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RHK will facilitate communication and cooperative action among senior executives to pursue like-minded objectives for improving the innovation landscape in Hong Kong. Taking place over the course of four meetings in 2019/20, attendees will hear from experts and opinion-leaders, and have their say through roundtable discussions. With your participation, RHK will unleash Hong Kong's innovative potential, and push for quicker, more meaningful progress in the city.
With the support from EY, the series' founding sponsor, Redefining Hong Kong has brought awareness to challenges facing the city's economy and industries. Like South China Morning Post, EY is committed to doing its part in building a better working world and creating strong positive outcomes. To learn more about EY and its initiatives, click here>
Can startups make it in Hong Kong?
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The future of payment methods in Hong Kong
Will a jab of technology advance Hong Kong public health care sector?
Oct 24, 2019
Hong Kong was one of the first places in the world to introduce a cashless payment system when the Octopus card was launched in 1997. Over the past 20 years, little has changed in the city’s digital payments ecosystem. What was then an incredible example of digital innovation, today has become outdated.
Countries around the world, meanwhile, are speeding ahead in the drive towards cashless economies. Shifting consumer habits of millennials and widespread adoption of smartphones and digital devices have created an extraordinary demand for digital payment systems and platforms. Sweden is one of the frontrunners being the first country in the world to go cashless by 2023. In Asia, Malaysia is fostering a competitive payment card industry; Singapore is reducing cash withdrawals at ATMs by 2025 and China is fast-tracking its cashless economy with QR codes and is set to overtake the USA by 2021.
Why did Hong Kong stall after the introduction of the Octopus card in 1997? What is the regulatory attitude towards digital payments, considering the potential cyber security risks? Why are key services and industries, such as taxis, still so reliant on cash? How can Hong Kong improve and learn from China? Can Hong Kong catch up with the cashless trend?
Discussion points will include:
- What more can policymakers do to help startups take flight?
- Is HK's risk-averse attitude protecting businesses from competition or stifling their potential?
- Do startups need to cross the border to Shenzhen or other GBA cities in order to succeed?
- How can local startups access funding, talent and knowledge to become unicorns or go public?
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As a global leader in assurance, tax, transaction and advisory services, EY is committed to doing its part in building a better working world because it strongly believes this approach leads to strong positive outcomes, it can also develop talent in all its forms and encourage greater collaboration. EY wants to build a better working world through its own actions and by engaging with like-minded organizations and individuals.
For more information about EY, please visit www.ey.com.
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