Hong Kong Embraces Technology to Become FinTech Hub

May 5, 2019

Hong Kong has long been known as one of the world’s key financial centers, with almost all international financial institutions having established a presence in the metropolis. However, it has been slow to embrace fintech in its early days. That is set to change, as Hong Kong regulators have been encouraging the development of the fintech ecosystem.

Due to its close relationship with China, Hong Kong is considered a gateway to the mainland’s massive population and economy, making it an even more attractive place to establish startups and fintech companies.

InvestHK an advocate for the fintech industry in Hong Kong is a publicly supported entity with the goal of expediting international investment, while attracting foreign investments to push for the development of the overall industry.

The organization has also been working with both Hong Kong and Chinese entrepreneurs looking to do business in Hong Kong.

Another agency under InvestHK is FintechHK, which is directly responsible for the promotion of all aspects of the fintech ecosystem, including virtual banking, blockchain development, and digital payment platforms.

Meanwhile, the member-based Fintech Association of Hong Kong now has more than 1,200 representatives from over 300 firms, and the Hong Kong Monetary Authority (HKMA) has recently announced that it granted the first virtual banking licenses in March.

As both the government and private sector take strides towards developing fintech, more innovations and collaborations are being made in order to propel Hong Kong, as one of the largest financial hubs in the world, to becoming a fintech hub that is ready to support the future of the financial industry.

Source: www.opengovasia.com

About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    2020: A Year Of Two Halves For Crypto
    As with humanity in general, the crypto market would emerge stronger from the trials and tribulatio...

    September 29, 2020

    Amanotes – A Booming Music-Tech Startup Conquers The Global Market
    Recently, ABR had a chance to speak to Mr. Silver Nguyen - CPO & Co-founder of Amanotes - a music ap...

    September 29, 2020

    A Deep-Dive Into The Benefits Of Blockchain Solutions In the Healthcare System
    Integrating blockchain solutions with healthcare services can reduce the burdensome costs involved i...

    September 28, 2020

    Apple Brings Online Store To India – A New Era Begins
    Apple launched the Apple Store online in India on September 23, offering Apple’s full range of produ...

    September 27, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us