Deloitte partner attended the 3rd Guangdong-Hong Kong-Macao-Bay Area Summit Forum to discuss 5G's contribution to fintech development

On November 5, the 3rd Guangdong-Hong Kong-Macao-Bay Area (GBA) Summit Forum, jointly organized by the GBA Economic and Trade Association and the GBA 5G Industry Alliance, was solemnly held in the banquet hall of JW Marriott Hotel, Hong Kong, China. Deloitte China participated this conference with China Mobile, Alibaba cloud, Huawei and other leading enterprises, and has a deeply sharing insights with industry leaders and top experts. Deloitte discussed how to bridge the gap between 5G technique and the demanding in new era as main topic, as well as many opportunities brought about by the development of GBA area.

Peter Koo, Deloitte TMT Industry Partner, attended the meeting as a guest hosting the Fintech panel and discussed '5G empowers Fintech Development Forum' as a topic with Dr. JiaLi Lin, chairman of the board of directors of Hong Kong Digital Management Co., Ltd., honorary consultant of GBA Economic and Trade Association; Mr. Zhuoxian Xian, senior regional architect of Alibaba Cloud International Financial Technology and Innovation, chairman of financial group of 5G Industry Alliance in GBA District and etc. on this GBA forum.

Moreover, based on the national strategy, the participants discussed the planning and development of GBA, the fifth generation mobile communication-5G technology leading the development of global digital economy into a new era, and how to use 5G technology to promote the construction of GBA smart city cluster and the development of fintech with a friendly environment.

Peter Koo said, By 2035, the market size of industry derived from 5G are expected to reach $12 trillion, of which banking and insurance will account for $609 billion, with the national policy support and IT industrial structure adjustment, the wide application of 5G technology will promote the reform of financial services, such as mobile payment, smart bank branch, smart risk control, remote virtual banking and remote insurance underwriting. In the future, 5G will deeply integrate with AI, edge computing, AR / VR, Internet of Things and other technologies, and work together with vertical industries such as drones, control system and monitoring system to boost the digital transformation of the financial industry.

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