Parallel Session 3 – FinTech

The years of COVID-19 pandemic unleashed the e-meet culture and changed how people interact and collaborate. Public attention to inclusion has accelerated the massive adoption of digital applications at all fronts.
Most institutions in Southeast Asia are bracing themselves for volatile geopolitical and economic conditions. But those willing to push the digital envelope struggle to find new pockets of growth to help them remain resilient and become future-ready. For this to happen, institutions need their executives to embrace a digital-era transformative mindset – one that builds skills, flexibility and agility, preparing their organizations to pivot at any moment.
Zooming in Hong Kong, digital payment, an essential step of digital transformation, has been well accepted recently both at consumer and merchant front. E-commerce platforms proliferate as a result of prolonged lockdown during pandemic. It becomes the NEW NORMAL for further evolvements. 
Artificial intelligence and machine learning are no longer the buzz words. Emerging AI enabled applications are proven success in driving better user experience and cost down. The shift to data-centricity is aimed at addressing consumers’ and enterprises’ pain-point, at same time, calls for corresponding governance framework to protect data privacy. 
An institution’s digital transformation efforts depend on recruiting and retaining skilled talent in a competitive landscape. The growing need to upskill and reskill existing employees to address the skills gap, coupled with employees’ interest in advancing their own knowledge, highlights the importance of continuous learning across the organization.
With legacy technology slowing down product development and innovation, rapid digital transformation will be the decisive strategy to be future-ready in the years to come.

Technological advancement in the past decade has played a vital role in the evolution of Hospital Authority (HA)’s healthcare service with electronic payment being one of the smart initiatives implemented.  The “One-stop Electronic Kiosk” and the “Pay HA” in “HA Go” mobile application, together with other payment alternatives available, are currently in place to enhance the efficiency and environmental friendliness of the whole patient journey.


Meanwhile, HA has been striving to optimise the service quality and patient experience with phased implementation of various smart initiatives, for instance electronic medical certificate so as to perfect the telehealth logistics. Electronic payment, as one of the key enablers of the patient journey, will continue to support HA’s service transformation with a mission to deliver holistic care to our patients.

The COVID-19 pandemic has reshaped Hong Kong in significant ways, and one of the key shifts is in the more widespread adoption of technology. From e-commerce and LeaveHomeSafe, to online food delivery and video conferencing, Hong Kong people of all ages and walks of life are accustomed to living and interacting digitally in the new normal. With the growing expectations on convenience and tailored service from patients, and the overall market trend towards healthy lifestyle and preventative care, there is increasing need to better leverage data and technology innovations to deliver healthcare services. 


While organisations have accomplished a lot through enabling digital touchpoints, there are more and more opportunities to engage patients in whole new ways beyond just putting some services online. From leveraging ecosystems partners to serve patients across their daily journey, to collecting lifestyle and behavioural data for better care and personalization, to exposing core capabilities and data to partners "as a service", Application Programming Interfaces, or APIs, are no longer just a technical concern, but a foundational enabler of whole new business models. 


The rollout of Open Banking APIs are well under way, with Open Insurance soon to follow, and the Open API model is already being adopted by other ecosystem players such as loyalty programs and startups to transform end to end customer experience. Now is a great time for the healthcare industry to jump in and be active collaborators in the ecosystem, and reimagine the patient experience in the context of a platform for healthy lifestyle.