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I mentioned last week the impact of Big-Tech companies on the banking industry. These companies - Google, Amazon, Tencent and Alibaba - are increasingly making their mark in the financial services space, which presents both opportunities and challenges for traditional banking. On the one hand, they bring innovation, improved customer experience and efficiency through adopting financial technologies like artificial intelligence, Web3, blockchain, etc. On the other, they pose competitive threats and regulatory challenges due to their vast resources, data capabilities and customer bases. The emphasis during the recent Hong Kong FinTech Week was strong on responsible AI application in financial services. The Hong Kong Monetary Authority announced a clear policy stance promoting the responsible use of AI and Gen AI, highlighting the need to balance innovation with cybersecurity risk, data privacy and intellectual property protection. I want to look at the five key takeaways from the week, which drew over 30,000 attendees from more than 100 economies. First is AI and tokenization. In his opening remarks, Financial Secretary Paul Chan Mo-Po recapped the strides Hong Kong has made in establishing itself as a fintech hub and how it is now home to more than 1,100 companies specializing in AI, Web3, blockchain and other innovation tech applications. AI and tokenization were major themes at the event, with experts discussing their transformative impacts across various industries. AI applications in financial services, such as fraud detection and personalized customer service, were highlighted. Second is the regulatory framework. While Hong Kong has embraced innovation, the administration has been mindful of the potential risks that come with new technological developments. International and cross-sector collaboration has also defined Hong Kong's adoption of AI and Gen AI, a theme which was echoed in Chan's speech when he announced an up-and-coming policy statement on the responsible application of AI in the financial market. Hong Kong's commitment to financial innovation was underscored by new regulations on digital assets and insurtech as well as infrastructure modernization efforts. Its regulatory initiatives include a licensing framework for trading platforms, a stablecoin issuer sandbox to test stablecoin-related activities and regulations governing over-the-counter trading of digital assets. Third is cross-border partnerships. The event emphasized our strategic role as a fintech bridge between East and West, with new partnerships and cross-border collaborations being announced. For example, a memorandum of understanding was signed with Saudi Arabia to foster connections and investments. Fourth is environmental fintech. Environmental fintech emerged as a significant theme, with startups focusing on emissions compliance and blockchain solutions for tracking carbon credits. This approach, known as the "financialization of nature," is reshaping how firms view their environmental responsibilities. Last but not least is the global fintech hub. Hong Kong has reinforced its position as a global fintech hub, highlighting its business-friendly environment, robust regulatory framework and strategic location. The more than 1,100 companies that have made their home here represents an increase of about 15 percent from 2023. They are leveraging cutting-edge technologies to provide innovative solutions that benefit customers by improving access to financial services, reducing costs and enhancing overall customer experience. For example, Animoca Brands pioneered Web3 technologies with a broad portfolio of products and investments. Its Web3 applications with blockchain-based digital property rights provide true ownership of digital assets through non-fungible tokens, enabling users to create and monetize unique experiences. Overall, while fintech companies offer promising advancements for the banking industry, it's crucial to navigate these developments carefully to ensure a fair and secure financial ecosystem. These five takeaways reflect Hong Kong's proactive approach to embracing new technologies and fostering a supportive environment for fintech innovation. Dr Jolly Wong is a policy fellow at the Centre for Science and Policy, University of Cambridge
I was born and raised in Philadelphia and loved it. But when it came time for college, I was accepted into Stanford. I've always been really interested in green technology, renewable energy, and solar stuff. I studied material science engineering as an undergrad, and then I stayed for a fifth year and got my master's degree in electrical engineering. After graduating, I spent almost three years living in the Bay Area, working at Applied Materials, a semiconductor company. I lived in San Francisco, right on the edge of Mission and Portero Hill, and commuted to work in Santa Clara. In the 2010s and early 2020s, California was the place to be if you wanted to do tech, engineering, or renewable energy. At Applied Materials, I was learning how to be an engineer in the real world. But I wasn't working on energy efficiency or renewable energy, which was my dream. I found that I was clashing with the culture of Silicon Valley. There are a ton of amazing people there, but generally speaking, I felt like people could be "fake nice." I attributed that attitude to the Silicon Valley atmosphere. I don't want to call it cutthroat, but it was tough at times to join a community of really driven people who would sometimes drive themselves over the edge. I'm more of a "go-at-your-own-pace" kind of person. I don't think 16-hour days are a path to success. In Silicon Valley, you have a lot of Google people, a lot of Meta people, and, at the time I was there, a lot of Tesla people. And that's the core of who they are. I grew tired of the way people would define themselves by their jobs rather than who they are as a person. After graduating, I was worried I would have to choose between staying in California and having a career I liked or leaving California and having a career I didn't like. The career opportunities in Silicon Valley seemed more abundant. But ending up with a career that wasn't what I wanted while I was in California helped push me to take the next step. In 2022, I started applying to East Coast jobs, specifically looking for roles in renewable energy. I got an offer from my current workplace, Carbon Reform, in September 2022. They're a Philadelphia-based startup working on sustainability. It was right up my alley. I moved back and started at the end of November 2022. I definitely had some nerves before moving. I was questioning whether this was right for my career. The sustainability hub is in Silicon Valley, and moving to the other side of the country felt like I was separating myself from that. But I was also so excited. It felt surreal that I had found something I wanted to do, and I got the bonus of being on the East Coast. At Carbon Reform, we're working on devices that connect to HVAC systems in existing office buildings. They remove the carbon dioxide from the workspace air and allow you to recycle the air without having to bring in new air from outside. I love my work now. I'm feeling a lot more fulfilled. It was so expensive to live in California. I had to live with two roommates to afford the cost of living, and that was for a spot on the edge of San Francisco. Now, I have my own space in Philly. I pay about the same as I was paying in California, where I was splitting with three people. I moved to a Philly neighborhood called Rittenhouse. It's a combination of older people and a bunch of young professionals and grad students who live there. There's always something to do around here. It's close to a huge park where they have shows and dining. It's a great way to meet new people and not break the bank. We also have an incredible sports scene here. Between the Eagles and the Phillies, sometimes Philadelphia feels like a big college town. Philly's tech and business scene is growing. We have the University of Pennsylvania and Drexel University right in the city. There are incredible students coming out of those schools. I think the city has started taking advantage of all those really intelligent people. It seems like Philadelphia is putting in the work to try to keep them. That said, Philly still seems like a little secret sometimes. I don't want to tell everybody about it because once the secret is out, people will move here, and costs will go up. It's in a really unique pocket location-wise. You have the financial capital of New York nearby and the political capital of DC close, too. You get the benefits of both without the negative effects. I miss parts of California sometimes. I miss my friends and the access to incredible types of food. But my hope is to stay in Philly for the long term. As long as I have a job and am getting paid what I think I should be making, my goal is to be here. Read the original article onEven with access to blockbuster obesity drugs, some people don't lose weight
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Unlike scores of people who scrambled for the blockbuster drugs Ozempic and Wegovy to lose weight in recent years, Danielle Griffin had no trouble getting them. The 38-year-old information technology worker from New Mexico had a prescription. Her pharmacy had the drugs in stock. And her health insurance covered all but $25 to $50 of the monthly cost. For Griffin, the hardest part of using the new drugs wasn’t access. It was finding out that the much-hyped medications didn’t really work for her. “I have been on Wegovy for a year and a half and have only lost 13 pounds,” said Griffin, who watches her diet, drinks plenty of water and exercises regularly. “I’ve done everything right with no success. It’s discouraging.” In clinical trials, most participants taking Wegovy or Mounjaro to treat obesity lost an average of 15% to 22% of their body weight — up to 50 pounds or more in many cases. But roughly 10% to 15% of patients in those trials were “nonresponders” who lost less than 5% of their body weight. Now that millions of people have used the drugs, several obesity experts told The Associated Press that perhaps 20% of patients — as many as 1 in 5 — may not respond well to the medications. It's a little-known consequence of the obesity drug boom, according to doctors who caution eager patients not to expect one-size-fits-all results. “It's all about explaining that different people have different responses,” said Dr. Fatima Cody Stanford, an obesity expert at Massachusetts General Hospital The drugs are known as GLP-1 receptor agonists because they mimic a hormone in the body known as glucagon-like peptide 1. Genetics, hormones and variability in how the brain regulates energy can all influence weight — and a person's response to the drugs, Stanford said. Medical conditions such as sleep apnea can prevent weight loss, as can certain common medications, such as antidepressants, steroids and contraceptives. “This is a disease that stems from the brain,” said Stanford. “The dysfunction may not be the same” from patient to patient. Despite such cautions, patients are often upset when they start getting the weekly injections but the numbers on the scale barely budge. “It can be devastating,” said Dr. Katherine Saunders, an obesity expert at Weill Cornell Medicine and co-founder of the obesity treatment company FlyteHealth. “With such high expectations, there’s so much room for disappointment.” That was the case for Griffin, who has battled obesity since childhood and hoped to shed 70 pounds using Wegovy. The drug helped reduce her appetite and lowered her risk of diabetes, but she saw little change in weight. “It’s an emotional roller coaster,” she said. “You want it to work like it does for everybody else.” The medications are typically prescribed along with eating behavior and lifestyle changes. It’s usually clear within weeks whether someone will respond to the drugs, said Dr. Jody Dushay, an endocrine specialist at Beth Israel Deaconess Medical Center. Weight loss typically begins right away and continues as the dosage increases. For some patients, that just doesn't happen. For others, side effects such as nausea, vomiting and diarrhea force them to halt the medications, Dushay said. In such situations, patients who were counting on the new drugs to pare pounds may think they’re out of options. “I tell them: It's not game over,” Dushay said. Trying a different version of the new class of drugs may help. Griffin, who didn't respond well to Wegovy, has started using Zepbound, which targets an additional hormone pathway in the body. After three months of using the drug, she has lost 7 pounds. “I'm hoping it's slow and steady,” she said. Other people respond well to older drugs, the experts said. Changing diet, exercise, sleep and stress habits can also have profound effects. Figuring out what works typically requires a doctor trained to treat obesity, Saunders noted. “Obesity is such a complex disease that really needs to be treated very comprehensively,” she said. “If what we’re prescribing doesn’t work, we always have a backup plan.” The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.
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