Fintech Innovation Highlights @ HKU

Published by wpengine at March 15, 2021

On March 3, 2021, Axiom Managing Director Alvin Ma, who also serves as an adjunct Assist. Professor & lecturer at the University of Hong Kong’s (HKU) Business School, invited two representatives from the growing Fintech industry as guest speakers to his Capstone class (Asset Management & Private Banking; AMPB): Ernest Leung of digital Fintech solution ‘WeLab’ and Fred Ngan of digital ‘Insurtech’ service ‘Bowtie’, Hong Kong’s first ever virtual insurance company.

In light of the 2021 AMPB Cohort being the first of its kind to graduate from HKU by the end of the Spring 2021 semester, an initiative was taken to showcase and prepare future financial workers for the work environment they would be entering in. Specifically, the surge in ‘Fintech’ solutions: software-driven (aka “smart”) financial services that aim to streamline various aspects/tasks within private wealth management, and the financial sector as a whole.

As every industry undergoes significant changes to adapt and incorporate digital solutions owing to the pandemic restricting normal operations, the financial industry included, Fintech has been an ever growing sector in the Asia Pacific region. Opportunities like these aim to reassure fresh entrants into the job market, of the growing number of opportunities within the financial industry (domestically/abroad), and should remain confident of securing employment as the industry continues to rapidly innovate. It also serves as a promotional/exposure opportunity for the Fintech companies, especially startups or newly-established services seeking new customers.

Ernest gave a detailed explanation behind ‘virtual & digital banking’ services such as WeLab, highlighting their aim to reform what is normally a slow, lengthy process to open up new bank accounts or approve loans, into something that can all be done within a few minutes; thanks to a smartphone app and photo ID recognition, making the lives for both clients and bankers easier.

Fred meanwhile, presented the project he had been working on for the past five years, in order to receive the first ever virtual insurance license from the Hong Kong Insurance Authority (HKIA) in 2018. The result: Bowtie, a fully-virtual health insurance service available online (notably, with former Financial Secretary John Tsang serving as a spokesperson). Services like ‘BowTie’ aims to provide more affordable and comprehensive, personalised health coverage plans, with more services available to clinics a user may consult with; available 24/7.

Students of Mr. Ma’s Capstone class in attendance were given the opportunity to ask questions to both Fintech representatives. In addition, commentary on both Fintech solutions was provided by Dr. King Au from the Financial Services Development Council (FSDC) and HKU AMPB Program Director Prof. Anna Wai-Kwan Wong. A few members of Axiom’s staff were also in attendance.

In the end, the session was both an interesting and educational experience for everyone to learn more about up and coming digital solutions, that will play a major role in shaping the industry for the next generation!