At the genesis of its digital finance industry, Hong Kong is seeing former top government officials and chief executive candidates entering the market for a potential first-mover advantage. finews.asia takes a look at their rich careers and profiles.

After Hong Kong's ex-central banking chief Norman Chan was named chairman of newly launched cross-border payment firm Round Dollar Wallet Technologies, the semiautonomous city’s fintech market now features individuals that previously held the three of the most senior finance-related posts in government. 

Rapid digitalization has created a historical turning point for the financial sector by creating a real opportunity for non-traditional players to compete against incumbent leaders. As so, its top managers have also had non-traditional careers to match and ex-civil servants has emerged as one of the latest trends. 

Bowtie – John Tsang

Tsang joined Hong Kong’s first virtual insurer Bowtie in April last year as its senior advisor in an effort to deliver basic medical protection to the broader public. 

Interestingly, he was also the face of Bowtie’s advertising campaign as he boasts a unique advantage over his two ex-colleagues as one of the most recognizable faces in government. Amongst Hong Kongers, he is well known for his relatively mellow demeanor and his nickname «Mr. Pringles» due to an uncanny resemblance. 

Tsang was previously Hong Kong’s financial secretary under the Donald Tsang and Leung Chun-ying administration. In late 2016, he stepped down before running in Hong Kong's 2017 chief executive election where he took around one-third of the votes but ultimately lost to incumbent Carrie Lam (Bowtie’s advertising campaign also makes reference to his chief executive aspirations).

Round Dollar Wallet - Norman Chan

Chan served as the head of the Hong Kong Monetary Authority between 2009 and 2019 where he played a major role in promoting fintech and the release of the eight virtual banking licenses. He stepped down last October and was succeeded by his deputy Eddie Yue Wai-man and announced his role with Round Dollar Wallet Technologies yesterday.

Amid the peaks of the anti-government movement last year, a «Financial Times» report in October claimed Beijing was mulling the disposal of Lam and Chan was one of the potential candidates for succession to complete the remainder of her term till 2022. 

He is married to a former heavyweight in finance, Diana Chan, who was previously the managing director of of the Mandatory Provident Fund Schemes Authority which oversees Hong Kongers’ pension scheme for retirement. 

Welab Bank - KC Chan

Although he did not run for the chief executive election, recently launched virtual bank WeLab’s chairman Chan Ka-keung (KC) was Hong Kong’s ex-secretary for financial services and treasury before leaving the post in June 2017.  

Chan’s role with the government was to monitor the financial services sector and maintain the government’s assets. He served under the same two administrations as Tsang’s.

He is also married to a financial heavyweight in Eva Chan, Greater China group head at Julius Baer and an ex-Morgan Stanley banker.