Organised by The Institute of Financial Technologists of Asia (IFTA), the IFTA FinTech and Innovation Awards 2022/2023 (IFTA Awards) Presentation Ceremony was held at the Hong Kong Productivity Council yesterday (25 September). Officiated the ceremony was the Guest of Honour Mr Joseph Chan JP, Under Secretary for Financial Services & the Treasury of the Hong Kong SAR Government. A total of 22 corporate winners and 9 individuals / teams were commended with an award. OPENHIVE scooped the Best FinTech of the Year Award while the Best FinTech of the Year – Startup Award went to Reimagine Cyberbay Limited.
 

In its fifth edition this year, IFTA has selected "Game Changers: The Rise of Next Gen FinTech" as the theme of the Awards in response to the wide uptake of artificial intelligence and chatbot technology, with the aim of honouring individuals and teams who have fuelled the development and adoption of FinTech, and motivating innovations essential to drive Hong Kong into a new FinTech era.

Mr Joseph Chan JP, Under Secretary for Financial Services & the Treasury of the Hong Kong SAR Government shared in his speech, "The Hong Kong SAR Government is committed to promoting Fintech as a means to enhance the overall competitiveness of the financial services sector. Our strategy is multi-pronged – enhancing Fintech infrastructure, promoting Hong Kong's Fintech competitiveness internationally, launching support schemes to incentivise innovative financial services, nurturing Fintech talent, and fostering a regulatory environment conducive to local innovation and cross-boundary collaboration. May the innovative spirit of all winners continue to blaze new trails in the Fintech landscape."

Mr Wilson Kwok, Founder and Vice Chairman of IFTA mentioned, "In an era where technological applications grow and are adopted at an exponential rate, FinTech evolution has become the driving force of the future. Digital technology such as artificial intelligence, machine learning, blockchain and the internet of things have revolutionised human activities in multiple ways. Innovative adoption of technology in finance has also re-defined workflow and processes related to trading, banking, transactions, investments, risk management and more. We must stay ahead of the curve or risk being left behind. We look forward to more innovations to come at the next edition of the Awards."

Dr Dorothy Chau, IFTA Awards Head Juror said, "This year we have introduced new 'Cybersecurity and Data Protection' award category to recognize companies which have contributed to cybersecurity. This addition reflects the evolving landscape of our industry and the importance of cybersecurity and inclusion in driving innovation. My congratulations go to all winners. Your achievements have not only pushed the boundaries of what is possible in FinTech but have also elevated Hong Kong's reputation as one of the world's leading financial centres."

Response to the Awards was enthusiastic with over 29 nominations received under 14 different categories, including 10 corporate awards for Asia region and 4 individual awards. The highlight of this year was the Best FinTech of the Year Award which was scooped by OPENHIVE, a new technology brand that specializes in enterprise-grade solutions for multiparty data collaboration, AI, and privacy technology, allowing multiple parties to collaborate on modelling and data analysis while preserving the privacy and security of their data. A new start-up Reimagine Cyberbay Limited was awarded Best FinTech of the Year – Start-up Award. Established in 2022, Cyberbay is the first crowdsourcing all-in-one bug bounty marketplace platform in Hong Kong, aiming to connect corporates and cybersecurity researchers via crowdsourced bug bounty service to provide undisrupted and cost-effective cybersecurity checking solutions to safeguard corporate business digital assets.