Hong Kong’s future economic system is ready to be supported by the most recent Fintech platforms and providers, because the city-state will likely be residence to no less than eight digital banks.
Hong Kong serves as the first gateway for (mainland) Chinese language companies to broaden their operations, globally. It additionally acts as a hub for corporations trying to set up their operations in China and all through Southeast Asia
China is notably the one main world economic system that’s nonetheless on observe to expertise progress this 12 months. The nation may present much more strategic alternatives for Hong Kong-based Fintechs.
As reported, there’s a scarcity of expertise within the Fintech/AI sector in Hong Kong (together with different challenges), nevertheless, the city-state is leveraging rising applied sciences similar to AI to rework its banking sector.
King Leung, the Head of Fintech at InvestHK, notes in an Op-Ed revealed by the SCMP:
“When we think of this year in Hong Kong’s history, we should not interpret the coronavirus-induced recession as the catalyst for this digital transformation. It was already well under way.”
Curiously Leung shares the identical views as different Fintech executives who’ve additionally famous that COVID-19 has led to a a lot sooner than anticipated adoption of all-digital platforms and providers.
“The recalibration of Hong Kong towards this market opportunity is happening very fast.”
As an example, the Fintech Anti-Epidemic Scheme for Expertise Improvement (FAST), which is a subsidy plan of $15.5 million, was launched to help Hong Kong’s skilled expertise pool.
“[Hong Kong is] at the beginning of a long recovery process, but businesses are confident they will emerge with the ability to scale up, and will access strong talent, capital and the infrastructure they need to remain relevant and competitive in the future.”
He factors out that for the reason that pandemic started, particular person customers, banks and insurance coverage suppliers have been exploring new methods to diversify their companies, in an effort to keep operations and maybe supply merchandise which can be extra related to the present scenario.
Cell service suppliers similar to PayMe from HSBC and Sooner Fee System have been launched in an effort to facilitate digital funds at a time when folks in every single place on this planet have been requested to look at protected distancing measures to stop the additional unfold of the virus..
“This positive attitude to experimentation is in the DNA of Hong Kong, and it is this that will position Hong Kong to take advantage of Asia’s demographic dividend.”
Hong Kong primarily based digital bank Neat just lately revealed that it has secured $four million in further capital as a part of its $11 million Collection A funding spherical. Digital bank WeLab, which can be headquartered in Hong Kong, has opened over 10,000 new buyer accounts in simply 10 days after launch.
Make investments Hong Kong (InvestHK) just lately introduced its new World Quick Monitor Program, which is a business-driven program inside Hong Kong Fintech Week (HKFW).