Stronger Hong Kong-Asean Ties to Transform Banking and Insurance Markets

ASEAN Expansion: Opportunities for Hong Kong's Fintech

In recent developments, ASEAN nations are positioning themselves for substantial growth, with Hong Kong fintech start-ups spearheading the way in banking and insurance markets. This expansion is crucial as WeLab aims for a virtual banking license in Thailand, complementing its operations in Indonesia. Meanwhile, OneDegree Group plans to leverage its technological expertise in pet and cybersecurity insurance across the region.

Government Support and Advisory Groups

• The Financial Services Development Council (FSDC) has initiated advisory groups focused on Southeast Asia to promote Hong Kong's business interests.
• These groups convene leading experts like Damien Green from Manulife International, emphasizing the need for identifying economic prospects in ASEAN.

Regional Collaborations Post-Pandemic

Chief Executive John Lee Ka-chiu leads efforts for regional collaboration to uplift Hong Kong out of post-pandemic struggles, particularly amid rising U.S.-China trade tensions. WeLab, backed by billionaire Li Ka-shing, is in a competitive race to secure a virtual banking license in Thailand, preparing to navigate a market with great potential.

Fintech Development in the Region

Hong Kong's fintech advantage places it ahead, having introduced its first virtual banking licenses back in 2019. According to the Bank of Thailand, over 60% of the population lacks adequate banking services, highlighting a gap that WeLab plans to fill.

Digital Insurance Growth Across Southeast Asia

• OneDegree Global is expanding in Southeast Asia following partnerships with local digital insurance players.
• CEO Michelle Ip notes that as the demand for fintech services increases, regulators in the region are taking cues from Hong Kong's successful models.

Business Explorations with Vietnam

Furthermore, Standard Chartered is exploring partnerships with Vietnamese firms, acknowledging Vietnam's rapid economic growth within ASEAN. CEO Mary Huen expresses optimism about supporting clients' trade expansion in this corridor.