Hong Kong, Shenzhen ‘to deepen’ ties in finance and AI to build world-class fintech hub

Hong Kong and Shenzhen can work closely to empower finance with artificial intelligence, delegates said on Thursday at the China Conference: Greater Bay Area, an event hosted by the South China Morning Post.

Joseph Chan Ho-lim, undersecretary for Financial Services and the Treasury in the Hong Kong government, said Hong Kong and Shenzhen were seeking deeper cooperation between finance and technology.

Chan said at the event in Qianhai, a bonded zone in Shenzhen, that Hong Kong, as a “super-connector” and “super value adder”, could leverage its strength in financial services to support Shenzhen in technology and industrial finance, with the shared ambition of building “a world-class fintech hub”.

“We are also working closely with Qianhai to advance deeper integration between technology and finance across both cities,” Chan said. To do so, Hong Kong would encourage Hong Kong fintech firms to set up subsidiaries and support Shenzhen technology firms to leverage Hong Kong’s capital market.

AI and finance can empower each other, says Xiao Ting. Photo: SCMP
AI and finance can empower each other, says Xiao Ting. Photo: SCMP

Xiao Ting, the chairman and executive director at the Bank of Communications (Hong Kong), said AI and finance could empower each other, and the bank had tagged AI as a key area to offer financial support while aligning with Beijing’s AI-plus strategy.

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