Hong Kong firms' expertise boosts digital ecosystems in belt and road countries
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The city's government has been quick to provide support to firms as they transform themselves through the use of new digital technologies, including artificial intelligence (AI) – computer systems that can emulate intelligent human behaviour – and the Internet of Things, where interconnected everyday devices share data online.
Hong Kong's financial technology (fintech) sector, where computer programs and other digital technologies help to provide banking and financial services, is making full use of digitalisation. Today, it is home to a vibrant fintech ecosystem comprising about 1,100 fintech companies and start-ups.
The city's strengths, including its robust innovation and technology ecosystem and ability to link China with the rest of the world, enable Hong Kong-based firms to help emerging countries which are part of the Belt and Road Initiative to improve their digital infrastructures and connectivity and develop more digital economic partnerships.
The global development strategy, initiated by China in 2013, aims to enhance trade and economic integration and encourage collaboration among participating nations in fields such as innovation, healthcare and green development.
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WeLab, the fintech unicorn – or new company valued at more than US$1 billion – behind the licensed digital bank, WeLab Bank, has played an important role in strengthening the digital economies in these emerging markets. The company, founded in 2013, now offers mobile-based consumer financing solutions and digital banking services to more than 70 million individuals and 700 enterprises across Hong Kong, mainland China and Indonesia.
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