- Hong Kong’s FinTech ecosystem is still growing, going from strength to strength now encompassing around 500 companies and covering various segments.
- ‘Blockchain & Digital Assets’ and ‘Payment & Remittance’ are still the top two verticals in terms of the number of FinTechs spurred by a resurging Digital Asset community powered by an increasing adoption of Virtual Assets, license issuances to Virtual Asset Service providers, and an industry-wide appetite to pursue tokenization of (real) assets and DeFi applications.
- ‘Crypto’ has passed ‘Data Analytics & AI’ and become the third vertical, compared with the FinTech Consult 2021 FinTech in Hong Kong report, where Crypto ranked #5.
- Overall funding has plummeted from the all-time high of 2021. However, the investments of last year and this year are still higher than in most previous years, reflecting the resilience and potential of the FinTech sector in Hong Kong. The funding has also become more selective and focused, with investors looking for more mature and proven business models that can generate revenue and growth.
- The Government is significantly supporting FinTech in Hong Kong and the Greater Bay Area with a variety of measures such as providing legal frameworks, funding support schemes, talent programs, and more.
- Hong Kong offers ample opportunities for international FinTechs. It is an excellent springboard to the Mainland with its 1.4 billion consumers, as well as other fast-growing countries in Asia.
“Hong Kong is a prime location for international FinTech companies, thanks to its affluent consumer market and strong government support. Many innovative startups use Hong Kong as a testing ground to develop new services for Asian customers. Our report, compiled jointly with the FinTech Association of Hong Kong and based on our database of more than 500 FinTech companies, provides a comprehensive overview of the FinTech landscape in Hong Kong. For international FinTechs considering market entry, we have highlighted some of the most attractive FinTech topics, significant trends, and the most successful players in the ecosystem. Additionally, we provide an overview of government support schemes and the leading incubation, acceleration, and innovation hubs for FinTechs. We hope you will find this report helpful for your market entry planning. Our experts are ready to support you.”
“The Fintech Association of Hong Kong (FTAHK) is delighted to join hands with FinTech Consult to announce the launch of the Fintech Report 2023. This report provides a comprehensive overview of the current state of the Hong Kong fintech ecosystem and a market map of various companies within the community. The publication of this report is a testament to our core values of Advocacy, Collaboration, and Education (ACE). With a renewed and optimistic outlook towards Fintech, we anticipate that this report will serve as a valuable resource for anyone interested in gaining insight into the Fintech sector in Hong Kong. Moreover, we remain committed to our #SuperConnector role and extend an invitation to all, whether based in Hong Kong or abroad, to join us in our events and initiatives. We believe that this will foster greater connections within the FinTech community and open new opportunities for collaboration, innovation and partnership for the future.”