ICBC Asia's new competition gives Hong Kong students a chance to test their fintech ideas beyond the classroom.
Updated
October 2, 2026 9:16 AM
Main Building of the University of Hong Kong. PHOTO: ADOBE STOCK
Hong Kong university students are being invited to take part in the first Hong Kong University Students Fintech Innovation Competition, organised by Industrial and Commercial Bank of China (Asia). The competition gives students a chance to develop ideas around financial technology, with cash prizes, internship opportunities and a route to the national finals of the ICBC Cup on offer.
The competition is part of the 17th ICBC Cup and marks the first time ICBC has established a competition zone in Hong Kong. It is supported by the Financial Services and the Treasury Bureau and the Hong Kong Monetary Authority, with 12 Hong Kong universities also backing the initiative.
The participating universities are the University of Hong Kong, the Chinese University of Hong Kong, Hong Kong University of Science and Technology, Hong Kong Polytechnic University, City University of Hong Kong, Hong Kong Baptist University, Hong Kong Metropolitan University, Lingnan University, Hong Kong Shue Yan University, the Education University of Hong Kong, Hang Seng University of Hong Kong and St. Francis University.
For ICBC Asia, the competition is also intended to support the development of fintech in Hong Kong and expand the city's fintech talent pool. Dr. Liu Yagan, Chairman and Executive Director of Industrial and Commercial Bank of China (Asia), said the competition is designed to encourage students to develop practical applications for financial technology and explore new banking business models.
"This competition encourages university students across Hong Kong to propose practical solutions for fintech applications and banking business model innovation from the perspective of financial products and services, providing a platform for Hong Kong youth to connect with cutting-edge industries and unleash their innovative potential."
The initiative will also connect Hong Kong students with the wider ICBC Group. Liu said this would help deepen exchanges between young talent in Hong Kong and the Mainland.
The competition is open to full-time university students in Hong Kong and carries the theme "Digital Banking, Creating the Future." Students can develop ideas across 10 areas, ranging from fintech and digital finance to green finance, inclusive finance, pension finance and wealth management. The categories also include financial security services, specialised financial services, youth services and open innovation services.
The competition also offers cash prizes: the First Prize winner will receive HK$50,000; two Second Prize winners will receive HK$30,000 each; three Third Prize winners will receive HK$20,000 each; and four Honorable Mention recipients will receive HK$10,000 each.
Beyond the prize money, qualifying winners will have the opportunity to undertake internships at ICBC (Asia). The team that wins the Hong Kong First Prize will also have the opportunity to travel to Beijing in December for the ICBC Cup national finals, where it will compete against teams from across the country.
With registration now open, the competition gives Hong Kong university students an opportunity to take ideas in financial technology from the classroom into areas such as banking products, services and business models.
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HKU professor apologizes after PhD student’s AI-assisted paper cites fabricated sources.
Updated
January 8, 2026 6:33 PM
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The University of Hong Kong in Pok Fu Lam, Hong Kong Island. PHOTO: ADOBE STOCK
It’s no surprise that artificial intelligence, while remarkably capable, can also go astray—spinning convincing but entirely fabricated narratives. From politics to academia, AI’s “hallucinations” have repeatedly shown how powerful technology can go off-script when left unchecked.
Take Grok-2, for instance. In July 2024, the chatbot misled users about ballot deadlines in several U.S. states, just days after President Joe Biden dropped his re-election bid against former President Donald Trump. A year earlier, a U.S. lawyer found himself in court for relying on ChatGPT to draft a legal brief—only to discover that the AI tool had invented entire cases, citations and judicial opinions. And now, the academic world has its own cautionary tale.
Recently, a journal paper from the Department of Social Work and Social Administration at the University of Hong Kong was found to contain fabricated citations—sources apparently created by AI. The paper, titled “Forty Years of Fertility Transition in Hong Kong,” analyzed the decline in Hong Kong’s fertility rate over the past four decades. Authored by doctoral student Yiming Bai, along with Yip Siu-fai, Vice Dean of the Faculty of Social Sciences and other university officials, the study identified falling marriage rates as a key driver behind the city’s shrinking birth rate. The authors recommended structural reforms to make Hong Kong’s social and work environment more family-friendly.
But the credibility of the paper came into question when inconsistencies surfaced among its references. Out of 61 cited works, some included DOI (Digital Object Identifier) links that led to dead ends, displaying “DOI Not Found.” Others claimed to originate from academic journals, yet searches yielded no such publications.
Speaking to HK01, Yip acknowledged that his student had used AI tools to organize the citations but failed to verify the accuracy of the generated references. “As the corresponding author, I bear responsibility”, Yip said, apologizing for the damage caused to the University of Hong Kong and the journal’s reputation. He clarified that the paper itself had undergone two rounds of verification and that its content was not fabricated—only the citations had been mishandled.
Yip has since contacted the journal’s editor, who accepted his explanation and agreed to re-upload a corrected version in the coming days. A formal notice addressing the issue will also be released. Yip said he would personally review each citation “piece by piece” to ensure no errors remain.
As for the student involved, Yip described her as a diligent and high-performing researcher who made an honest mistake in her first attempt at using AI for academic assistance. Rather than penalize her, Yip chose a more constructive approach, urging her to take a course on how to use AI tools responsibly in academic research.
Ultimately, in an age where generative AI can produce everything from essays to legal arguments, there are two lessons to take away from this episode. First, AI is a powerful assistant, but only that. The final judgment must always rest with us. No matter how seamless the output seems, cross-checking and verifying information remain essential. Second, as AI becomes integral to academic and professional life, institutions must equip students and employees with the skills to use it responsibly. Training and mentorship are no longer optional; they’re the foundation for using AI to enhance, not undermine, human work.
Because in this age of intelligent machines, staying relevant isn’t about replacing human judgment with AI, it’s about learning how to work alongside it.