James Lau Promotes Fintech

Secretary for Financial Services & the Treasury James Lau promoted Hong Kong's financial technology development during his visit to Stockholm, Sweden. 

Mr Lau started the day at FundedByMe, a crowdfunding platform, to understand how it helps startups and small and medium sized businesses raise capital from family, friends, angel investors and crowds. 

He later met key personnel of the Swedish Fintech Association and its member companies to exchange views on trends and infrastructure support for fintech development in both places.

Mr Lau then attended a business luncheon co-organised by the Hong Kong Chamber of Commerce in Sweden and the Association of Swedish Engineering Industries.

Addressing business leaders, Mr Lau stressed that notwithstanding external and internal headwinds, Hong Kong's financial system remains robust and resilient.

He also gave an account of the past few months of social incidents in Hong Kong, explaining that residents have a long tradition of holding peaceful and rational protests, and the Government rejects the use of violence to resolve current challenges. 

He added that Hong Kong is resolutely committed to "one country, two systems", as enshrined in the Basic Law which provides the constitutional guarantee for the continued development and success of Hong Kong as a free society and vibrant and dynamic economy. 

In the afternoon, Mr Lau met the Governor of Sveriges Riksbank, the Central Bank of Sweden, Stefan Ingves. He briefed him on the latest developments in Hong Kong and highlighted that the city remains strong and financially stable in face of the challenges.

They also exchanged views on the need for central bank digital currencies in light of fintech and mobile payments advances.