Hong Kong is one of the world’s leading Fintech hubs, having experienced incredible growth in recent years. As of 2017, 48 of the world’s leading 100 Fintech companies are reaping rewards from the city’s technologically advanced ecosystem. 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.
The Hong Kong government has created a pro-business environment, where starting and scaling a new company is not only achievable, but is also encouraged.
Hong Kong is the natural choice for our first regional Lab – it is a mature financial centre and trading hub, has a conducive regulatory environment and supported by an increasing demand for blockchain solutions in the region.
Hong Kong is a bridgehead to the rest of Asia.
Watch out for developments in these key areas:
- Artificial Intelligence (AI) – AI has the potential to revolutionise financial services by increasing efficiency, reducing costs and helping clients make better financial decisions. Local banks and financial institutions are proactively including the technology as part of their modern financial strategy.
- Blockchain – Hong Kong boasts a strong telecommunications industry and has attracted major cloud service companies from both the US and Mainland China to facilitate the growth of Blockchain technology.
- Cyber Security – It provides the foundations for Hong Kong to grow its assets in Fintech, while ensuring that the market stays safe.
- Regtech – Hong Kong has a fundamentally strong practice in regulation technology. The University of Hong Kong is strongly committed to regtech research and are collaborating with partners in Europe and Australia to support the city’s future. (Source: http://www.hku.hk/press/news_detail_16668.html)
- Insurtech – Many insurance companies are adopting the latest technology and innovation whilst having some of the brightest insurance technology practitioners from around the world.
- Wealth Management – Hong Kong offers clear and straightforward regulations, for example, on robo-advisors and the distribution side of wealth management.