What’s the real reason for stunting the development of fintech in Hong Kong has been a matter of debate among economic planners, economists, politicians and business leaders. Citing the wide use of Alipay and other online payment systems on the Chinese mainland, critics charged that Hong Kong is falling woefully behind its neighboring competitors in the technology race despite gaining a head start decades ago. But, there are those who believe that much of the popular technological tools in other economies just aren’t all that relevant in the Hong Kong context. The issue matters to the millions of Hong Kong consumers. If you’re one of them who wonder if you have been inconvenienced by the lack of technological advancement since the introduction of Octopus cards in 1994, listen to Chan Ka-keung. A former secretary for financial services and the treasury for five years, stepping down as recently as October last year, Chan is better qualified than most other people in talking about the topic. In an interview published in a mass circulation Chinese-language daily newspaper, Chan said he didn’t think Hong Kong is falling behind anyone in the development of financial technology, particularly auto payment. “I find paying with my… Read full this story
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