Ahead AI and Big Data Leaders Summit Hong Kong 2019, we recently had an interview with Ir Spencer Li, General Manager of BlueOcean Pay, a leading payment gateway services provider for WeChat cross border payment in Hong Kong. Ir Li is active in ICT, Smart City and eCommerce industry. He is also the advisory board of London Institute of Banking and Finance, charter president of Innovation and Technology Association, co-founder of Hong Kong Internet & ECommerce Association and was Convenor, Mobility Technology, Smart City Special Interest Group, Hong Kong Computer Society.
Tell me a bit about your role at BlueOcean Pay?
I am General Manager of BlueOcean Pay and responsible for profit and loss, business development, operation and marketing for the company.
BlueOcean Pay is one of the leading FinTech companies specializing in payment, marketing provisioning, and deposits and lending. BlueOcean Pay provides comprehensive services including the ability to connect with merchants, buyers, mini-programs, official accounts, logistics providers, etc.
What is the biggest challenge for the Fintech industry nowadays, especially in Hong Kong?
Although FinTech is reshaping the banking and payments industry, many Fintech companies are forming due to the low barrier of entry for newcomers particularly coming from existing banks and financial institutes. Hence, the biggest challenge for Fintech industry is to compete with other Fintech companies and to gain profit at a very fast pace.
How might the world look like when blockchain is fully in development? Do you think the world with digital currencies is an ideal world?
When blockchain is fully in the development, the world becomes a global village as mentioned by a well-known book “The Word is Flat”. That means there is no boundary among all people, business, organizations and governments in the world. These stakeholders can communicate well and participate together to carry out their business and works.
Digital currencies have been in place in some countries like China and India. It is quite controversial and debatable on the statement of “the world with digital currencies is an ideal world”. Definitely one of the phenomena being occurred is more and more digital currencies are formed like Facebook Libra, etc.
Are there many customers switching banks for better digital payment experience?
Yes, these are trends in some countries like China, India, Africa and HK. For example, the Hong Kong Monetary Authority has advocated 7 Initiatives of Smart Banking which lead existing banks and financial institutes to invest in Smart Banking including Faster Payment System. Faster Payment System was launched on 17 September 2018 and a lot of merchants and people have adopted it to transfer and receive payment instead of ATM transfer or cheque cleaning. It is one step ahead of digital currency in Hong Kong.
Have you had any challenge in managing clients’ data privacy when working in IT/IS security? Do you have any advice to maintain cybersecurity system?
Yes, it is always challenging to us.
Clients’ data privacy is one of key compliance. BlueOcean Pay has adopted the best practice of Know-Your-Customer (KYC), Anti-Money Laundering (AML) and regularly suspect merchant investigation procedures in BlueOcean Pay. I have worked in Financial Sectors and Telecom for more than 20 years and recognized the importance of Code of Practice (COP) and Risk Management.
Maintaining cybersecurity system is not an easy task. Due to increasing of cybersecurity attack, adoption of Artificial Intelligence of anti-cybersecurity attack is a trend. Regular security system vulnerability test and scanning must be performed. Quarterly or yearly IT security audit must be carried to enforce the best IT security measurements to be in place.
How do you see the cross-border payment war between Alipay and WeChat pay?
I believe that Alipay and WeChat Pay continue to compete with each other in the cross-border payment war. However, at the same time, another battle is coming. It is set up of country-wise digital currency by many countries. Due to the emerging of 5G and IoT, Alipay and WeChat Pay will form new companies or acquire some companies in other countries to build their own digital currencies.
How to effectively manage urban flow through smart-cities applications?
Due to the emerging of 5G and IoT, it is technically feasible to implement smart-cities applications easily. For instance, self-drive automobile and industry 4.0 becomes popular.
If we adopt AI and Big Data techniques, we can effectively manage urban flow through smart-cities applications. The good architect on smart-cities with high involvement from the government are critical success factors smart-cities applications
What do you hope our delegates can take away from your presentation?
First of all, it is my honour to deliver m talk on digital transformation and customer experience. Definitely, the delegates can learn a lot from speakers on their stories of AI and Big Data implemented in their companies and their clients. During these two-days leaders summit, a lot of face-to-face communication and exchange will improve the delegate's awareness and insights on AI and Big Data. See all delegates o 5 and 6 December 2019. All the best for the success of AI & Big Data leaders summit.
Ir Spencer Li is the speaker of upcoming AI and Big Data Leaders Summit 2019. To find out more about his presentation, please click here.