The 9th Hong Kong FinTech Week, themed "Lighting the New Course for FinTech," was successfully held at the AsiaWorld-Expo on October 28. Co-organized by the Hong Kong SAR Government's Financial Services and the Treasury Bureau and InvestHK, with support from the Hong Kong Monetary Authority, Securities and Futures Commission, and Insurance Authority, the event saw attendance from key regulatory officials including Financial Secretary Paul Chan, HKMA Chief Executive Eddie Yue, and Secretary for Financial Services and the Treasury Christopher Hui at its opening ceremony.
As a globally leading flagship event for FinTech development, it attracted over 30,000 participants from more than 100 economies, bringing together global industry leaders from banking, securities, investment, insurance and technology sectors to discuss the future of finance and technology. As a partner of this year's Hong Kong FinTech Week, SY Holdings Group Limited ("SY," stock code: 6069.HK) was invited to participate in the panel discussion on "Green FinTech and Social Responsibility."
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The Hong Kong SAR Government issued a policy statement on responsible AI application in financial markets along with a series of supporting measures to safeguard Hong Kong's FinTech development. The statement emphasized that as an international financial center, Hong Kong maintains an open yet prudent approach towards AI adoption in financial markets. The government will adopt a dual-track model to promote AI development in financial services while addressing potential challenges including cybersecurity, data privacy and intellectual property protection.
During the panel discussion, Kenny Ng, Director of Innovative Business at SY's Strategic Development Department, noted that the Greater Bay Area is transforming into "a strategic pivot for new development paradigms, a demonstration zone for high-quality development, and a leader in Chinese modernization." SMEs have become vital forces driving regional economic growth and innovation. "How to leverage cutting-edge AI technologies and inclusive digital financial services to continuously support SME development remains a key question for FinTech companies in the Greater Bay Area," Kenny remarked.
As the first supply chain technology platform listed on Hong Kong's Main Board, SY has been deeply rooted in Shenzhen - the core engine of Greater Bay Area - for a decade. Over the past ten years, SY has not only witnessed but actively participated in the region's dynamic growth. Through sustained R&D investment, talent cultivation and FinTech applications, SY's efficient digital financial services have effectively addressed SMEs' urgent financing needs characterized by "small amounts, short terms, high frequency and immediate requirements." By mid-2024, SY's cumulative R&D investment exceeded RMB 200 million, with R&D personnel accounting for over 27% of its workforce. Holding 68 national invention patents and software copyrights, its wholly-owned subsidiary SY Information Technology Service (Shenzhen) Co., Ltd. has obtained multiple certifications including National High-Tech Enterprise, Shenzhen Specialized and Sophisticated SME, and National Encouraged Software Enterprise. SY's self-developed "SYTong Cloud Platform" integrates AI, cloud computing and IoT with industrial supply chains, having facilitated over RMB 210 billion in inclusive digital financial services for more than 16,000 SMEs - 30% of which were first-time borrowers unable to secure traditional financing, effectively addressing SMEs' financing challenges.
"Driven by digital transformation, FinTech has become crucial in facilitating SME financing," Kenny noted when discussing AI-powered inclusive finance. SY adopts a "transaction-focused, entity-light" business model, utilizing AI models trained on its accumulated data to verify SME transactions' authenticity and reasonableness. By deeply embedding itself in industrial ecosystems of large core enterprises across infrastructure, healthcare and other sectors, SY has amassed rich industrial data. Its AI models construct supply chain maps from logistics, capital flows, commerce and information flows, creating comprehensive SME transaction profiles through multimodal data fusion and cloud computing. This enables automated decision-making in approval, quota and pricing processes, significantly enhancing risk assessment and operational efficiency. Currently, the model achieves 83% accuracy in repayment cycle prediction, far surpassing manual judgment.
As an international financial center and globally attractive FinTech hub, Hong Kong has established itself as a super-connector between mainland enterprises and global markets, facilitating flows of capital, talent, innovation and technology. Moving forward, SY will leverage the combined advantages of Hong Kong and the Greater Bay Area to increase tech R&D investment and explore innovative inclusive finance models. While promoting positive cycles between technological innovation and industrial development, SY will accelerate cross-border supply chain finance business to help SMEs "go global" and facilitate Chinese manufacturing's international expansion, contributing to the robust growth of the real economy.
