In recent years, the use of technology in Hong Kong has boomed and one of the core domains happens to be FinTech. It is worth noticing that apart from the natives, even foreigners have invested a huge deal of money in establishing their remote businesses in Hong Kong and the credit goes to the city’s unparalleled feasibility in this aspect.

Environment for Blockchain Startups in Hong Kong

Let’s talk about the specific elements as to why we are convinced that Hong Kong offers the best environment for blockchain startups.

Service Providers

It refers to taxation, legal and other technical services that are involved in the blockchain industry. Fortunately, all of the domains are quite well organized in the city and these include:

1.     Metaco
2.     L&Y Law Office
3.     Swartz
4.     Blockchain Solutions, etc.

Financial Services

Some of the top banks and crypto companies in the World, in terms of capital and trading services, are also here, such as:

1.     JP Morgan
2.     HSBC
3.     Circle
4.     One Block

Please note that these banks and companies are quite aggressively trying to incorporate blockchain-based use cases.

Educational Institutions

There are several institutes in Hong Kong providing quality education in the field of blockchain. The Hong Kong University of Science and Technology, the Hong Kong University and Asia Capital Markets Institute are some of the prestigious names in the industry.

Ecosystem Supporters

This category includes organizations which are working hard to make Hong Kong as fertile for blockchain as possible. They also play a pivotal role in pitching key ideas to the government and other private sector companies. Ecosystem supporters include:

1.     Cyberport
2.     The Hong Kong Blockchain Society
3.     Blockchain HK, etc.

Example of Blockchain Startups

Since we are talking about the growing culture of blockchain in Hong Kong, it is important to talk about a couple of ventures performing at their best in the niche.

EMQ

It happens to be a financial settlement use case based on the blockchain technology and it primarily runs on remittances. It cannot be ignored that Asia’s market is quite diverse and EMQ has been able to launch a regulatory-approved solution for its consumers.

They have plenty of partners in the pool, belonging to the telecommunications sector, payment processors and some major financial institutions as well.

Bitspark

Basically, it acts as a payment gateway, thus allowing users to transfer money with the help of crypto tokens, without putting any bank as an intermediary. They have a keen focus on Africa and Asia but have an International scope as well. It is worth noticing that Bitspark has also launched its coin, pegged to the Hong Kong dollar.

FinEX Asia

It happens to be a FinTech venture with an aim to connect Asian investors with asset classes, offering low volatility. Please note that it also includes consumer loans and it aims at boosting the Return on Investment with the help of technology. Blockchain plays a key role in its success, particularly when it comes to data security for investors.

Conclusion

It is quite evident that Hong Kong is quite rapidly developing to be a blockchain hub in the region and if we look at the rate of progress, it might stand among the top countries for using blockchain technology.

Apart from the government taking keen interest to foster its growth, we can observe that several investors and entrepreneurs are also inclined towards pouring in their efforts so as to establish their business in the country.

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