Fintech Welcomes the Former Finance Services Secretary to the Field
Ka-Keung is the second former finance secretary to join the fintech field after Welab welcomed him as its advisor. This is Ka-Keung’s first role in the private sector after his 10-year governmental appointment ended in July 2017. Right After leaving the government, Ka-Keung had gone back to the academic world as a part-time finance professor at Hong Kong University of Science and Technology.
Fintech Welcomes Former Government Officials
Ka-Keung has followed the footsteps of his peer, John Tsang, who became the vice chairman of a fintech’s bank (Ion Pacific) in June 2017.
Ka-Keung’s new role was announced on July 16th, and he revealed that his position was limited to advising the company on kicking off a strategy; therefore, he might advise other companies in the fintech field while maintaining his teaching duties. He felt it was the proper time to pursue this career because throughout his governmental appointment he was an advocate of fintech which is also his current teaching focal point.
Why Ka-Keung Joined Welab
Ka-Keung joined the fintech company because of his confidence in its co-founder, Simon Loong. Loong announced in an interview that the company - with a worth of 1 Billion USD - will be pursuing a virtual banking license from the monetary authority of Hong Kong that is currently welcoming applications from start-ups that are looking to establish their purely virtual banks.
WeLab also applied for a listing on Hong Kong stock exchange last week and brokers believe that it will put up 500 Million USD.
Government Regulations to Promote Fintech
Ka-Keung revealed that Fintech has come a long way in Hong Kong since HKMA took measures last September to encourage banks to adopt innovative technologies that could help them operate more efficiently and deliver better services.
During Ka-Keung’s governmental appointment, Hong Kong didn’t welcome dual-class shareholding companies, such as Alibaba, an e-commerce company, to list on Hong Kong’s exchange. However, Since April 2017 the government has made serious amendments to its regulations to accept such companies without listing revenues.
Hong Kong Securities Association’s chairman felt positively about former government officials applying their experience to their new roles in the fintech field to help develop a stronger relationship between public and private sectors.