Initiative seen weaning Hong Kong's economy from heavy dependence on finance industry

Hong Kong has a great opportunity to create a technological ecosystem with the Belt and Road Initiative, while there are also challenges, key technological figures said at a forum on Wednesday.

During a panel discussion at the Cyberport Venture Capital Forum 2017, Kersten Hui Tung-wai, vice-chairman of Infinity Group, shared his views on Hong Kong's ecosystem in innovation and technology through his observations during a trip to Russia, one of the many countries and regions that participate in the Belt and Road Initiative.

Hui said Hong Kong and Russia have the same problem as both economies rely heavily on a single industry - natural resources for Russia and finance for Hong Kong. This limited opportunities for local innovative and technological talents.

He said Hong Kong should use the great opportunity of Belt and Road to work with other countries and regions such as Russia to build a technological ecosystem.

One example is to attract Russian talents to Hong Kong; they are, from his observation, "relatively inexpensive".

While Hui sees an opportunity, Alex Kong Hing-yan, founder and chairman of TNG FinTech Group, believed this presented a challenge; a large pool of talents from Belt and Road places will compete with talents in Hong Kong.

But he believes the adequate amount of well-trained, experienced professionals in Hong Kong, who are excellent in project execution, makes Hong Kong a good platform to launch businesses as a gateway to expand to Southeast Asian markets.

Running a company that had expanded to more than 13 countries and regions in two years, Kong sees the great opportunity in developing countries involved in the Belt and Road Initiative, calling them markets "way before any takers", especially in the fintech area.

Close to 80 percent of the population in the developing countries in Southeast Asia do not have a bank account, Kong estimated.

Also well aware of emerging-markets potential, Ku Kay Mok, a partner of Gobi Partners, said Hong Kong entrepreneurs should take advantage of its proximity to and connection with the Chinese mainland.

Ku said the Belt and Road Initiative will lead to a venture capital wave, driven by technology and innovation. The world's innovation will be driven to a large extent by the Chinese, Ku added, taking as an example the low-priced Chinese smartphones which had gained a solid foothold in emerging markets.

carrieqiu@chinadailyhk.com

(HK Edition 11/02/2017 page18)