HKUST Unveils Institute for Financial Research to Propel Innovation in Global Finance

The Hong Kong University of Science and Technology (HKUST) today announced the establishment of the HKUST Institute for Financial Research (the Institute), with a mission to address the multi-faceted social and economic issues through financial research and technological innovation, in collaboration with the academia, industry practitioners and policymakers in Hong Kong and beyond.

Pioneering innovative exploration of knowledge, the Institute consists of four research focus areas undertaken by its four interdisciplinary research centers: (1) Center for Technological Innovations; (2) Center for Environmental and Social Responsibility; (3) Center for Wealth Management; and (4) Center for Macro-finance and Geo-economics. Supported by an Advisory Board of nearly 20 prominent experts worldwide and leveraging interdisciplinary knowledge and resources, the Institute serves as an international platform to promote practical research that tackles imminent issues, foster cooperation across different stakeholders, and provide valuable insights to industry practitioners and policymakers for better decision-making.

The launch ceremony of the Institute was graced by officiating guests including Mr. Christopher HUI, Secretary for Financial Services and the Treasury of the Hong Kong Special Administrative Region Government; Prof. Nancy IP, President of HKUST; Prof. GUO Yike, Provost of HKUST; Prof. HUI Kai‐Lung, Acting Dean of Business and Management of HKUST; and Prof. LOU Dong, Director of the Institute and Associate Dean of Business and Management (Strategic Planning and Research) of HKUST.

At the launch ceremony, Mr. Christopher Hui said that as an international financial center, Hong Kong places great importance on financial innovation, particularly in the rapidly evolving domains of digital finance, fintech, and green and sustainable finance. He pointed out that the convergence of traditional financial markets with cutting-edge fintech solutions will unlock unprecedented opportunities for businesses and investors. Hong Kong, with its leadership in both spheres, is set to reach new heights in fintech innovation, driven by the development of innovative financial technologies and expansion into new markets. He also eagerly anticipates the valuable contributions from the HKUST Institute for Financial Research in advancing the understanding of how emerging technologies can enhance the financial services sector.

HKUST President Prof. Nancy Ip said in her opening remarks, “In this era of global economic uncertainty, Hong Kong faces many challenges. There is intense competition from other Asian financial hubs, as well as uncertainty from shifting geopolitical dynamics. However, the rapid development of new technologies and the rise in global sustainability efforts offer new opportunities for growth and innovation. To strengthen its position as an international financial center, Hong Kong must embrace these challenges and opportunities. We have established the HKUST Institute for Financial Research to support this important endeavor.”

Emphasizing the importance of the Institute establishment, Prof. Hui Kai‐Lung, Acting Dean of Business and Management of HKUST, said, “Combining the University’s academic and research excellence, the new Institute has an edge to develop research initiatives that can create value for regional social and economic development. Through collaborative research with international scholars in different disciplines, and engagement with industry partners, regulators and other stakeholders, the Institute aspires to empower financial innovation leveraging emerging technologies such as AI, blockchain, and data science.”

Prof. Lou Dong, Director of the Institute and Associate Dean of Business and Management (Strategic Planning and Research) of HKUST, elaborated on the niche position of the Institute, “The increasingly complex economic landscape makes traditional methodologies in financial research unfit to analyze and tackle the pressing societal problems of today. This calls for an interdisciplinary practice in conducting financial research, borrowing heavily from other disciplines like statistics, environmental science, information systems, political science, and social psychology. To this end, an interdisciplinary approach forms the backbone of the Institute’s research and innovation.”

Marking the launch of the Institute was an inaugural summit themed “A New Era of Global Finance: Challenges, Opportunities and Innovation” attended by some 200 government officials, business leaders, industry experts, alumni, and academics. The summit featured keynote speeches on the Chinese Economy and the Indian Economy, delivered by Prof. JIN Keyu, Chinese economist and Professor of London School of Economics and Political Science, and Prof. Krishnamurthy SUBRAMANIAN, Executive Director at the International Monetary Fund and Former Chief Economic Advisor to the Government of India, respectively.

The summit also saw insightful exchanges in two Frontier Dialogue Sessions. Distinguished speakers came together to analyze and discuss current issues relating to the topics of common interest. Moderated by Mr. WANG Feng, Editor in Chief of FTChinese, the Technology and Financial Development session featured eminent speakers including Prof. GUO Yike, Provost of HKUST; Dr. HUANG Haizhou, Member of The Monetary Policy Committee of the People’s Bank of China; and Ms. ZHU Yali, General Manager of MCEX. The Sustainable Development session was moderated by Prof. Darwin CHOI, with fruitful dialogues among Prof. Pulak GHOSH, Distinguished Fellow at NITI Aayog – A Think Tank of the Indian Government; Dr. MA Jun, Chairman and President of Hong Kong Green Finance Association; Ms. Aveline SAN, Chief Executive Officer and Head of Banking, Citi Hong Kong and Macau; and Prof. YU Jianfeng, Chair Professor of Finance, PBC School of Finance, Tsinghua University.