Fintech can boost HK competitiveness as global financial services centre: Chan

HK is pursuing a plethora of fintech prospects, including the use of central bank digital currency for cross-border transactions.

Hong Kong Financial Secretary Paul Chan addressed the Global Fintech Market Updates: Hong Kong-Korea Ecosystem webinar last 8 September. Financial technology professionals and investors from Hong Kong, Korea, and other countries were in attendance.

According to Chan, "Hong Kong now counts more than 600 fintech companies. They provide mobile payments, cross-boundary transfers, financial consultancy, wealth management, and much more." He said eight virtual banks, four virtual insurers, and one virtual-asset trading platform are currently operating in Hong Kong.

He stated that China's 14th Five-Year Plan supports Hong Kong's determination to enhance its status as an international financial centre, develop into a global innovation and technology hub, and deepen mutual access between the financial markets of Hong Kong and the Mainland.

The Hong Kong Fintech Week takes place in the first week of November this year.