摘要：On June 7, the Boao Forum for Asia International Science, Technology and Innovation Forum 2025 Hong Kong Conference convened a ses
On June 7, the Boao Forum for Asia International Science, Technology and Innovation Forum 2025 Hong Kong Conference convened a session entitled “Technological Innovation in Financial Services: The Role of Patient Capital”. The session was chaired by Dr. LEONG Vai Tac, Former Secretary for Economy and Finance of Macao Special Administrative Region, and attended by Mr. Calvin FU, Chairman of China Innovation Finance Institute; Ms. Pauline KANCHANALAK, member of Board of Advisors of RS Asset Management; Mr. Sopnendu MOHANTY, Group CEO of Global Finance & Technology Network; Ms. Bénédicte NOLENS, Head of BIS Innovation Hub Hong Kong Center; Mr. Joël RUET, Chairman of the Bridge Tank; Ms. Lareina WANG, Chair of the Board, FinTech Association of HK.
Panelists agreed that technological innovation is an exploratory and creative endeavor. While investments in this field may not always yield returns, lack of investment will no doubt entails no progress. Financial institutions, products and systems should embrace an innovative spirit and leverage fintech to support technological innovation—despite its great uncertainties in prospects, returns and risks. It is essential to address traditional finance and banking institutions’ difficulty in “comprehending and accessing” technology-based enterprises. Efforts should be made to expand the medium- and long-term funding sources of venture capital, encourage them to increase investments in “early-stage and small-sized enterprises”, improve risk control capabilities, and diversify exit channels. Hong Kong can leverage its unique strengths as an international financial hub to provide more, better and more patient capital and financial support for technological innovation.
The lack of “patient capital” is a real challenge in financing technological innovation. Mr. Sopnendu Mohanty said that in Asia, long-term patient capital faces multiple hurdles. First, banks maintain relatively conservative investment philosophies. They have high capital requirements for investing in startups. Second, Asian financial markets show a preference for private equity investments with shorter cycles and quicker returns, rather than venture capital characterized by longer timelines, slower returns, and higher risks. Third, startups place greater value on the value-added services investors provide—an area where banks are notably deficient. Consequently, startups tend to prefer private equity and venture capital over traditional bank financing.
Ms. Lareina Wang pointed out that while people hope for capital to be patient, capital is inherently the most impatient. Taking fintech as an example, capital goes to areas like artificial intelligence, stablecoins, and Web3.0 where commercial value can be gained immediately. Yet in fields that truly require patient capital—such as inclusive finance and financial education—capital shows no interest. Patience and capital are fundamentally at odds.
Mr. Calvin said that it is generally believed that sovereign wealth funds, central bank foreign exchange reserves and pension funds tend to invest for the long term and are “patient” capital. This is not the case. Only 20% of global sovereign wealth funds make "patient" investments, and the funds invested in innovation have shrunk by half compared to five years ago.
Ms. Benedicte Nolens indicated that banks must shift away from overly conservative operational philosophies and recognize that “No Adventures, No Gains.” There are three approaches to reforming traditional banking sector. First, increase the proportion of bank investments allocated to startups. Second, collaborate with fintech companies to establish “financial laboratories” for piloting high-risk ventures, while correspondingly lowering regulatory standards and requirements for these pilot programs. Third, banks should proactively reform by exploring new domains and services—such as cryptocurrency custody. She emphasized that unlike Silicon Valley, Hong Kong’s advantages come from its role as a global financial center and its robust banking sector. Through partnerships with fintech firms and self-innovation of the banking sector, Hong Kong is fully positioned to provide ample “patient capital” for startups.
来源：博鳌亚洲论坛
