Blockchain
Digital Economy of the Future: FORMS HK Unveils FINNOSpace in Support of the HKMA’s Fintech 2025 Strategy
FORMS HK, a cross-border FinTech Thought Leader, Incubator and Enabler, has unveiled its new FORMS FinTech Innovation Centre (“FINNOSpace”), echoing the Fintech 2025 strategy of the Hong Kong Monetary Authority (“HKMA”). FINNOSpace will help Hong Kong strengthen its position as an international finance hub amid the digital transformation of the finance world.
With access to Hong Kong’s global financial industry expertise and world-class scientific research talents in Shenzhen, China’s innovation engine, the Greater Bay Area (“GBA”) is the ideal springboard for global FinTech innovation. Recognizing its unique potential, FORMS has positioned the new FINNOSpace at the core of its strategy to support the future growth of the industry. FINNOSpace will become a hub to acquire and develop world-class FinTech talents and conduct visionary FinTech research to make Hong Kong the centre of gravity for future innovations. This is in line with the HKMA’s mission to expand the fintech-savvy workforce and nurture the fintech ecosystem. FORMS HK is the first to answer the HKMA’s call for the establishment of more fintech labs to promote fintech development under the Fintech 2025 strategy.
“In today’s digital economy, the world is seeking more from its financial centres than IPOs. FinTech innovation capability is a key enabler for any international hub looking to shape the future of banking and finance, whilst contributing to a more sustainable, inclusive and greener world. At FORMS HK, we believe FINNOSpace will unleash Hong Kong’s potential for the next generation of global banking and finance,” said Alex Chan, CEO at FORMS HK.
“It gives me great pleasure to witness the launch of FORMS HK’s FINNOSpace, a fintech innovation lab established in response to our Fintech 2025 strategy announced in June. The unveiling of FINNOSpace is in line with our carefully devised strategy to expand the fintech-savvy workforce and build a robust fintech ecosystem. The HKMA has every confidence that the setting up of innovation centres and research laboratories like FINNOSpace will foster the development of innovative solutions and create opportunities for fintech talents, and help consolidate Hong Kong’s position as an international finance hub under the new context of a digital economy,” said Nelson Chow, Chief Fintech Officer of the HKMA.
FINNOSpace fosters collaborations and conducts visionary FinTech research
In line with the HKMA’s Fintech 2025 strategy, FORMS HK’s FINNOSpace will work with research partners on five key segments to support FinTech development in GBA and in the global stage. One of the focus areas of the Fintech 2025 strategy is to future-proof Hong Kong for CBDCs. In the Blockchain Innovation Centre, FORMS HK and its research partners will explore the use of digital assets and CBDCs at the wholesale and retail levels, as well as prototype new ways that blockchain technology can be used to manage digital assets. Meanwhile, its Green Finance segment will explore new evolving business and operating models, recommend standards and practices to facilitate financial inclusion, and pilot technologies and practices to automate ESG data collection, insight discovery and regulatory reporting.
In the Digital Experience Studio, FINNOSpace will research client experience trends to uncover the desirable digital experiences needed for financial inclusion, and explore the latest and evolving technologies to further improve and optimise the digital experience. Lastly, FINNOSpace’s Composable Banking CoE arm will be responsible for developing distributed technologies, standards, and components that facilitate open banking and API economy adoption. All four of these segments are supported by a cutting-edge AI and Data Analytics Centre that stimulates technology adoption and enables FinTech applications through data collection, analysis and reporting infrastructure.
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This Week in Finance News: 11 Stories You Need to See
With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.
The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.
- Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few. - Cardinal Health announces two strategic additions to its portfolio
Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash. - BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems. - Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
“I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands. - Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately. - PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
- Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
- Finaya Unveils Nationwide Homeownership Platform
From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient. - GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too. - GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics. - Most US shoppers are encountering generative AI while shopping without realizing it
A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.
For more news like this, check out all of the latest finance-related releases from PR Newswire.
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