Oriental Pearl vies to be center of fintech innovation

Hong Kong has long been known as a dynamic hub for global finance, ranked alongside Shanghai, Shenzhen, Singapore, Tokyo and New York as a capital of the traditional monetary sector.

Now, a new race is well underway - the contest to serve as the world's leading center of innovative financial technology, including breakthroughs in the much-discussed development of digital payment systems.

"As Hong Kong is eyeing a bigger part in the Belt and Road Initiative, payment technology is where the city could come in," said Emil Chan, chief operations officer of CamClaim Ltd, a Hong Kong-based mobile commerce payment platform.