Why do I believe Hong Kong is the FinTech magnet for Asia?
The application of technology to the provision of financial services, has experienced significant growth in recent years in Hong Kong and InvestHK have identified seven reasons prior to Hong Kong FinTech Week!:
In 2017, venture capital investment from home and abroad topped USD 546 million, indicating Hong Kong as one of the most attractive destinations for FinTech.
Why Hong Kong?
- Economic Freedom: Hong Kong has consistently been ranked as one of the world’s freest economies.
- Financial Services: It has more than 70% of world’s top 100 banks operating in the city.
- Stock Market Capitalisation: Its USD 4351bn, stock market capitalization, which boasts a whopping USD 4,351 billion, is one of the biggest in the world.
- Low Taxes: Two-tiered profits tax lowered to just 8.25%
- A bridge between East & West: This has led to economic success and long-standing status as a global financial and commercial hub
- Offshore RMB: Hong Kong's proximity to the Mainland enables it to be a leading offshore centre with RMB 618 billion in deposits
- Insurance: The 160 authorised insurers provide a solid basis for InsurTech