Practitioners, Regulators and Researchers Discuss Big Data and FinTech Challenges at Asia’s First Summit of Unsolved Problems
The first of its kind in Asia, the SOUP provides a remarkable platform for researchers, regulators and practitioners to have in-depth, secure, and confidential/private sessions to jointly address challenging business issues. It allows original ideas and academic expertise of researchers to meet unsolved problems in industries, with an ultimate goal to help firms solve business problems and researchers generate real social impact.
In the morning, an open session was held where researchers, practitioners and regulators discussed key economic issues in the Guangdong-Hong Kong-Macao Greater Bay Area (Greater Bay Area). Prof. Lin Zhou, Dean of CUHK Business School and Choh-Ming Li Professor of Economics, as well as Prof. Wei Xiong, Academic Dean of the School of Management and Economics at CUHK-Shenzhen, and Academic Director of Shenzhen Finance Institute, jointly welcomed guests and distinguished speakers to join the Summit. Prof. Michael Zhang, Co-Director of Hong Kong-Shenzhen Finance Research Centre and Associate Dean (Innovation and Impact) at CUHK Business School, introduced the Hong Kong-Shenzhen Finance Research Centre and its recent research projects and developments. Closed-door sessions were organised in the afternoon where researchers had private meetings with practitioners to discuss specific questions facing in their business operations and explore potential opportunities for collaborations. Among the large number of questions submitted by practitioners, the SOUP committee cherrypicked 13 of them that were pressing, interesting and important for further studies.
Themed “Big Data and Financial Technology,” the Summit was attended by over 200 guests from Hong Kong and Shenzhen online and offline, including prominent speakers Mr. Nelson Chow, Chief Fintech Officer of The Hong Kong Monetary Authority; Dr. Wong Chun Hong, President of The Hong Kong Real Property Federation; Prof. Tao Shu, Co-Director of Hong Kong-Shenzhen Finance Research Centre, Associate Director of Shenzhen Finance Institute, Presidential Chair Professor of CUHK-Shenzhen, and Director of Government Big Data Lab, Shenzhen Research Institute of Big Data; Prof. Chunrong Ai, Presidential Chair Professor of CUHK-Shenzhen and Co-director of FEMBA/EDP Programme, Shenzhen Finance Institute; Mr. Andrew Xu, Global Vice President of General Manager of Customer Engagement & Experience, Greater China, SAP; and Dr. Gong Chen, CEO and Co-Founder of Shenzhen MileBot Robotics Co., Ltd.
CUHK Business School Develops a Corporate Innovation Index to Empower Hong Kong’s Economy through Innovation
The Chinese University of Hong Kong (CUHK) Business School today announces the development of a Corporate Innovation Index (CII) that will serve as a management and assessment tool to cultivate an innovation culture and to enhance capabilities and achievements in technology adoption among large corporations and SMEs in Hong Kong.
Funded by Innovation and Technology Commission of the Hong Kong Government under the General Support Programme, CUHK Business School’s Asia-Pacific Institute of Business (APIB) will take charge of the CII project. It plans to establish a conceptual framework of corporate innovation that best fits the Hong Kong business community under the digital age, as well as to develop a set of measurement matrices. CUHK APIB will work together with The Hong Kong General Chamber of Commerce (HKGCC), the project’s strategic partner, to invite around 100 corporations and 200 SMEs from six categories – including trading, manufacturing, distribution, services, franchising and investment – for a survey. Online assessment tools, guidebooks and a series of seminars/workshops will also be available to help companies rev up their technology innovation. Details of the inaugural CII will be announced in the second quarter of 2022.
Dr. David Chung, the Under Secretary for Innovation and Technology of the Government of the Hong Kong SAR, said: “This research project, supported by Innovation and Technology Fund, dovetails well with the Government’s efforts to address the upcoming challenges facing the business community by means of a conceptual framework constructed from literature review, industrial consultations and communication forum. Other than the most commonly used measures of corporate innovation such as R&D expenditure, patent counts, patent citations and new product announcements, I am sure the Corporate Innovation Index will serve as a reliable tool for the public and business sectors to measure the innovation competence in a scientific and data-driven manner. I would like to thank the Chinese University and the Hong Kong General Chamber of Commerce for their devotion in making Hong Kong an innovative city.”
Prof. Waiman Cheung, Associate Dean (Graduate Studies) and Co-Executive Director of APIB at CUHK Business School, added: “In response to the Government’s call for developing Hong Kong into a knowledge-based economy and a regional innovation hub, CII will raise awareness about the applications of advanced technologies and foster an innovative mindset among corporations and SMEs in Hong Kong. Emerging technologies such as artificial intelligence, biomedical science, the Internet of Things (IoT) and 5G are changing the Hong Kong economy at warp speed and scale.”
Mr. George Leung, CEO of HKGCC, said: “Many companies are aware of the importance of innovation, which drives their competitiveness and ultimate success. However, knowing how to upgrade their capabilities or benchmarking their innovation until now has been very challenging. We hope that with the success of the Corporate Innovation Index, not just businesses, but the whole Hong Kong economy and society will be able to benefit and build from this index. This is precisely why we feel it is important to give it our utmost support.”