FORMS HK, a cross-border FinTech Thought Leader, Incubator and Enabler, has unveiled its new FORMS FinTech Innovation Centre (“FINNOSpace”), echoing the Fintech 2025 strategy of the Hong Kong Monetary Authority (“HKMA”). FINNOSpace will help Hong Kong strengthen its position as an international finance hub amid the digital transformation of the finance world.
With access to Hong Kong’s global financial industry expertise and world-class scientific research talents in Shenzhen, China’s innovation engine, the Greater Bay Area (“GBA”) is the ideal springboard for global FinTech innovation. Recognizing its unique potential, FORMS has positioned the new FINNOSpace at the core of its strategy to support the future growth of the industry. FINNOSpace will become a hub to acquire and develop world-class FinTech talents and conduct visionary FinTech research to make Hong Kong the centre of gravity for future innovations. This is in line with the HKMA’s mission to expand the fintech-savvy workforce and nurture the fintech ecosystem. FORMS HK is the first to answer the HKMA’s call for the establishment of more fintech labs to promote fintech development under the Fintech 2025 strategy.
“In today’s digital economy, the world is seeking more from its financial centres than IPOs. FinTech innovation capability is a key enabler for any international hub looking to shape the future of banking and finance, whilst contributing to a more sustainable, inclusive and greener world. At FORMS HK, we believe FINNOSpace will unleash Hong Kong’s potential for the next generation of global banking and finance,” said Alex Chan, CEO at FORMS HK.
“It gives me great pleasure to witness the launch of FORMS HK’s FINNOSpace, a fintech innovation lab established in response to our Fintech 2025 strategy announced in June. The unveiling of FINNOSpace is in line with our carefully devised strategy to expand the fintech-savvy workforce and build a robust fintech ecosystem. The HKMA has every confidence that the setting up of innovation centres and research laboratories like FINNOSpace will foster the development of innovative solutions and create opportunities for fintech talents, and help consolidate Hong Kong’s position as an international finance hub under the new context of a digital economy,” said Nelson Chow, Chief Fintech Officer of the HKMA.
FINNOSpace fosters collaborations and conducts visionary FinTech research
In line with the HKMA’s Fintech 2025 strategy, FORMS HK’s FINNOSpace will work with research partners on five key segments to support FinTech development in GBA and in the global stage. One of the focus areas of the Fintech 2025 strategy is to future-proof Hong Kong for CBDCs. In the Blockchain Innovation Centre, FORMS HK and its research partners will explore the use of digital assets and CBDCs at the wholesale and retail levels, as well as prototype new ways that blockchain technology can be used to manage digital assets. Meanwhile, its Green Finance segment will explore new evolving business and operating models, recommend standards and practices to facilitate financial inclusion, and pilot technologies and practices to automate ESG data collection, insight discovery and regulatory reporting.
In the Digital Experience Studio, FINNOSpace will research client experience trends to uncover the desirable digital experiences needed for financial inclusion, and explore the latest and evolving technologies to further improve and optimise the digital experience. Lastly, FINNOSpace’s Composable Banking CoE arm will be responsible for developing distributed technologies, standards, and components that facilitate open banking and API economy adoption. All four of these segments are supported by a cutting-edge AI and Data Analytics Centre that stimulates technology adoption and enables FinTech applications through data collection, analysis and reporting infrastructure.