Peter Estlin

Opinion | Hong Kong and the UK can develop fintech sectors together in the Year of the Pig, both as partners and competitors

Peter Estlin says that as international financial hubs, the UK and Hong Kong excel at partnerships, as well as the free flow of information and technology fintech requires

Reading Time:2 minutes

Why you can trust SCMP

A Quick Response code is displayed at the September launch ceremony for the Faster Payment System, a Hong Kong Monetary Authority platform which allows bank customers to transfer money, shop and pay bills by scanning the QR codes. Photo: K. Y. Cheng

Peter Estlin

Published: 10:03am, 18 Feb 2019Updated: 10:05am, 18 Feb 2019

As Lord Mayor of London and a principle ambassador for the UK’s financial and professional services sector, I am confident that the Year of the Pig bodes well for relations between the UK and Hong Kong.

We have learned recently of British and Hong Kong children’s love for a cartoon pig named Peppa, who has become a great ambassador for the UK. Peppa has been popular in Hong Kong for more than a decade and recently made great strides into local homes and schools thanks to the musical staged in January in the city. Even on the Chinese mainland, Peppa has now risen to become a superstar, in part due to a viral advisement campaign that set social media alight with the #whatispeppa hashtag.

Beyond the world of cartoons, let’s remember that the Year of the Earth Pig is all about socialising and maintaining relationships. These are areas where both Hong Kong and London excel – just as we both excel in international finance.

As fellow financial hubs, the strengths of our two cities are built on the foundations of global partnership and the seamless flow of innovation, technology and ideas.

Fintech, in which London and Hong Kong lead the world, is a good example of all these attributes. Inevitably, there is healthy competition between our two great cities, but also plenty of room to work together. This week, I’ll be in Hong Kong, meeting business and government leaders and making exactly this point.

As chair of the UK Department for International Trade’s fintech steering board, I’m particularly pleased that my visit follows the announcement of a new pilot programme to support UK companies looking to expand into the Hong Kong fintech market.