Interview: Yolanda Written by: Frank
Hong Kong, as an international financial center, has always been a stage for various financial innovations to converge and collide, and Hong Kong Fintech Week is one of the most representative events among them, having become an important link for communication and cooperation in the fintech industry. It not only gathers regulators from mainland China, Hong Kong, and around the world but also brings together fintech founders, cryptocurrency entrepreneurs, venture capitalists, and traditional financial executives, breaking industry boundaries.
On November 1, the ninth Hong Kong Fintech Week event concluded. During this fintech week, tech giants such as Ant Group, Tencent, and Xiaomi, along with many traditional financial institutions, announced new developments in their Web3 track, and Web3 practitioners from around the world exchanged ideas here. Hong Kong Fintech Week has also become one of the most important events for the integration and exchange of fintech and Web3.
From its inception in 2015 to now becoming one of the largest fintech events globally, Hong Kong Fintech Week has been continuously expanded under the auspices of the Hong Kong Investment Promotion Agency and the Financial Services and the Treasury Bureau, along with the meticulous organization of Finoverse. Recently, PANews interviewed Anthony Sar, co-founder and CEO of Finoverse, to share the stories behind this grand event and insights on the integration of the Web3 industry with traditional finance. Below is a summary of the main content from this interview.
PANews: Finoverse has been operating events since the first Hong Kong Fintech Week; could you first introduce Finoverse and your background? What drives you to persist in organizing this grand event?
Anthony Sar: Initially, back in 2015, I met a group of fintech professionals and blockchain enthusiasts with another founder, Vila Wong, and decided to gather them by hosting events, thus founding Finoverse. This initiative was not initially for commercial purposes but happened naturally. In 2016, the government started to notice our work and invited us to co-host their flagship event, which is Hong Kong Fintech Week. We began to closely collaborate with the government, the Investment Promotion Agency, the Financial Services and the Treasury Bureau, and regulatory bodies, expanding this event from an initial scale of about 2,500 people to one of the largest fintech events globally, with total participation exceeding 37,000 this year.
Finoverse firmly believes that the financial services industry should empower more choices for people, customers, and society, rather than being limited to a few major players. Therefore, we maintain a neutral stance on different technologies, whether it is artificial intelligence, fintech companies, or blockchain and cryptocurrency, as long as they can serve customers faster, cheaper, and better, we support them.
In the process of development, you can see a very unique aspect showcased at Hong Kong Fintech Week, where you can see regulators from mainland China, Hong Kong, and globally, along with fintech founders, cryptocurrency entrepreneurs, venture capitalists, and traditional financial executives sharing the same stage. This is the only platform in the world that gathers people with very different perspectives on the future of the industry.
We hope and believe that the dialogues created on this platform will help all these participants better understand each other, learn from one another, and collaborate efficiently in the future.
PANews: What unique features does this year's Hong Kong Fintech Week have? How does it differ in scale and content from previous years?
Anthony Sar: This year we have quite a few changes. Since this event has been held for nearly a decade, the times have also brought many changes. Therefore, this year we are more focused on bringing different experiences to participants. This year's event was inspired by the five elements and yin-yang; you may have noticed that we used these elements and yin-yang to allocate different areas and themes. The main stage represents the sun, and we hope to convey that this is the sunrise and rebirth of Hong Kong.
Especially in terms of Web3, innovations have been made this year, bringing some things that might not be seen at other conferences. We built a basketball court at the venue and invited fintech and Web3 people to participate in a 3V3 match.
Additionally, we have collaborated with a Hong Kong charity organization named InspiringHK Sports Foundation, which provides training programs through basketball for underprivileged children in Hong Kong, and we donated all proceeds to them. I hope events are no longer just drinking parties but can also connect people through different experiences, promoting health and sports.
PANews: Reflecting on the past few years of Hong Kong Fintech Week, which edition impressed you the most? Can you share some unforgettable experiences or stories?
Anthony Sar: I think Fintech Week has evolved along with the industry's development over the years. For me, the most memorable might be when all events were shut down during the COVID-19 pandemic. We then turned it into a fully virtual event, and as a result, that year's Hong Kong Fintech Week became one of the most successful we have ever held.
During the pandemic, we did not opt for a simple online meeting solution but instead truly rebuilt an online virtual experience. At the same time, we collaborated with some major media outlets in China, which ultimately led to significant exposure for that year's Hong Kong Fintech Week, with total viewership exceeding 5.5 million.
PANews: What significant changes have there been this year among participants and in the main topics of cryptocurrency events?
Anthony Sar: This year, it is clear that we are seeing an increase in the proportion of participants and companies from mainland China. For example, this is the first time we have Ant Group and Tencent as one of the main sponsors. Much of the conversation we see is centered around RWA (Real World Assets). RWA has even become one of the mainstream topics of this year's event, although some of the discussions may differ from the cryptocurrency space, it is also a major topic of overlap between traditional institutions and the crypto industry.
Another theme of discussion this year may revolve around stablecoins, as Hong Kong regulators are planning to introduce policies related to stablecoins, which is another major focus of this event. Of course, there is also AI, which is a hot topic globally.
Overall, I think the entire conference, especially in terms of crypto, shows a trend where the Web3 industry is starting to collaborate more with institutions. On the other hand, crypto assets are also increasingly seen as an asset class, with more traditional players entering the space.
PANews: How do you view the current development trends in the events industry, especially in the fintech and Web3 sectors?
Anthony Sar: In the past few years, there have been changes in two directions. On one hand, it has become easier for people to access content online; you can find any content on the internet. Therefore, we see that people are less inclined to spend time in conference halls, particularly the younger generation. In the future, we will see fewer people sitting and listening to lectures and more time spent on different activities and networking.
On the other hand, people prefer to spend more time together in person. Just look at how popular concerts by Taylor Swift are globally; people enjoy experiences and like to gather together to spend time. These changes will impact how events are held, and I believe crypto is one of the first industries to adopt this trend, creating experiences. Content is still important, but to attract audiences through content, you need something more unique, something that is hard to find online.
PANews: So you will start creating more experiences to attract more young people, right?
Anthony Sar: Basically, there have been quite a few couples who met at our events, such as a hosting couple, both of whom work in the cryptocurrency field. They met at our second event in Hong Kong, and now they have a daughter. This essentially highlights the value of why people come together and get to know each other.
PANews: Besides Hong Kong Fintech Week, how does Finoverse participate in and promote the fintech and Web3 ecosystem?
Anthony Sar: Fintech Week is basically our most well-known flagship event, but we also collaborate with various parties and have different initiatives. Last year, we actually organized an event in the Bahamas in collaboration with the Bahamas Securities Commission, which entrusted us to help bring the Web3 and cryptocurrency communities back to the Bahamas after the FTX incident. They are trying to establish a new image for the Bahamas.
In addition to this, we have also held events in the Middle East, such as Dubai and Abu Dhabi. We brought founders of Web3 to meet with all key stakeholders and regulatory agencies in Dubai, Abu Dhabi, and Riyadh, Saudi Arabia. We hope to connect the communities of Hong Kong with those in North America, the Middle East, and mainland China in this way. This is our next target for growth.
PANews: The crypto industry is becoming increasingly hot; will Finoverse lean more towards Web3 in the future?
Anthony Sar: In fact, at the very beginning, our focus was on blockchain. Early on, Vitalik was one of our main speakers. Later, I also went to Malaysia with him to do some early blockchain education work. But with the ICO boom starting in 2017, I began to distance myself from the cryptocurrency industry. To some extent, I feel that a lot of what was happening in the industry led to more speculative behaviors.
Even now, when we assess what kind of speakers should be on stage, what kind of content should be presented, or what kind of participants we want to see at events, we often ask ourselves a question: how can this project or company contribute to achieving the ultimate goal of making financial services accessible to people? If it is just about making others richer and benefiting a small group of people, then it doesn't make sense to us. This is a very simple statement, but it is essentially our vision.
When it comes to organizing cryptocurrency events, we consider whether these events can actually create impact and whether the organizers' drive ultimately creates opportunities for people. We generally do not cater to the demand for just launching another token or similar projects; we are not interested in that. So essentially, our focus remains on more substantive things that can make a difference and create impact.
PANews: You have interacted with many Web3 entrepreneurs; what characteristics do you think are very important for Web3 entrepreneurs?
Anthony Sar: Those with long-term visions are driven by some intrinsic motivation to push for change in the world. Not because they just want to make a lot of money, but to create some impact in their lives through what they are building. I truly admire these people; they are driven by this motivation and are really building something new.
Building things in cryptocurrency and Web3, if you really want to make a change and not just create something simple and short-lived, requires a lot of perseverance. Basically, everyone is against you. Every aspect of this industry is very complex. There are technical aspects, macroeconomic factors, regulation, and competition. You also have all the potential risks associated with cryptocurrencies. So it is difficult to stick to the right direction.
People like Vitalik can be a great example; he builds for long-term impact rather than just creating another token. There are quite a few people like this in the industry, and I admire them greatly. I believe we will eventually see them become more successful.
PANews: What advice do you have for emerging enterprises or individuals looking to enter the Web3 industry?
Anthony Sar: If you want to build something valuable, be prepared for it to be very difficult and complex. You need to have long-term endurance and perseverance. While this is true in every industry, it is especially the case for cryptocurrency and Web3; maintaining and building something in such a dynamic industry is much harder.
But likewise, if someone just wants to make a bit of money or make quick cash, that could also be a good opportunity. However, I think that even if you succeed at something once, it doesn't mean you will succeed next time. Usually, it's just a matter of luck. So how to achieve this in the long term, how to achieve consistent results again and again requires more than just luck. This is the quality people should focus on.
PANews: Is next year's event already being prepared?
Anthony Sar: Next year will mark the tenth anniversary of Fintech Week, and I believe it will be very special. We are innovating more content, and I think it will surprise everyone. We are preparing some very impactful things, so stay tuned for the 10th anniversary event of Hong Kong Fintech Week.
