FSDC Industry Exchange Series – Embracing Digital ID: Accelerating Digital Transformation in Hong Kong's Financial Services Industry
In an era where technological advancements are reshaping business operations and economic landscapes, embracing digital transformation is crucial for maintaining Hong Kong's competitiveness, particularly in the financial services industry. Digital identity (digital ID) systems are becoming indispensable, which supports a thriving digital economy by reinforcing transaction security, expanding access to financial services, and fostering innovative business models. Globally, the widespread adoption of digital IDs could unlock economic value equivalent to 3–13% of GDP by 2030.[1]
The Financial Services Development Council (FSDC) conducted a study to explore the strategic implications of digital ID technologies within Hong Kong’s financial sector. It highlights the city’s current infrastructure, such as iAM Smart, that supports these objectives and outlines potential avenues through which digital ID can optimise financial processes and fortify security measures.
You are cordially invited to an Industry Exchange Series webinar to gain further insights into the paper. Our distinguished speakers will discuss the significance of digital ID in a digital economy, its potential applications in the financial services industry, and the infrastructure and policies that Hong Kong currently employs to accelerate this digital transformation journey.
Panellists:
- Prof. Douglas Arner, Kerry Holdings Professor in Law, The University of Hong Kong (See Bio)
- Mr Vincent Lau, Global Head of Digital Money, HSBC (See Bio)
- Mr Robert Lui, Hong Kong Digital Asset Leader, Deloitte China (See Bio)
Moderator:
- Dr King Au, Executive Director, FSDC (See Bio)
Language:
English
Supporting Organisations:
- Asia-Pacific Structured Finance Association Limited
- CFA Society Hong Kong
- Chinese Asset Management Association of Hong Kong
- Chinese Banking Association of Hong Kong
- Hong Kong Institute of Certified Public Accountants
- Hong Kong Securities and Investment Institute
- Private Wealth Management Association
- The Alternative Investment Management Association
- The Hong Kong Independent Non-Executive Director Association
- The Hong Kong Trustees' Association Ltd
- The Institute of Financial Planners of Hong Kong
- Treasury Markets Association
- World Alliance of International Financial Centers
Click here to download the presentation slides.
Click here to download the research report.
[1] McKinsey Global Institute. (2019, April 17). Digital identification: A key to inclusive growth. https://www.mckinsey.com/~/media/McKinsey/Business%20Functions/McKinsey%20Digital/Our%20Insights/Digital%20identification%20A%20key%20to%20inclusive%20growth/MGI-Digital-identification-In-brief.pdf