Fintech enterprises in Hong Kong grows to over 800 within 5 years

This is up from 180 fintech firms. 

The number of financial technology companies in Hong Kong grew to over 800 from only 180 five years ago, Financial Secretary Paul Chan said. 

This includes large and small enterprises as well as startups that were founded in Israel, France, and the UK amongst others. 

“That impressive growth has been powered by Hong Kong's open market, a rigorous regulatory regime, the rule of law, sophisticated infrastructure, and the free flow of capital and information,” Secretary Chan said. 

“No less important, we are boosting our financial infrastructure and, thanks to our ‘one country, two systems' principle, strengthening connectivity with our country and the world at large.”

Read more: Hong Kong to place ‘guardrails’ to mitigate potential risks in virtual assets

Chan was speaking at the Hong Kong FinTech Week, which was attended by 20,000 participants and garnered more than 3 million views online across 80 economies.

This also followed the launch of Hong Kong Monetary Authority’s “Fintech 2025” strategy which covers the establishment of a Commercial Data Interchange. 

“That landmark development allows enterprises to share their data with banks through a central platform, enabling more convenient services and facilitating small to medium enterprises to gain access to financing services,” he said.