Hong Kong fintech investments more than doubled to US$550m in 2017: FS Chan

The level of investment exceeds that of Singapore, he says.

Investments into Hong Kong’s booming fintech industry have exceeded that of Singapore at US$550m in 2017, finance secretary Paul Chan was quoted in a speech at the World Internet Conference in Wuzhen China, according to South China Morning Post.

This includes the $220m investment into online loan startup WeLab which also holds the distinction as Asia’s top fintech investment in 2017, data from KPMG show.

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The Greater Bay Area (GBA) project is poised to lend further support to Hong Kong’s strong fintech momentum as it provides a larger market for homegrown firms, added Chan.

Despite its openness to innovation, Hong Kong is retaining its cautious stand on fintech after the Securities and Futures Commission (SFC) released guidelines proposing to regulate digital assets.

“The government must simultaneously act the role of an observer and gatekeeper,” Chan . “We are very vigilant over the risks that virtual assets such as cryptocurrencies may pose to investors or the potential that criminals may use them for illegal means.”