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HK telecom launches fintech platform

The fintech division of the largest telecommunications companies in Hong Kong has launched another fintech project, HKT Flexi, a digital or online financing platform that allows users to make payments via the HKT Flexi App.

The telecoms fintech arm offers mobile payments, merchant services, O2O solutions, insurance packages under the Tap & Go, HKT Merchant Services and HKT Care.

It is a key part of the Group’s digital ecosystem, which provides an integrated and user-friendly platform to consumers and merchants. The company aims to support greater financial inclusion through a customer-centric approach.

The new app allows customers to create a new account in minutes from anywhere and at any time.

Customers should first download the app, go through the quick digital onboarding process (which uses facial recognition), and then apply for an installment service plan.

After completing the application, users will be immediately notified about whether they’ve been approved. They can then look at their loan information via the app’s “My Installments” sector. They can also manage their repayments schedule through the software’s “Repayment Schedule” section.

The app sends SMS reminders each month when repayments are due. The app also comes with a loan calculator that aims to provide better transparency on monthly repayment amounts.

Hong Kong’s fintech landscape growing

Recently, the Hong Kong branch of a British multinational banking and financial services company announced that it is joining forces with the University of Hong Kong to launch a ‘Fintech Academy’ designed to produce cutting-edge research and nurture world-class talent.

The firm is pumping HK$60 million (around US$775,000) into the academy, which is being hosted by the university’s department of computer science of the faculty of engineering, with support from the law and business and economics faculties.

In addition to a Bachelor’s degree in Financial Technology, the academy will, from 2021, support a fintech Master’s degree.

Over the next five years, the academy will gear up nearly a thousand fintech professionals to “tackle disruptive technologies, creating a tangible and lasting impact on the banking and financial industry,” say the partners.

The CEO of the Hong Kong branch of the firm stated that the fast pace of change in fintech has been impacting not just the business model of banks, but also the talents required for realising the Smart Banking ambitions for Hong Kong.

The group is proud to steer the co-creation of the FinTech Academy between HKU and SCF to cultivate future-fit talents and upskill bankers with disruptive technologies to capture the immense opportunities.

The President and Vice-Chancellor of the University of Hong Kong also noted that the HKU-SCF FinTech Academy will be a centre of innovation for nurturing talents to shape the FinTech industry across the region and strengthen Hong Kong’s position as a leading financial centre.

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