Tencent Showcases Its Fintech Innovations at Hong Kong Fintech Week 2024

Powering the Future of Fintech – Innovate, Connect, and Amplify with Tencent

HONG KONG, Oct. 29, 2024 /PRNewswire/ -- The 9th Hong Kong Fintech Week 2024 was held from October 28–29, 2024, at the Asia World-Expo in Hong Kong. This marks the first time Tencent has hosted an exhibition at the event, showcasing its fintech innovation capabilities, international businesses, and brands under the theme "Powering the Future of Fintech: Innovate, Connect, and Amplify with Tencent."

On day one, senior government officials and regulatory representatives, including Paul Chan, Financial Secretary of Hong Kong SAR, Christopher Hui, Secretary for Financial Services and the Treasury, and Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, visited Tencent's booth. They experienced Tencent's innovative palm-recognition technology following the introduction by Forest Lin, Vice President of Tencent and Head of Tencent Financial Technology. 

This year's Hong Kong Fintech Week attracted over 30,000 industry leaders from more than 100 economies to discuss the future of fintech in Hong Kong, Asia and around the world. Forest Lin, Vice President of Tencent and Head of Tencent Financial Technology, was invited to share his insights at the main stage. In a panel discussion on "The Practical Impact of Technology Adoption: Enhancing the Customer Experience," he shared that technological innovation, at its core, aims to address issues of fairness. Weixin Pay's innovative practices and solutions in China have significantly reduced merchant transaction costs and ensured user funds are secure through risk control technologies such as AI, which have accelerated the ubiquity and inclusivity of digital payments in China. One of the key missions of Tencent Financial Technology is to leverage technology to make financial services more convenient, secure, affordable, and accessible.

Daniel Hong, Vice President of Tencent Financial Technology, shared Tencent's experience in the interoperability of digital payment and remittance infrastructure. Tencent is committed to building an open, diverse and inclusive new global payment network covering various scenarios such as consumption, remittances, trade and etc. For example, Tencent opened up tens of millions of domestic merchant networks to amplify cross-border consumption and make it more convenient for international travellers and Hong Kong residents. Tenpay Global's cross-border remittance services also enable overseas Chinese and WeChat Pay HK users to easily remit wages and family support to the Chinese mainland.

Wenhui Yang, CEO of Tenpay Global (Singapore), Tencent's cross-border payment platform, explained how digital wallets are reshaping the cross-border remittance experience. By partnering with over 50 global remittance and financial institutions and connecting to the Weixin ecosystem in over 100 countries and regions worldwide, remittances are now as simple as sending a message.

In addition to cross-border remittance, Tenpay Global also empowers businesses to expand globally by offering account management, global payment and collection, and foreign exchange services for e-commerce marketplaces, import and export businesses, standalone websites, and B2B trade sectors. Through innovative solutions, it ensures a seamless experience while staying compliant and secure.

Tencent is at the forefront of driving digital innovation, particularly in the field of artificial intelligence. Over the past six years, Tencent has invested US$42 billion in R&D and now holds over 5,000 AI-related patents. Based on Tencent's proprietary foundation model Hunyuan, its Hunyuan Financial LLM is applied to its own financial scenarios, driving innovation that creates value for both businesses and users.

source: Tencent