The Macao session of the Research and Application of Fintech in Greater Bay Area Forum was held recently at the Cultural Centre of the City University of Macau (CityU Macau). The forum took a video conference format to link the sessions held in Shenzhen and Hong Kong. Mr Chan Ho Lim, Under Secretary for Financial Services and the Treasury of Hong Kong SAR, Prof Yeung Yam, Director of Shenzhen Research Institute of the Chinese University of Hong Kong (CUHK), and Prof Zhou Wanlei, Vice-Rector of CityU Macau and Dean of Faculty of Data Science, delivered remarks. Over a hundred teachers and students of CityU Macau attended the event to explore the potential development and business logic of financial technology (fintech). In addition, 70 professionals from the Bank of China participated in the virtual forum at the conference room of the Bank of China Tower. The forum attracted over 260 people to take part in the three places.
A total of six scholars and industry practitioners from the three places shared their insights in the live sessions, they included: Executive Associate Dean of the School of Management and Economics at CUHK, Shenzhen, Prof Zhang Bohui; founder and CEO of Xiaoyusan Insurance Brokers, Mr Guangyao; Head of Securities Services and former Lecturer of CUHK School of Continuing and Professional Studies, Mr Lung Fei Wan; co-founder of ER Inno Consultancy Limited and Association of Small and Medium Enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area, Mr Ma Wai Yip; Vice-Rector Zhou Wanlei; General Manager of Digital Finance Department of Macau Branch of Bank of China, Mr Yu Jian.
The Macao session was hosted by the Associate Dean of the Faculty of Data Science, Prof Mu Yi. During the session, Vice-Rector Zhou Wanlei shared his views on the topic of “Financial Data Security Cases and Analysis”. He identified the importance of data security in terms of traditional security concepts such as Confidentiality, Integrity and Availability. He explained the potential security threats, including internal and external threats and cyber attackers. Prof Zhou said that as the boundaries of the system are difficult to define precisely, detection and prevention are necessary but still cannot lower the risk to zero.
In his speech, Vice-Rector Zhou analysed the situation and lessons learnt from different cases of security threats, including Ransomware, phishing and data leakage, with phishing being one of the most common forms of cyber hazards at present. He pointed out that cyber security has become an important and ongoing issue at the present, therefore more research and development on cyber security should be carried out to enhance the public’s understanding of the prevention of financial data attacks and to build a safer cyberspace for financial data.
In the event, Mr Yu talked about the fintech development of Macao. In his remark, he said that WeChat and Alipay started to be used in Macao along with the booming tourism industry, but only for tourists. In the following years, the launch of Tai Fung Pay, BOC Pay and ICBC ePay, as well as the government’s electronic consumption benefits plan in the wake of the epidemic, helped increase the popularity of e-purse among the local residents. Mr Yu pointed out although Macao’s economy has been affected by the pandemic, it has undoubtedly been a leap forward for fintech. Mr Yu acknowledged there are still gaps and development opportunities in the local fintech market, and the infrastructure and business models need to be further improved and developed. He expressed his expectation of a comprehensive set of systems and mechanisms formed for the future development of fintech in Macao.
The question-and-answers session welcomed participants from Shenzhen, Hong Kong, and Macao to ask questions and share their thoughts, making a lively atmosphere at the event. The forum was co-organised by the Shenzhen Research Institute of CUHK; the Shenzhen Finance Institute of CUHK, Shenzhen; the CUHK Greater Bay Area Alumni Association; the Convocation of The Chinese University of Hong Kon; the Office for Greater Bay Area Development of CUHK; Association of Innovation and Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area; and CityU Macau. The event was supported by a number of financial associations in Guangdong, Hong Kong, and Macao, including the Macau Institute of Financial Services.
Other guests attended the event included president of the Association of Innovation and Entrepreneurship in the Guangdong-Hong Kong-Macao Greater Bay Area, Ms Lok Tan Cheng and vice president, Ms Chu Moune Tsi; Dean of Faculty of Finance of CityU Macau, Prof Cheung Wai Kong and Associate Dean Eva Khong Yueng Wah.
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Source: Faculty of Finance (FOF)
