Abstract The project aimed to build the intellectual foundation of a grand strategy on fintech for Hong Kong. In light of the impact of fintech on individual investors, financial institutions, regulators, and the finance industry as a whole, the project addressed the fundamental issues that sit at the intersection between technology and financial services, such as digital payment, financial product design and distribution, public disclosures and distributed ledger applications. A range of topics were addressed, including blockchain, cybersecurity, personalized risk assessment, robo-advising, applications of AI/machine learning in multimodal analysis of financial disclosures, modelling systemic risk using advanced quantitative techniques, analyzing fintech services to address policy questions, and fintech manpower development. The project generated significant research findings, as well as practical applications and policy recommendations that are instrumental in enhancing fintech development for Hong Kong, particularly in terms of regulatory environment, innovation pipeline, cooperation between incumbents and startups, and the recruitment and nurturing of fintech talent. 項目簡介 本項目的目標是為香港金融科技的宏觀策略建立學術基礎。鑑 於金融科技對個別投資者、金融機構、監管機構以及整個金融 業的影響，我們探討了一系列由科技及金融服務交匯衍生的主 要議題，包括數碼支付、金融產品的設計及分發、公開披露和 分布式分類帳應用等。本項目亦涵蓋多個研究主題，包括區塊 鏈；網絡安全；個人化風險評估；智能理財；人工智能 / 機器 學習在金融披露的多模式分析中的應用；使用先進量化技術模 擬系統風險；分析如何使用金融科技服務解決政策問題與促進 金融科技人才發展。本項目所產生的研究成果、實際應用和政 策建議對促進香港金融科技發展具重大意義，特別是在監管環 境、創新渠道、現有企業與初創公司之間的合作，以及金融科 技人才的招聘和培訓方面。 HKUST Business School and HSBC collaborated on the “Hypothetical e-HKD” pilot program to explore and experiment on the application of CBDC in Hong Kong, under the guidance of the Hong Kong Monetary Authority (HKMA) 科大商學院與滙豐合作展開「假設性數碼港元」測試，在香港金融管理局的帶領下，共同探索和 試驗在香港應用央行數碼貨幣 Research Impact Our research has significantly enhanced Hong Kong’s fintech capabilities on multiple fronts: • Industrial Impacts: We developed a number of practical applications using emerging technologies, such as FinBERT and FinSent, which have been widely recognised. We also collaborated with the Joint Financial Intelligence Unit (JFIU) of the HK Police Force to streamline the processing of Suspicious Transaction Report using AI/ML, providing guidelines for implementing a large-scale anti-money laundering (AML) digital infrastructure. • Policy: Drawing upon our in-depth study of seven fintech hubs, we offered a long-term roadmap with policy recommendations for Hong Kong in a report published in March 2022. According to the government’s fintech strategy, multiple large-scale surveys on virtual banks, e-HKD, and virtual assets were conducted to provide relevant insights to the industry and policymakers. • Talent Development: We produced a range of reports that provide strategies to address talent shortages in fintech. We developed initiatives like the ECF-Fintech (Professional Level) Program and the Cyberport Financial Practitioners FinTech Training Programme to enhance fintech education for industry professionals. A dedicated jobs and skills portal was built to bridge industry skill gaps. • Knowledge Exchange and Collaboration: The project established a platform to foster collaborations among fintech companies, startups, financial institutions, and regulators. Joint research initiatives, such as a partnership with HSBC on e-HKD readiness, and a “Hypothetical e-HKD” pilot run at HKUST, were developed to promote the wider adoption of fintech. 研究影響 我們的學術成果在多方面提升了香港的金融科技能力： • 對業界的影響： 我們利用新興技術開發了多個實用的應用程式，包括 FinBERT和FinSent，並受到廣泛好評。我們亦與香港警務 處聯合財富情報組 (JFIU) 合作，利用人工智能/機器學習技 術簡化可疑交易報告的處理程序，為JFIU實施大規模反洗錢 (AML) 的數字基礎設施提供了指引。 • 政策： 總結本項目針對七個金融科技樞紐的深入研究，我們在 2022年3月發布了一份行業報告，其中提出了一個香港金融 科技發展的長期路線圖及政策建議。根據政府的金融科技發 展戰略，我們亦進行了多項大型調查，主題涵蓋虛擬銀行、 數碼港元 (e-HKD) 和虛擬資產，為業界和政策制定者提供 相關資訊。 • 人才發展： 本項目發布了一系列人力資源研究報告，針對金融科技行業 的人才短缺提供策略。我們開辦了多項人才培訓計劃，如銀 行專業資歷架構 ─ 金融科技 (專業級) 計劃和數碼港金融從 業員金融科技培訓計劃，以加強對行內專業人士的培訓。我 們亦開發了一個針對新興行業的就業和技能網站，以彌合金 融科技相關職業的技能差距。 • 知識交流與合作： 本項目建立了一個促進金融科技公司、初創企業、金融機構 和監管機構之間合作和交流的平台。我們與企業合作展開不 同的研究計劃，例如與匯豐銀行推行有關數碼港元 (e-HKD) 的聯合調查研究，和在科大校園進行的「假設性數碼港元」 測試，以推動金融科技的廣泛應用。 21 The project team released findings from the survey on Public Attitudes Towards Virtual Assets at a press conference on 17 October 2023 – Prof. Allen HUANG (Co-PI) and Ms. Christy YEUNG of the HKUST Fintech and Green Finance Projects 項目小組於2023年10月17日透過新聞發布會公布有關虛擬資 產投資取態的公眾意見調查結果 – 黃昊教授 (聯合首席研究員) 和楊淑敏女士 (科大金融科技及綠色金融計劃主任)
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