Hong Kong FinTech Report 2023
We are thrilled to unveil our latest initiative! Our comprehensive FinTech Report in Collaboration with FinTech Consult, mapping Hong Kong's thriving FinTech Ecosystem! We extend our deepest gratitude to FinTech Consult (www.fintech-consult.com) for their invaluable expertise and collaboration in bringing this report to life. Together, we are committed to fostering innovation, driving financial inclusion, and supporting the growth of Hong Kong's FinTech ecosystem.
Whether you're an investor, entrepreneur, policymaker, or simply curious about the latest developments in FinTech, this report is a must-read! It offers valuable information on emerging technologies, regulatory advancements, market trends, and investment opportunities in Hong Kong's vibrant FinTech ecosystem.
Some of the key Findings:
- Hong Kong’s FinTech ecosystem still growing going from strength to strength with 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 (VASPs), and an industry wide appetite to pursue tokenization of (real) assets and DeFi applications
- Overall funding has plummeted from 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
- Over 25,000 people work in FinTechs in Hong Kong, representing 0.66% of the city’s total workforce in Hong Kong. This is the highest percentage in Asia, followed by Singapore with 0.29%
- Government is significantly supporting FinTech in Hong Kong (especially in Web3 & Digital Assets and Crypto) and the Greater Bay Area (GBA) with a variety of measures such as providing legal frameworks, funding support schemes, talent programs and more