Finfo Union first time participated 2018 Hong Kong FinTech Week

Organized by InvestHK, the 2018 Hong Kong FinTech Week held from 29 October to 2 November 2018 at Hong Kong Convention and Exhibition Centre and Shenzhen. This was the world’s first cross-border financial technology event and drew more than 8,000 attendees from over 50 countries, more than 260 world-class speakers, 100 exhibitors, 60 start-ups and 1,000-plus business matching meetings. Finfo Union is honored to be invited to participate in this event.

Our Chief Business Development and Marketing Officer, Mr. Benny Pang represented Finfo Union to host a speech with our guest Dr. Meikei Ieong, Chief Technology Officer of ASTRI, to discuss the topic of “How FinTech helps Money Lenders to facilitate Financial Inclusion in Hong Kong”.

In the speech, Benny raised out that Professionals in some specific sectors or industries do not have enough information to rate the type of ‘steady’ or ‘fixed’ monthly income – such as Insurance Brokers, Real Estate Agents, Taxi Drivers, Construction Workers, Hawkers, etc. However, they represent one of the major working populations in Hong Kong. As a Credit Reference Agency and FinTech Platform specializing in serving Non-Bank Financial Institutions, we need to improve the efficiency for non-banking financial institutions to access the information for the Professionals in those specific sectors.

Dr. Ieong said that by using FinTech tools, big data and artificial intelligence, financial institutions can easier to identify the level of risk of the above-mentioned Professionals and improve the efficiency on access the information. Credit Reference Agency can consider using big data analysis to develop a credit score that suitable for financial institutions and help financial institutions to assess the risk level of loan applicants accurately, so that non-fixed income people with lower risk level can also obtain financial services and as a result assist the development of Financial Inclusion in Hong Kong.

Benny mentioned that as a Credit Reference Agency, with our knowledge and experience in data collection, data analysis, innovative technology, information security, etc., Finfo can help financial institutions to assess the risk level of non-fixed income people accurately. On the other hand, Finfo will cooperate with ASTRI and other innovative technology companies to develop different solutions and create a new financial service model for the financial institutions.