The Hong Kong Fintech Buzz Index (FBI), a quarterly index that goals to characterize a “quantified sentiment” of the native Fintech-focused information updates in native Chinese language information media, fell to an all-time low of 93.5.
The index was calculated by analyzing 1,299 information articles that have been revealed over the past three months. In response to a launch, there’s been a “sharp decline of 8.1 index points (or 7.97%) from the second quarter.” The announcement additionally famous that year-on-year (YoY) change “drops by 10.9 index points (or 10.4%), continuing a downward trend from the peak in Q2 2019.”
The discharge additionally talked about:
“The financial downturn continues as a result of ongoing COVID-19 pandemic in addition to the US-China commerce warfare. Of the 6 sectors, the sub-index of Blockchain & Cryptoforex recorded the biggest lower of 31.2 index points (or 31.5%) due to large cryptocurrency scams in August, duping traders of greater than $4.5 million. One of many cryptocurrency scams involving the vulnerability in Bitcoin ATMs additionally critically affected the RegTech & Cybersecurity sub-index.”
The discharge additional famous:
“The announcement with more details on the Greater Bay Area Cross-boundary Wealth Management Connect Pilot Scheme resulted in a moderate increase in the sub-indices of Wealth Technology and Credit Technology (WealthTech & CreditTech) and Supporters & Other Related Business, despite the economic downturn.”
Regardless of Fintech-related sentiment falling to all-time lows, latest developments counsel that Hong Kong’s monetary know-how sector has been increasing quickly even throughout these unprecedented occasions (on account of COVID-19).
Hong Kong-based Statrys, a digital fee companies supplier, not too long ago secured $5 million by way of an funding spherical from an angel investor. Established in 2018, Statrys affords on-line fee options for SMEs and startups.
As reported in October 2020, the AMTD Group, a monetary companies firm rooted in Hong Kong and based mostly within the Higher Bay Space with a world focus, revealed that the Weihai Metropolis Business Bank Co., Ltd. (based mostly in Weihai, Shandong Province – marine financial system demonstration zones of China) was listed on the Fundamental Board of the Hong Kong Stock Alternate (HKSE) on October 12, 2020.
Weihai Metropolis Business Bank is notably the one metropolis industrial bank listed on Hong Kong stock exchange in 2020, with AMTD serving “as a Joint Bookrunner and Joint Lead manager.”
As confirmed within the announcement:
“This deal is the eighth PRC leading regional bank’s IPO completed by AMTD in recent years, which further demonstrates AMTD’s strong execution capability and long-term commitment in assisting PRC regional banks to land on the international capital market and facilitate follow-up investments.”
As lined in September 2020, UK banking group Normal Chartered Bank launched its digital bank “Mox” in Hong Kong. In response to Normal Chartered, Mox was created in partnership with PCCW, HKT, and Journey.com, which gives its suite of retail banking companies solely digitally over its app.