GBA Briefs: 28/11/2019

SenseTime leads facial recognition standards: The central government has set up a working group, led by Hong Kong-based AI unicorn Sensetime, to draw up national standards on facial recognition technology. The group also comprises Tencent, Xiaomi, Ant Financial, Ping An, Dahua and iFlytek. Read more on Caixin.

Lufax moves to consumer finance: Lufax Holding, the Shanghai-based online lending platform controlled by Ping An Insurance, has been approved to establish a consumer finance business, as the company cut down its P2P lending business amid regulatory crackdown since this July. Read more on Caixin.

Fintech in Hong Kong: Hong Kong’s government has “not been bold enough” in financial technology in the city, said Chan Ka-keung, chairman of WeLab and former Secretary for Financial Services. The city will have difficulty maintaining its position as a global financial center if it just relies on the talents from GBA, especially Shenzhen, he added. Read more on SCMP.

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