HONG KONG, Jan 15, 2020 - (ACN Newswire) - More than 3,500
distinguished speakers and influential global financial experts,
policymakers, business leaders, economists and investors attended
the 13th Asian Financial Forum (AFF), a two-day event that
concluded yesterday. Under the theme "Redefining Growth:
Innovation, Breakthrough, Inclusiveness", the forum enabled
participants to examine the current global economic landscape,
gauging their views through on-site real-time polling on issues
ranging from prospects for the global economy and sustainability
challenges to investment opportunities and the risks brought by
technology and innovation. Close to 700 one-on-one matchmaking
meetings were arranged during the AFF Deal Flow Matchmaking
session, helping investors and project owners to explore investment
and business opportunities.
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More than 3,500 distinguished
speakers and influential global financial experts, policymakers,
business leaders, economists and investors attended the 13th Asian
Financial Forum (AFF), a two-day event that concluded
yesterday. |
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Prof Abhijit Banerjee, winner
of the 2019 Nobel Prize in Economics and Ford Foundation Professor
of Economics at the Massachusetts Institute of Technology, was the
keynote speaker at the keynote luncheon on the second day of the
forum. |
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The inaugural FintechHK
Startup Salon presented a plethora of innovations from more than 80
fintech start-ups as well as leading financial institutions and
technology firms from Hong Kong and beyond. |
Business sector negative on economy, protectionism stifles global
trade
Real-time polling conducted through HKTDC mobile apps at various
sessions during the AFF enhanced interactivity and gauged the views
of participants on a broad range of subjects. When asked about the
outlook for the global economy in 2020, 22% of respondents were
optimistic, 38% were neutral, while 40% of respondents expressed
pessimism, reflecting a generally negative view on the overall
economic outlook. When asked about the major challenge for global
growth in 2020, 38% of respondents believed it would be Sino-US
trade tensions, followed by intensifying geopolitical risks (36%)
and limited headroom for monetary and fiscal policies to support
growth (19%).
Regarding the outlook for global trade in 2020, a total of 53% of
respondents expressed optimism and neutrality, while for the key
driver for the growth of global trade in 2020, most respondents
(50%) thought it would be an effective multilateral system.
AI to bring biggest breakthroughs in development of financial
services
In response to the AFF's theme this year, "Redefining Growth:
Innovation, Breakthrough, Inclusiveness", the poll asked
participants how likely it was that innovative solutions, such as
the development of fintech and sustainable finance, would help
address structural issues and bolster global growth. A total of 61%
respondents felt it was very likely and likely, while 31% of
respondents believed artificial intelligence (AI) would lead to the
greatest breakthroughs in the development of financial services,
followed by big data analytics (21%), blockchain (17%) and the rise
of virtual banks and virtual insurers (15%).
Financial inclusion promotes reform in developing countries
Prof Abhijit Banerjee, joint winner of the 2019 Nobel Prize in
Economics and Ford Foundation Professor of Economics at the
Massachusetts Institute of Technology, addressed delegates at the
keynote luncheon on the second day and shared his studies on how
financial inclusion can benefit poorer people in developing
countries by providing them with a mechanism to access credit and
investment services to help them achieve financial self-reliance.
"In this world there are lots of talents. Some of these people are
the future of the world and some people are going to do nothing.
Somehow what finance needs to do is find ways to identify them,
bring them forward, give them what they need, and that way finance
can really change the world."
This year's AFF also examined environmental, social and governance
(ESG) issues for businesses. Most survey respondents (38%) expected
climate change and carbon-related issues would be the most
prominent ESG issues, followed by environmental regulations (27%)
and changing consumer preferences towards more responsible products
and services (19%).
Around 700 meetings organised through AFF Deal Flow Matchmaking
session
This year's forum once again featured the AFF Deal Flow Matchmaking
session to provide one-to-one deal-sourcing and matchmaking
meetings for project owners and investors. Investors taking part in
the session included Beyond Ventures, Mizuho Bank and Betatron.
Close to 700 meetings were held, covering projects including
manufacturing, green technology, the Internet of Things (IoT),
fintech and healthtech. The sessions sought to foster more concrete
cooperation between participants.
Launched last year, the Fintech Showcase returned in 2020, together
with the inaugural FintechHK Startup Salon, to present a plethora
of innovations and next-generation business ideas from close to 90
fintech start-ups as well as leading financial institutions and
technology firms from Hong Kong and beyond. The InnoVenture Salon
was back for the third time on an expanded scale and with enriched
content, making it the ideal platform to connect start-ups with
potential investors and partners. Through the Startup Zone,
Fireside Chat, Pitching, Startup Clinic, one-to-one matchmaking
meetings as well as meetups with Hong Kong regulators and market
facilitators, comprehensive support was provided to facilitate the
development of start-ups.
Overview of 2020 Asian Financial Forum participants' polling
results
1. Global economic outlook in 2020: Polling result
- Optimistic 22%
- Neutral 38%
- Pessimistic 40%
2. Major challenge for global growth in 2020: Polling result
- Limited headroom for monetary and fiscal policies to support
growth 19%
- China-US tensions on trade, technology and cross-border
investment 38%
- Intensifying geopolitical risks 36%
- Elevated corporate debt restraining business spending 6%
3. Outlook for global trade in 2020: Polling result
- Optimistic 25%
- Neutral 28%
- Pessimistic 47%
4. Key driver for the growth of global trade in 2020: Polling
result
- Fair and appropriate treatment of capital for trade 18%
- Digitalisation of trade 26%
- An effective multilateral system 50%
- Commercialisation of blockchain 6%
5. How likely would innovative solutions help address structural
issues and bolster global growth?: Polling result
- Very unlikely 8%
- Unlikely 28%
- Likely 40%
- Very likely 21%
- Don't know 2%
6. ESG issues for businesses in 2020: Polling result
- Environmental regulations 27%
- Climate change and carbon-related issues 38%
- Changing consumer preferences towards more responsible products
and services 19%
- Labour rights and regulations 4%
- Gender equality in the workforce 3%
- Product Safety 3%
- Corruption 6%
Websites
- Asian Financial Forum:
http://www.hktdc.com/ncs/aff2020/en/main/index.html
- International Financial Week Website:
http://www.internationalfinancialweek.com
- Photo download: https://bit.ly/2TwHgeK
About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body
established in 1966 to promote, assist and develop Hong Kong's
trade. With 50 offices globally, including 13 in Mainland China,
the HKTDC promotes Hong Kong as a two-way global investment and
business hub. The HKTDC organises international exhibitions,
conferences and business missions to create business opportunities
for companies, particularly small and medium-sized enterprises
(SMEs), in the mainland and international markets. The HKTDC also
provides up-to-date market insights and product information via
trade publications, research reports and digital news channels. For
more information, please visit: www.hktdc.com/aboutus. Follow us on
Twitter @hktdc and LinkedIn.
Source: HKTDC
Contact:
Christine Kam, Tel: +852 2584 4514, Email: christine.kam@hktdc.org
Sam Ho, Tel: +852 2584 4569, Email: sam.sy.ho@hktdc.org
Clayton Lauw, Tel: +852 2584 4116, Email: clayton.y.lauw@hktdc.org
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