Deloitte expects digital developments to change the shape of the financial services industry by 2020

Published: 13 January 2014

Deloitte is Diamond Sponsor for the Asian Financial Forum (AFF) 2014 co-organised by the Hong Kong SAR Government and the Hong Kong Trade Development Council. During the Forum, Deloitte is sponsoring the keynote luncheon and hosting a workshop on 14 January on the topic of "Financial Services Innovation: Powering the Growth of Asian Financial Services".

"This is the fifth consecutive year since Deloitte first undertook this principal sponsorship role in the aftermath of the global financial crisis in support of Hong Kong's role as a leading international financial center. Deloitte has a global financial services practice of 30,000 practitioners and a portfolio of the top financial institutions in China and globally, enabling us to draw on extensive and relevant experience, and share our insights" said Lawrence Chia, Chief Executive Officer, Deloitte China.

This year, the AFF carries the theme of "Asia: Powering World Growth. The forum provides a significant and timely opportunity for participants to take a closer look at the future role of the Asia economy, and the implications for financial markets and businesses in the region.

"Our sponsorship of the AFF is also one of the examples of our strategic approach of driving our regional investment through collaborative programmes, which focus on our clients and their issues," Lawrence added.

Chris Harvey, Global Financial Services Industry Leader, Deloitte Touche Tohmatsu Limited (DTTL) said, "Deloitte's own strategic investments are prime examples of the impact of Asia powering world growth. We are leveraging our global leadership position in providing Advisory services to the financial services sector." He cited his own relocation to Hong Kong as a prime example as well as Deloitte China's appointment of seasoned financial professional, Tim Pagett, as Financial Services Industry Leader for Deloitte China, leading a team of 1,100 practitioners.  "Financial services innovation not only changed the nature of financial services, but it is bringing entirely new classes of companies into key roles enabling transactions and financing growth in the real economy. The Deloitte Workshop at the AFF on Tuesday 14 January will focus on the future of financial services and the imperative for continuing innovation by all players."

"Digital development has prompted the emergence of non-traditional financial services providers by lifting entry barriers. E-commerce platforms are emerging as alternatives to traditional payments and clearing systems. We hope to have an engaging discussion with audiences at our workshop about how all these and many other developments will shape the future landscape of the financial services industry. When it comes to financial services innovation, we are in an unprecedented era of change impacting the whole fabric of the global economy," said Tim Pagett, Financial Services Industry Leader, Deloitte China.