GREAT Festival of Innovation Conference
Summary Report April 2018
CONTENTS Overview ........................................................................... 3 Agenda………………………………………….…………………………………………………4 Conference Highlights .......................................................... 6 Meeting with Hong Kong General Chamber of Commerce..………….8 Meeting with InvestHK……….………………………………………………………….10 Key Successes from the Conference…………………….……………………….11 Contact List…………………………………………………………………………………….12
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Overview The United Kingdom’s Department for International Trade hosted the GREAT Festival of Innovation from 21st-24th March 2018 at the Asia Society Hong Kong Centre in the Admiralty at the former Explosives Magazine of the old Victoria Barracks. Several hundred delegates attended the event including high ranking Government and private sector officials from the United Kingdom, Commonwealth countries in Asia and China. The Cayman Islands was the only overseas territory invited to attend the conference. The Cayman Islands delegation included: • • • • • • • • • • • •
Hon. Alden McLaughlin Jr., Premier and Minister for Human Resources, Immigration & Community Affairs Hon. Joseph ‘Joey’ Hew, Minister for Commerce, Planning & Infrastructure Hon. Dwayne Seymour, Minister for Health, Environment, Culture & Housing Hon. Tara Rivers, Minister for Financial Services & Home Affairs Jennifer Ahearn, Chief Officer, Ministry for Health, Environment, Culture & Housing Dax Basdeo, Chief Officer, Ministry for Financial Services & Home Affairs Tamara Ebanks, Deputy Chief Officer, Ministry for Commerce, Planning & Infrastructure Roy Tatum, Head of the Office to the Premier Julie Hutton, Press Officer to the Premier Paul Byles, President, Cayman Islands Chamber of Commerce Wil Pineau, CCE, Chief Executive Officer, Cayman Islands Chamber of Commerce Jude Scott, Chief Executive Officer, Cayman Finance
The Festival offered the latest thinking on innovation across industry, social and community. Partners for the conference included: HSBC, Asia Society Hong Kong Centre, BBCW, Berkeley Group, Bloomberg Media Group, British Airways, BT, De Montfort University, PwC, The Jardine Matheson Group, British Chamber of Commerce Hong Kong, InvestUK, Newegg, Pinsent Masons, Western Union Business, Bournemouth University, Coventry University, Falmouth University, Ulster University, University of Leicester, and the University of Surrey.
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AGENDA The Conference addressed four subject areas: Day One – Work – Explored how work is being transformed by innovation, radical ideas and disruptive technology. Sessions included: • • • • • • • • • •
The Future of Free Trade Three Small Robots and their Dream to Save the World Developing Tomorrow’s Global Workforce Securing the Global Network How to Build a Smart City in a Week Fintech Futures The Future of Voice and Artificial Intelligence Dawn of the Age of Artificial Intelligence Future of Decentralized Applications Transforming Legacy Companies with Innovation
Day Two – Live – Explored how innovative solutions and international cooperation will be the key to prosperity and happiness on a global scale. Sessions included: • • • • • • • • • • • • • • • • •
Life in a Balance Smart Cities 1: From Simulations to Citizens Democratizing Space Technology that’s putting affordable and accessible healthcare into the hands of everyone on earth Early Detection of Lung Cancer – A unique opportunity Green Infrastructure in the City The Software of the Belt and Road End of the road for cars? Green Infrastructure in the City – A live Demo build Pioneering Partnerships: Fast Tracking the Supercar Design Living Longer, Living Better Smart Cities 2: Mapping the future city Sensory Futures The Future of Travel Connectivity 2030: enabling the Internet of Things What’s for dinner? Future food and farming Social and sustainable: The Future of the Impact Investing
Day Three – Play – Explored how innovation, technology and creative thinking will alter the future of fashion, luxury, art and sport. Sessions included:
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• • • • • • • • • • • • • • • • • • • •
Forces shaping the future Retail Reanimated Consumer Trends that matter Fashion Technology The Past, Present and Future of Storytelling Can we use augmented intelligent tools to make a new form of art? New Destinations: Culture and Commerce Fashion through the looking glass Creating market leading premium experiences Innovating British content for global audiences The art of storytelling The Future of Luxury (Part 1) The Miracle Pet – A Biomimetic Companion Robot of the Future The Future of Luxury (Part 2) Getting Personal The Future of Sport Tomorrow’s Creators Creating a Culture of Culture Sports Brands Exclusive Top Gear Screening
Day Four – Learn – Explored new modes of learning in the UK’s higher education system and how UK universities have a world-class reputation for being hubs that enhance creativity. Sessions included: • • • • • • • • • • • • • • • • • • • • • • •
Step Inside Healthy Partnerships Art meets technology in musical collaboration: Falmouth’s Online Orchestra Step Inside: University of Surrey Guildford School of Acting Musical Performance Preparing Students to join tomorrow’s global workforce Mind the gap and meet market demand Meet the entrepreneurs Step Inside: Coventry Down to Earth: Space Innovation Step Inside: De Montfort University De Montfort University: Fashion Showcase The World’s a Stage: Coventry’s Shakespeare Portal Step Inside: Ulster Jardins Innovation Challenge Driving Forces Step Inside: University of Leicester Step Inside: Bournemouth Guildford School of Acting Musical Performance Connected Learning Step Inside: Falmouth Global Warming De Montfort University & De Montfort University Fashion Showcase
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CONFERENCE HIGHLIGHTS The Rt. Honorable Liam Fox, MP, Secretary of State for International Trade and President of the Board of Trade delivered the welcome remarks. He said innovation is outpacing legal and policy structures. Disruption in all aspects of society is at the root of innovation. The process for obtaining a bank loan is one example. What used to take several days to process, local applications are now being done with a touch of a button. Technology is removing bureaucracy and making complicated processes simple. The United Kingdom is focusing on the vast opportunities in innovation between Asia and the UK. He said the UK is the European leader in attracting venture capital for the technology industry. The conference is intended to unlock even more opportunities that exist for free trade and commerce between the UK and its Asia trading partners. He said the UK has the lowest corporate tax rates in Europe. HSBC, as the principal partner for the conference, promoted the bank’s commitment to support the global transition to low carbon environments through its US$100 billion investment fund that will be available through 2025. The bank has joined 200 companies to evaluate the transition to low carbon environments. The World Bank has announced that it will cease funding oil and gas exploration projects after 2025. The key is to make the right or bold decisions now, but it requires collaboration with all stakeholders. HSBC brought 40 UK businesses to the festival. 30% of UK entrepreneurs come from outside the UK. The bank believes that there is going to be a global war for talent. The UK is rated 7th for the ease of doing business. Blockchain will add wider choice for consumers and HSBC has been involved in a two-year experiment in this technology. Collaboration is what drives innovation and is changing the way banking is done. By 2020 there will be more smart phones than people in the world. Less than two percent of bank transactions were settled in a bank in the UK in 2017. Minister Rivers participated in the Fintech Futures panel discussion. The panel did not see crypto currencies replacing fiat currencies. They believed that the blockchain technology is the best advance when it comes to crypto currencies. Trust is the new currency and there is pressure to protect information and to focus on cyber security. She said the Cayman Islands is working to place itself as an enabler of this new industry sector. Artificial intelligence is estimated to become a $16 trillion business by 2030. There will be opportunities in health care diagnostics, public service delivery and financial services. 30 – 50% of global jobs may be at stake or be could changed significantly. Autonomous intelligence is the next phase which raises many ethical concerns and issues. AI is creating new values. How do we deal with data privacy?
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Technology is moving faster than government policy, and this will need to be addressed. Minister Hew participated on the Future of Luxury panel discussion. Luxury is now defined as the things that we experience. Minister Hew explained the Cayman kind philosophy and the unique luxury product that the Cayman Islands offers to its visitors and what makes the Cayman experience unique. The panel examined the factors that are shaping the new definition of luxury and identified the forces driving it forward and explored what the experience of luxury will become for consumers in the future.
The development of smart cities was the focus of a panel discussion. Cities must focus on improving the lives of its citizens as more people move in to embrace economic opportunities and jobs. Technology is only part of the solution. Data will be used to address many issues with artificial intelligence systems put in place to address such challenges as traffic management, monitor air quality and pollution and embracing green practices and personalized education.
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MEETING WITH HONG KONG GENERAL CHAMBER OF COMMERCE President Paul Byles and CEO Wil Pineau met with representatives from the HKGCC Americas Committee on 19th March at their offices in the United Centre in Hong Kong. Representatives included: • • • • • •
Thomas Wong, Chairman, Americas Committee, HKGCC and Partner, CW CPA Kelvin Wong, Vice Chairman, Americas Committee, and General Manager, Kegral Company Limited Behzad Mirzaei, Chairman, Asia and Africa Committee, HKGCC Malcolm Ainsworth, Director, Public Relations & Programmes, HKGCC Elise Donovan, Director, BVI House Asia Andrew Wells, Senior Corporate Consultant, Lai Sun Development Company Ltd.
The Americas Committee is one of the HKGCC’s trade area committees responsible for providing substantive programmes and information for their members who wish to further develop and strengthen business ties with countries in the Americas region. The committee promotes bilateral trade and investment between Hong Kong and countries in North America, Central America and South America, through events including luncheons, seminars, meetings with overseas visitors and delegations, missions and networking functions. Established in 1861, the HKGCC comprises more than 4,000 members and represents one third of the 3.2 million labour force. The Chamber’s mission is to promote, represent and safeguard the interests of the business community in Hong Kong and, at the same time provide support, networks, training and business services to help the business community to grow. The four key functions are: Advocacy (manage 23 industry and functional committees), Connections (meet with over 100 overseas and mainland delegations), Events (organize nearly 300 activities annually) and Business Services.
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Mr. Wong shared information about the HKGCC and the economy generally. The Chinese Government is working to develop the “Greater Bay Area (GBA) initiative” into an integrated economic and business hub. The area includes 11 cities: Hong Kong, Macau, Guangzhou, Shenzhen, Zhuhai, Foshan, Zhongzheng, Dongguan, Huizhou, Jiangmen and Zhao Qing. The greater bay areas surrounding Hong Kong has a population of 67 million people. This is greater than the Tokyo Metropolitan Area - world’s largest city cluster with a population of 44 million. The GBA also has a combined GDP of US$1.34 trillion (12% of the Chinese national economy even though it is home to only 5% of China’s population), which is lower than the US$1.61 trillion of Greater New York and US$1.78 trillion of Greater Tokyo. Hong Kong remains the single biggest economy of the area, but only just. Its GDP, at US$319 billion in 2016, is likely to be overtaken by Guangzhou (US$285 billion) and Shenzhen (US$283 billion) in the foreseeable future. As the area develops, its influence is likely to extend beyond the geographical boundaries of its city cluster to play a key role in China’s Belt and Road initiative serving as a key link connecting countries along the 21st century Maritime Silk Road. According to a survey conducted by KPMG and sponsored by the HKGCC, in 10 years’ time, the Great Bay Area initiative is forecast to become competitive with such economic areas as San Francisco, Greater Tokyo and the New York Metropolitan area. The industries that will benefit the most from the development of the GBA include trade and logistics, financial services, research and development innovative technologies, professional services, manufacturing and tourism and exhibitions. https://www.chamber.org.hk/FileUpload/201710040918418786/The-greater-bay-areainitiative_EN.pdf Mr. Wong said Hong Kong ranked third in attracting foreign direct investment after the United States of America and China. Many Cayman Islands exempted companies have long been the vehicle of choice for listings on the Hong Kong Stock Exchange. He said there are also plans to lower the tax rates from 16.5% to 8.5% to make Hong Kong even more competitive with attracting FDI. The Hong Kong Chamber representatives asked several questions regarding the Cayman Islands financial services industry and the general state of the offshore financial services sector which Mr. Byles addressed. Both Chambers also discussed the general positive business relationships between chamber members in both jurisdictions. It was agreed that given the existing synergies between both jurisdictions, the Cayman Islands Chamber and the Hong Kong General Chamber would explore ways to collaborate to further improve on the working relationships between their respective membership based especially within financial services sectors. The meeting proved to be valuable in terms of relationship building and as a learning experience for the Cayman Islands Chamber. President Byles provided the delegates with an overview of the Cayman Islands economy and the work of our Chamber. He also proposed the concept of establishing a sister city type of arrangement between the Chambers. He proposed the idea of a global student exchange programme that would allow mature students from Cayman and Hong Kong to work in each other’s countries to gain international experience. A formal proposal will be developed for consideration.
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MEETING WITH INVESTHK The Premier, Minister Hew, Chief Officer Basdeo, Deputy Chief Officer Tamara, Premier’s Chief of Staff Roy, Chamber CEO Wil and Cayman Finance CEO Jude held an information exchange meeting with representatives from Invest Hong Kong, the investment promotion agency for the city. Representatives from InvestHK included: Stephen Phillips, DirectorGeneral, Andrew Davis, Head, Investment Promotion, Helen Tsui, Manager of Financial Services, Edith Wong, Chief Marketing Officer and Alison W.M. Tsui, Head of China and International Operations. The Premier thanked Mr. Phillips and his team for attending the meeting. He explained that the Cayman Islands Government was considering the establishment of an inward investment agency and wanted to learn more about InvestHK.
Mr. Phillips said the agency is funded directly by the Hong Kong Government and works closely with industry partners including the HKGCC. Investment policy is provided directly by the Hong Kong Government and the agency has no role in its development. There are 30 officers employed by the agency around the world with locations in the United States, the United Kingdom, Beijing and Hong Kong. InvestHK meets quarterly with the international committees of the HKGCC and works to promote Hong Kong on the global stage. He described the agency as the sales arm of the Hong Kong Government. Success is broadly measured by the number of new businesses and jobs that are created in Hong Kong. The agency does not offer any incentives but encouraged investors to visit and guide them through the process of setting up in Hong Kong and providing some after care facilitation. The agency also focuses on promoting key industries such as financial services, fintech and creative industries.
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KEY SUCCESSES FROM THE CONFERENCE •
Improved the working relationship with the Cayman Islands Government o The Chamber of Commerce was invited to participate in this Government lead delegation. It is hoped that the success of this event will lead to future collaborations which will enable us to either attend or to coordinate the participation of our members at upcoming business promotion events and conferences.
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Established connections with key business and government representatives in Hong Kong and the United Kingdom o During the four days of the conference we were able to meet several representatives from the Hong Kong business community, officials from the United Kingdom Government, Foreign and Commonwealth Office, Department for International Trade, educational institutions, financial services and fintech companies. The Cayman Islands Government also held meetings with the organizers of the festival and proposed that the next conference should be held in the Cayman Islands.
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Promoted the Cayman Islands as an ideal place to conduct business and connected with Cayman Islands Chamber of Commerce members operating in Hong Kong o There were several opportunities during the conference to promote the Cayman Islands during receptions, breaks and media appearances. President Paul and CEO Wil were interviewed about the conference as part of the promotional video for the Cayman Islands. We attended a reception hosted by the Ministry of Financial Services that attracted more than 100 persons from Hong Kong including several member firms (Appleby, Walkers, Maple and Calder etc.) who took the time to meet with the delegation and other businesses that attended the event. Minister Rivers delivered an excellent 20-minute presentation about the benefits of doing business with the Cayman Islands.
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CONTACT LIST Name David Bull
Title British ConsulateGeneral, Guangzhou & Deputy Director for China, Advanced Manufacturin g and Transport HM ConsulGeneral British ConsulateGeneral Guangzhou Chief Executive Officer
Agency Department for International Trade
Email & Website David.bull2@fco.gov.uk
UK Foreign and Commonwealth Office
Karen.maddocks@fco.g ov.uk https://www.gov.uk/wo rld/china
+86 136 0971 2280
Clipper Around the World
+44(0)7841 111634
Jonathan Levy
Director of Sponsorship
Clipper Around the World
Stewart Bart
Business Development Officer Partner
Ortus Capital Management Limited Maples and Calder (Hong Kong) LLP
wward@clipperventures.com https://www.clipperrou ndtheworld.com jlevy@clipperventures.com https://www.clipperrou ndtheworld.com Stewart.bent@ortuscap ital.com
852 9861 2785
Chief Operating Officer and Co-Founder
Rafiki Capital Management
Everton.robertson@ma plesandcalder.com https://www.maplesan dcalder.com Charles.firth@rafikicapital.com https://www.rafikicapital.com ryan@dinimus.com.au https://www.dinimus.c om.au nicolas@dinimus.com.a u https://www.dinimus.c om.au Ann.ng@maplesandcald er.com https://www.maplesan dcalder.com Sara.zhang@langhamh
Karen Maddocks
William Ward, OBE
Everton Robertson Charles Firth Ryan Donnar
Dinimus capital
Nicolas Politopoulos
Dinimus capital
Ann Ng
Partner
Maples and Calder (Hong Kong) LLP
Sara Zhang
Executive
Langham Hall
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https://www.gov.uk/dit
Mobile +86 (0)1350000165 0
+44(0)7813 948385 852 9306 2736
852 6441 8843
+61 423 544 650 +61 424 220 075 852 9868 7475
852 9454 8900
Director Valda Chan
Group General Counsel
Emperor Group
Judy Lee
Partner/Corp orate
Appleby
Sabrina Fung
Partner/Corp orate Finance
Deacons
Annalisa Wallace
Associate
Walkers
David Halliwell
Director of Knowledge
Pinsent Masons LLP
Nurfilzah Rohaidi
Senior Reporter
GovInsider
Dr. Sylvia Chan
Managing Director
Empower Ventures
Dr. Sindy Liu
Senior Investment Manager, Luxury Brand Management Marketing Manager
Department for International Trade, UK Foreign Commonwealth Office Hong Kong Trade Development Council HSBC Private Bank
Daisy Ip
Luk Ching Lee, Jannie
Director, Relationship Management
Cerlin Ip
Head of International Subsidiary Banking Commercial Banking Managing Director
Derek Barton
HSBC, The Hong Kong and Shanghai Banking Corporation Limited Barr + Wray
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all.com https://www.langhamh all.com Valdachan@emperorgro up.com https://www.emperorgr oup.com jlee@applebyglobal.co m https://www.applebygl obal.com Sabrina.fung@deacons. com.hk https://www.deacons.c om.hk Annalisa.wallace@walk ersglobal.com https://www.walkersglo bal.com David.halliwell@pinsent masons.com https://www.pinsentma sons.com filzah@govinsider.asia https://www.govinsider .asia sylvia@empower-v.com https://www.empowerv.com Sindy.liu@trade.gov.uk https://www.gov.uk/dit
852 2835 6798
852 6112 8298
852 6292 7898
852 6291 2677
+44 (0) 7917 55 1398 +65 8182 1005 852 9138 1909 +44 (0) 7557 485254
Daisy.lp@hktdc.org https://www.hktdc.com
020-7616-9500
Jannie.c.y.luk@hsbcpb. com https://hsbcprivateban k.com cerlinip@hsbc.com.hk https://www.hsbc.com. hk
852 2899 8968
dbarton@barrandwray. com https://wwwbarrandwr
852 9652 2119
852 6822 6907
Professor Helge Janicke
Professor in Computer Science Head of School of Computer Science and Infomatics Director of Cyber Technology Institute DirectorGeneral
De Montfort University Leicester
Andrew Davis
Head, Investment Promotion
InvestHK
Thomas Wong
Investment Promotion Ambassador Chair, Americas Committee, HKGCC Partner, CW CPA Head of China and International Operations Chief Marketing Officer
InvestHK CW CPA
Manager of Financial Services Vice Chairman, Americas Committee, HKGCC General Manager Director, Public Relations and
InvestHK
Stephen Phillips
Alison W. M. Tsui Edith Wong
Helen Tsui Kelvin Wong
Malcolm Ainsworth
ay.com heljanic@dmu.ac.uk https://www.tech.dmu. ac.uk
InvestHK
+44 (0) 116 257 7617
Stephen.phillips@invest hk.gov.hk https://www.investhk.g ov.hk Andrew_davis@hketolo ndon.gov.hk https://www.investhk.g ov.hk thomas@cwhkcpa.com https://www.cwhkcpa.c om
852 3107 1001
InvestHK
atsui@investhk.gov.hk https://www.investhk.g ov.hk
852 3107 1094
InvestHK
852 3107 1003
Kegral Company Limited
ewong@investhk.gov.h k https://www.investhk.g ov.hk htsui@investhk.gov.hk https://www.investhk.g ov.hk kelvin@kegral.com https://www.kegral.co m
Hong Kong General Chamber of Commerce
malcolm@chamber.org. hk https://www.chamber.o rg.hk
852 2823 1243
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+44 7753 823 484 852 2956 0333
852 3107 1058 852 2891 2653
Programmes Chairman, Asia and Africa Committee, HKGCC
Hong Kong General Chamber of Commerce
Sec.aa@chamber.org.h k https://www.chamber.o rg.hk
852 2529 9229
Elise Donovan
Director
BVI House Asia
852 3468 8532
Andrew R. Wells
Senior Corporate Consultant
Lai Sun Development
Elise.donovan@bvihous easia.com.hk https://www.bvihousea sia.com.hk arwells@laisun.com https://www.laisun.co m
Behzad Mirzaei
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852 6021 2515
Unit 4-107 107 Governors Square 23 Lime Treey Bay Avenue West Bay Road P.O. Box 1000 Grand Cayman KY1-1102 T: 345 949 8090 E: info@caymanchamber.ky www.caymanchamber.ky 16