Good morning, and welcome to the 25th Asian Banker Summit here in Hong Kong.

We gather at a pivotal moment for Hong Kong’s financial architecture and amid transformative changes in the technologies shaping our industry.

The Asian Banker Summit, which I had the pleasure of creating, was the first conference to bring together senior bankers from across the Asia-Pacific region. Today, we are honoured to have representation from over 18 countries at a very senior level. The world has changed significantly since we first convened this conference. Over the past six to eight years, we have witnessed the rise of fintech. For a time, bankers attended fintech festivals as observers, wary of potential disruptions. Now, it is time to reclaim our ground and re-establish banking as a trusted institution in society.

Hong Kong is currently making crucial decisions that will shape its financial infrastructure and position it confidently on the global stage. We are privileged to have the deputy chief executive of the Hong Kong Monetary Authority (HKMA) with us today to outline the HKMA’s vision. We also welcome Lord Chris Holmes from the UK House of Lords, a key influencer in legislative developments there.

Our discussions today will focus on three critical themes. First and foremost is artificial intelligence, followed by cryptocurrencies and digital assets, and the strategies of traditional financial institutions in adapting to these trends and incorporating best practices. Additionally, we will cover other significant developments within the banking industry.

A year and a half ago, I published The Great Transition: The Personalisation of Finance is Here. In it, I delved into the essence of today’s transformation, pinpointing that finance is becoming personalised, empowering individuals to interact directly without intermediaries.

This shift necessitates a new approach. It’s not about using AI to streamline existing processes but about redefining our products and roles. In my book, I argue that if the product doesn’t change, nothing changes. The product of finance should now be seen as the conversation, embedded in community interactions, supply chains, social networks, and integrated platforms. We are transitioning from a market economy, driven by transactions, to a networked economy, where we co-own the assets we create.

This shift must guide our innovations and reshape our interactions with customers. Today’s discussions should reflect this new reality. The moderators are tasked with ensuring our conversations challenge the status quo.

Those focusing solely on new technologies like Nvidia chips or AI must understand that true transformation lies ahead with developments like quantum computing, set to bring further changes in the next 18 months.

Today’s conference format reflects this transformational approach. We will start with this keynote, break into discussion groups, and reconvene in the afternoon for more sessions. These groups, composed of leaders in transaction banking, risk, and technology from across the region, will delve deeply into these transformative issues.

I am excited to welcome you all and extend my gratitude to the Hong Kong Association of Banks and the FinTech Association in Hong Kong for their support.

Now, please join me in welcoming Daniel Drew, the alternate chairperson of the Hong Kong Association of Banks and the managing director and chief of staff of HSBC Hong Kong, to deliver his welcome note.