As the demand for digitalisation of services is on the increase across every industry, Fintech and Insurtech have been ever-growing in the Asia Pacific region, especially due to the pandemic restricting normal business operations.
Dr. King Au, Adjunct Professor at HKU Business School and Executive Director of Financial Services Development Council (FSDC), and Axiom Managing Director Mr. Alvin Ma, who also serves as Adjunct Assistant Professor at HKU Business School, invited two representatives from the growing Fintech and Insurtech industry, Mr. Ernest Leung of virtual Fintech ‘WeLab’ and Mr. Fred Ngan of online-based virtual Insurtech ‘Bowtie’, as guest speakers to our Asset Management and Private Banking (AMPB) capstone class.
Ernest gave a detailed explanation behind ‘virtual and digital banking’ services such as WeLab, highlighting their aim to reform what is normally a slow, lengthy process to open new bank accounts or approve loans, into something that can all be done within a few minutes: thanks to a smartphone app equipped with edge computing and facial recognition capabilities, making the lives of both clients and banking professionals easier.
Fred, meanwhile, presented the journey of his startup from idea conception to implementation over the past five years. In Dec 2018, Fred’s effort was paid off the Hong Kong Insurance Authority (HKIA) awarding the very first virtual insurer license to Bowtie, a ‘pay as you go’ online medical insurance company offering customer-centric policies with transparency and zero commissions.
Students attending the capstone class had the opportunity to interact with the two Fintech and Insurtech experts and listen to the commentary on both Fintech and Insurtech solutions by Dr. King Au from FSDC and Prof. Anna Wong, AMPB Programme Director of HKU Business School.
In light of the 2021 AMPB cohort being the first class of graduates from HKU by the end of Spring 2021 semester, an initiative was taken to showcase and prepare future financial professionals for the workforce. Specifically, the surge in ‘Fintech’; financial-tech services that would be streamlining various aspects within private wealth management and the financial sector as a whole.