He will join the discussion about banks and fintechs.
Hao Hong is the managing director and head of research at BOCOM International. He is also a professor of Tsinghua Zijing-Kelley School of Business, founding member of Cross-border Finance 50 Forum, and a member of China Chief Economist Association.
Hao will be one of the panelists who will discuss about banks and fintechs at the upcoming Banking Forum 2017 in Hong Kong. Find out more about him in this short Q&A:
What are your previous experiences and positions held that contributed to who you are as a banker/financial services expert today?
I was a former chief global equity strategist and executive director at CICC (Beijing, Hong Kong), and global strategist at Morgan Stanley (Sydney, New York) and at Citigroup (New York, London).
I am also a columnist for the Wall Street Journal, Financial Times, Caixin, and Caijing.
What are your key business philosophies?
Be unique. I believe that the market consensus is usually wrong, because blind obedience is a natural human behavior and is how the consensus is arrived.
Read more. I read broad variety of books, not limited to economics and finance fields. This helps develop a broad perspective and a critical way of thinking when coming to my job. And a lot of my inspirations did come from my reading habits.
Evidence matters. Every single view should be supported by sufficient evidence. Otherwise, the argument is untenable.
Can you give us a glimpse of what you will share at the panel discussion at the Banking Forum in Hong Kong? What can you say about banks and fintechs in Hong Kong and in the region?
Hong Kong is a latecomer and has only a modest show up in the area of fintech, compared to mainland China, a global fintech leader that owns the biggest market for digital payments and online lending, and many top innovative fintech firms, like Ant financials and Tecent wechat.
Hong Kong, despite its strong services and revenue streams from “Finance”, is relative weak in “Technology”. Also, Hong Kong’s well-established financial infrastructure could be a burden to the development of fintech. It’s a complicated platform as it’s a multi-currency, multi-dimensional regional hub. Therefore, the supplementary financial regulatory has to be meticulous, while relatively conservative. As a result, impeding further development in fintech will be costly and tedious, even has to conclude without concrete result.
Hong Kong should exploit its advantages rather than becoming a Fintech generalist. It will be a shortcut for Hong Kong to strengthen its fintech positioning.
The 2017 Banking Forum will be held on July 26 at the Conrad Hong Kong.
If you are interested to attend, you may contact Nikki Quiniquini at firstname.lastname@example.org or at +65 3158 1386 ext 238.
To read the post-event coverages of the Retail Banking Forums held this year, click on the links below:
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