GBA is the world’s next leading techno hub: report
About 61% of accounting and finance professionals see it flourish in the next five years.
The Guangdong-Hong Kong-Macao Greater Bay Area (GBA) will likely be a global technology hub in the next five years as seen by 61% of accounting and finance professionals, CPA Australia reported.
In its GBA Business Technology Report 2021, CPA Australia found that 90% of businesses in the GBA have taken at least one tech-related project in the past 12 months.
“Financial integration is likely to provide a boost to the development of the GBA as a global financial centre,” Eden Wong, Deputy President of CPA Australia in Greater China, said.
“Technologies may facilitate capital flow between GBA cities and encourage robust business activities.”
CPA Australia surveyed some 258 accounting and finance professionals across Hong Kong, Macao, and nine other mainland cities within GBA. Of whom, 44% have said financial technology (fintech) will pave the way to the improved collaboration in the area.
Respondents also expect technology to open more opportunities and enhance the GBA as a financial centre.
“Take the GBA Wealth Management Connect Scheme as an example, the adoption of fintech and other technologies will be indispensable in expanding the channels for residents in different parts of the GBA to invest in cross-boundary financial products,” Wong also said.
“It will also enable banks under different regulatory regimes to open accounts for investors remotely, carry out suitability assessment processes for non-professional investors, and complete sales and transaction processes in a more efficient manner.”
The Wealth Management Connect scheme is an arrangement that will allow residents to carry out cross-boundary investment in wealth management products offered by banks in the GBA.
Moreover, the survey found that 89% of the respondents expect their business to increase investment in or use of technology in the next 12 months.
The future technology preference, however, varies amongst Hong Kong and Macao and mainland GBA cities.
Respondents from the mainland GBA cities prefer data analytics and visualization software as the top technology with 45% seeing an increase in investment in said technologies.
Video conferencing and group collaboration tools, meanwhile, were preferred by 39% of Hong Kong and Macao respondents.
“The survey findings reflect that there is a link between business performance and the technology-relevant actions businesses undertook,” Albert Wong, member of CPA Australia’s GBA Committee, said.
“High-growth companies were more likely to have developed a long-term technology or digital strategy, partnered with technology companies to improve the business, or have invested in human resources such as recruiting technology talent or upskilling or reskilling the technology capabilities of staff.”