[The ABCs of Financial Management] FinTech Applications in Life | Editor: Li Zisheng
🤖 Editor's Breakdown: FinTech (Financial Technology) Applications in Everyday Life
FinTech (financial technology) is now inextricably linked to Hong Kong people's daily lives. Whether you're a returning worker, a student, or even a SME owner, you likely use FinTech daily without even realizing it. Today, I'll use as many words as possible to break down FinTech's applications in our daily lives , using down-to-earth Hong Kong language. Once you see it, you'll realize: technology has permeated every aspect of our lives: eating, shopping, saving, investing, borrowing, and even paying taxes! 💡
📱 Electronic payments and mobile wallets
Practical Application
- Octopus App : Besides taking rides🚇, you can also use it to make purchases and top up your card.
- AlipayHK : Can be used to buy groceries at the market, convenience stores, and even to pay utility bills.
- WeChat Pay HK : It is the most convenient when traveling to mainland China and can be used for cross-border payments.
- Apple Pay / Google Pay : The transaction is completed as soon as your phone beeps, without even having to take out your wallet.
Editor's feelings
In the past, I had to bring loose paper when I went out, and I had to find change to buy fish balls. Now, I can do it all with just a mobile phone, which is so convenient 👍.
🏦 Online Banking and Virtual Banking
Practical Application
- Virtual banks (such as ZA Bank, Mox, WeLab Bank) : The entire process can be operated on your mobile phone, and it only takes a few minutes to open an account. There are also high-interest deposit discounts.
- Online transfer : FPS (Fast Payment System) transfers funds instantly, making it quick and easy to pay whether you're splitting the bill with friends or paying rent.
- Financial management tools : Many bank apps have spending analysis and savings challenge functions to help you better manage your money.
Editor's feelings
In the past, you had to go to an ATM to transfer money, and you had to wait a few days for the money to be transferred. But with FPS at home, you can transfer money instantly and receive money using your phone number. It’s so fast 🚀.
📊 Investment and financial management platform
Practical Application
- Online securities platforms (such as Futu NiuNiu, Snowing, and uSMART) : Buy US and Hong Kong stocks anytime, anywhere, and get real-time quotes.
- Robo-advisor : For example, Kristal.AI and AQUMON, which automatically help you diversify your investments based on your risk tolerance.
- Cryptocurrency exchanges : Binance, HashKey Exchange, etc., allow you to invest in Bitcoin and Ethereum.
Editor's feelings
In the past, buying stocks required calling a broker and paying a high commission. Now, it can be done with just a few clicks on the app, with much lower commissions, significantly lowering the investment threshold.
💳 Credit Rating and Borrowing
Practical Application
- P2P lending platforms , such as WeLend, help people in need of funds to borrow money quickly.
- Big data credit scoring : User consumption behavior and repayment records can be converted into credit scores for loan approval.
- Instant credit card/loan approval : Many banks use AI for review, and you can know whether your application will be approved in just a few minutes.
Editor's feelings
In the past, borrowing money required taking documents to the bank and waiting for a few days for the decision. Now, once you fill in your information on the mobile app, the AI instantly calculates the score. It’s fast and transparent 👌.
🛡️ InsurTech
Practical Application
- Buy insurance online : Bowtie, Blue, OneDegree, all of which are virtual insurance companies in Hong Kong.
- Instant Approval : Health insurance and travel insurance can be purchased and used immediately without waiting.
- AI pricing : Insurance companies use big data to analyze your lifestyle habits and calculate premiums tailored to you.
Editor's feelings
In the past, I had to sit and listen to the agent talk for two or three hours when buying insurance. Now I can choose online myself. It’s clear and there are even comparisons. It’s really much more convenient 🧾.
🛒 Consumption and retail innovation
Practical Application
- Unmanned store : Scan the QR code to enter the store, pick up the goods and pay directly with your mobile phone, without having to deal with the cashier.
- BNPL (Buy Now, Pay Later) : For example, Atome and Hoolah allow you to pay for your purchase in instalments instead of paying the full amount immediately.
- Digitalization of membership points : Many shopping malls or chain stores directly link points to payment apps, allowing instant points accumulation upon consumption.
Editor's feelings
It’s much easier to buy things at the mall using BNPL installments, as you won’t have to spend a large amount all at once. However, the editor would like to remind everyone to control their spending desires and not to excessively “launder future money” ⚠️.
🧑💻 Government and Public Services
Practical Application
- Tax payment : Pay taxes using FPS or electronic payment platforms without having to queue.
- Government subsidies : For example, the consumption voucher scheme 💳, which is directly distributed to Octopus, Alipay HK, and WeChat Pay HK.
- Digitalization of medical records : Even medical records and doctor appointments can be handled through electronic platforms.
Editor's feelings
The Hong Kong government is promoting electronicization, the most obvious of which is the distribution of consumption vouchers. This has really led many elderly people to learn to use electronic payments, promoting the popularization of FinTech among the entire population.
📝 Editor's Summary
FinTech is no longer just a "future technology" but has become part of the daily lives of Hong Kong people :
- Using electronic payment when buying groceries
- Deposit money with a virtual bank
- Invest through online platforms
- Borrowing money relies on AI credit scoring
- Insurance in one click
- Easier installment payment
- Government subsidies are all paid electronically
The editor recommends that you:
- Embrace technology , learn to use new tools, and improve the convenience of life.
- Stay vigilant , pay attention to online security, and do not give out information recklessly.
- Consume rationally . Although FinTech makes payment more convenient, you still need to control your wallet💡.
In this way, we can truly enjoy the benefits brought by financial technology and not become "technology slaves".
