GBA Digest series of perspectives Issue 4

GBA Digest is a new quarterly series of perspectives brought to you by the Deloitte China GBA Center of Excellence with a focus of financial services industry.

June 2022

In the second quarter of 2022, the global environment remains challenging amid the continued impact of COVID-19 in many major economies, and the uncertainties due to market volatility and geopolitics, including the military confrontation in Europe.

Back in the Greater Bay Area (“GBA”), in spite of the inevitable disruption to local economies due to these global factors, many financial institutions, regulators, and other stakeholders in the region remain active in their digital transformation journeys. Those already in the game keep investing efforts and resources into leveraging emerging technologies to create business insights and results; many others are planning or ready to embark on their journeys. There are progressive advances in digitization across the GBA financial sector.

The emerging trend in the market is that a more in-depth digital transformation is essential for financial institutions to truly reshape and develop future-proof financial services, from “top-down” and “inside-out”, to succeed and stay relevant in the fast changing digital economy.

Pursuing China’s 14th Five-Year Plan and the Long-range Goals Through 2035, the China Banking and Insurance Regulatory Commission (“CBIRC”) issued the Guiding Opinions on the Digital Transformation of Banking and Insurance Industries (“the Guidance”)1 in January 2022. The Guidance emphasizes the importance of advancing digital transformation of banks and insurance companies to accelerate overall development of the digital economy, promoting the high-quality development of finance, and better serving the real economy.

More importantly, the Guidance also lays down fundamental principles and objectives to facilitate adapting to more dynamic regulations by design. Together with the launch of a series of new measures to support the financial sector in Shenzhen in April 2022, including the Measures to Support the Development of Financial Technology issued by the Shenzhen Financial Regulatory Bureau, financial institutions will have a more comprehensive understanding of the latest standards in digital transformation, the relevant government incentives, and the resources potentially helpful to their new journey of deep digitalization.

With these new requirements and opportunities in mind, it’s time for financial institutions to review their digital transformation strategies, progress, and performance; some may also consider building their technology capability in Shenzhen with incentives and government support to fuel their digitalization efforts.

In this issue, our banking and FinTech experts have shared their analysis of the Guidance highlighting the key requirements and challenges facing financial institutions in digital transformation, and how GBA opportunities arising from the new measures and incentives to support FinTech in Shenzhen can empower deep digitalization in the financial sector.

With the drive to fully prepare for the much-anticipated economic growth across the GBA, a race to automate the customer experience in the onboarding process has begun between banks, with the winners set to secure a larger market share through instant service fulfillment. This issue also shares our professional insights on the key considerations for successful cross-boundary onboarding through digital transformation.

To bring our readers additional insights from a wider range of thought leaders, practitioners, and key opinion leaders in the market, GBA Digest is proud to introduce a new section – Executive Dialogue. From this issue onwards, we will interview business leaders in different industries across the GBA to share their success stories and insights into doing business in the GBA and their perspectives on the GBA market.

In this issue, we are privileged to have the first Executive Dialogue with Calvin Choi, Chairman and CEO of AMTD Group, who is well known for his commitment to promoting and developing the FinTech industry.

Interviewed by Robert Lui, Deloitte China’s Government Affairs southern region leader and digital asset leader in Hong Kong, Calvin not only shares his views on the latest development and opportunities in the GBA, but also tells AMTD’s story in the region – especially its efforts and devotion to nurturing FinTech talents and driving sustainable, quality growth of the financial services industry. I am sure his great insights and experience, particularly in talent development, will resonate with all of you.

We hope this issue can help your organization to improve your digitalization strategy and gain first-mover advantage in the GBA.

GBA Digest series of perspectives Issue 4

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4th GBA Digest Key topics:


Executive Dialogue
A roadmap for the GBA as a global Fintech powerhouse: FinTech is a cross-over industry that needs to combine the power of finance and technology and spark new, innovative and brilliant solutions.

New policies for the financial industry’s digital transformation journey: Focusing on the GBA, the Measures issued by the Shenzhen Financial Regulatory Bureau include several support initiatives to help financial institutions address the substantial challenges they face in implementing the CBIRC’s Guidance and enable GBA financial institutions’ digital transformation journey.

GBA unlocked - digital transformation for successful cross-boundary customer onboarding: A race to automate the customer experience in the onboarding process has begun between banks, with the winners set to secure a larger market share through instant service fulfillment.

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