RIAs). The latest update brings new features and functionalities that address the evolving regulatory landscape, helping RIAs stay compliant with the latest rules and regulations.
What’s New in the Avery Platform Update?
The Avery platform update introduces several enhancements aimed at making compliance easier and more efficient for RIAs. These updates are designed to help firms navigate complex regulatory requirements, reduce compliance costs, and improve overall operational efficiency.
Key Features of the Avery Platform Update:
- Enhanced Regulatory Reporting: The updated platform includes new reporting capabilities that allow RIAs to generate detailed compliance reports quickly and accurately. This feature is particularly useful for meeting the reporting requirements of regulators such as the SEC.
- Automated Compliance Checks: Avery now offers automated compliance checks that monitor for potential violations in real-time. This proactive approach helps RIAs identify and address compliance issues before they become significant problems.
- Improved Document Management: The platform’s document management system has been upgraded to support secure storage, retrieval, and sharing of compliance-related documents. This helps RIAs maintain organized records and ensures that they can provide necessary documentation during audits.
- Customizable Dashboards: The update includes customizable dashboards that provide RIAs with a comprehensive view of their compliance status. Users can track key metrics, set alerts for potential issues, and gain insights into their overall compliance performance.
Benefits of the Avery Platform for RIAs
The Avery platform update is designed to address some of the most pressing challenges faced by RIAs in today’s regulatory environment. By providing advanced compliance tools and streamlined processes, Avery helps RIAs achieve the following benefits:
- Reduced Compliance Burden: Automated compliance checks and streamlined reporting reduce the manual workload for compliance teams, allowing them to focus on more strategic tasks.
- Enhanced Risk Management: Real-time monitoring and proactive alerts help RIAs identify and mitigate risks early, reducing the likelihood of regulatory violations and associated penalties.
- Improved Client Trust: By maintaining high compliance standards, RIAs can build trust with their clients, demonstrating a commitment to operating with integrity and transparency.
The Future of Compliance for RIAs
As the regulatory landscape continues to evolve, RIAs must stay vigilant and proactive in managing their compliance obligations. The latest update to the Avery platform reflects RegVerse’s commitment to supporting RIAs with innovative solutions that simplify compliance and reduce risk.
Looking ahead, RegVerse plans to continue enhancing the Avery platform with new features and integrations that address emerging regulatory challenges. By staying at the forefront of compliance technology, RegVerse aims to help RIAs navigate the complexities of the regulatory environment with confidence and ease.
For RIAs seeking a comprehensive compliance solution, the updated Avery platform offers a powerful toolset that can help them achieve their regulatory goals and maintain a strong compliance posture in an increasingly complex market.
Source: Investment News
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Fintech
Jumio Now Available on AWS Marketplace: Simplifying Digital Identity Verification for Enterprises
Jumio, a global leader in digital identity verification, has announced that its solutions are now available on AWS Marketplace. This move aims to simplify the process for enterprises looking to integrate advanced identity verification services into their operations, enhancing security and compliance in the digital age.
Why Jumio’s Presence on AWS Marketplace Matters
AWS Marketplace is a digital catalog that makes it easy for businesses to find, purchase, and deploy software solutions in the cloud. By making its solutions available on AWS Marketplace, Jumio is streamlining the procurement process for enterprises, allowing them to quickly access its industry-leading identity verification services.
Key Benefits of Jumio on AWS Marketplace:
- Easy Integration: Jumio’s presence on AWS Marketplace simplifies the integration of its identity verification services with other AWS-powered applications. Enterprises can quickly deploy Jumio’s solutions without the need for complex configurations or lengthy setup processes.
- Scalable Identity Verification: As businesses grow, their identity verification needs become more complex. Jumio’s solutions are designed to scale with businesses, providing robust verification capabilities that can handle high volumes of transactions with ease.
- Enhanced Security and Compliance: Jumio’s identity verification services help businesses comply with regulatory requirements, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. By using AI and biometrics, Jumio ensures that identity verification is both secure and reliable.
- Cost Efficiency: Purchasing through AWS Marketplace allows businesses to take advantage of flexible pricing models, including pay-as-you-go and annual subscriptions. This cost-effective approach helps businesses manage their budgets more effectively while accessing cutting-edge technology.
The Role of Identity Verification in Digital Transformation
As more businesses undergo digital transformation, the need for reliable identity verification solutions has never been greater. Identity verification is crucial for preventing fraud, ensuring compliance, and building trust with customers. Jumio’s solutions, available through AWS Marketplace, provide businesses with the tools they need to navigate the challenges of the digital economy.
Applications of Jumio’s Identity Verification Solutions:
- Financial Services: Banks and fintech companies can use Jumio’s solutions to onboard customers securely, reduce fraud, and meet regulatory requirements.
- eCommerce: Online retailers can enhance their customer experience by using Jumio’s verification services to streamline account creation and payment processes, ensuring that transactions are legitimate.
- Healthcare: Jumio’s identity verification solutions help healthcare providers protect patient data and comply with regulations like HIPAA, ensuring that only authorized individuals have access to sensitive information.
Looking Ahead: The Future of Digital Identity Verification
The availability of Jumio on AWS Marketplace is a significant step forward in the evolution of digital identity verification. As cyber threats continue to evolve, businesses must prioritize security and compliance, making solutions like Jumio’s an essential part of their digital strategy.
Looking ahead, Jumio plans to continue expanding its offerings on AWS Marketplace, providing businesses with even more tools to protect their operations and build trust with their customers. As the demand for secure, scalable, and compliant identity verification grows, Jumio’s presence on AWS Marketplace positions it as a leader in the digital identity space.
Source: Fintech News Singapore
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