Fintech is all the rage across the world, but there are a handful of countries taking the sector to great heights. One of them happens to be Hong Kong, where investment in the fintech industry has doubled to $550mn, surpassing even Singapore as a fintech hub in the Far East.
Accenture stated that Hong Kong is the leader in global fintech investment, while the EY Fintech Adoption Index stated that Hong Kong is No.1 in fintech adoption in Asia and outside of China.
The increase in investment can be credited to the government’s sustained efforts as well as the interest of financial regulators to intensify sector activity, said Hong Kong financial secretary Paul Chan Mo-po.
At the World Internet Conference in Wuzhen, China, the Greater Bay Area is expected to provide renewed momentum and provide a larger market for Hong Kong’s fintech development. In addition, the high-speed rail link as well as the Hong King-Zhuhai-Macau Bridge is expected to foster closer collaboration between cities.
Hong Kong has been at the epicentre of attention pertaining to fintech for a while now.
According to Invest HK, 48 of the world’s leading fintech companies were benefitting from the city’s advanced ecosystem in 2017 alone. A trade finance platform based on Blockchain technology was recently developed by the Hong Kong Monetary Authority, signifying the city’s commitment to the future of Fintech, More specifically, there will be major developments in the areas of AI, blockchain, cybersecurity, regtech, wealth management and insurtech.
In his speech, Chan credited several initiatives such as Hong Kong’s version of e-wallets by Alipay and WeChatPay, as well as the introduction of a common two-dimensional QR code to accept payments from different e-wallets.