Hong Kong Evolves Further as an Asian Fintech Hub
For quite a long time, Hong Kong made its stamp as the area’s driving monetary focus, competing with New York and London for matchless quality as a worldwide interconnection of cash. Shaken by the Asian money-related disaster, SARS, and the ascent of Shanghai, desolate expectations about Hong Kong twirled amid the early years of the new thousand years.
Two late occasions in any case, may swing force back for Hong Kong: The United Kingdom’s vote to leave the European Union in June 2016, and the race of Donald Trump as the approaching 44th president of the United States. Both add vulnerability to the worldwide monetary environment; while Hong Kong has its own particular issues to fight with, the city’s money-related division looks sufficiently strong to climate fleeting unsettling influences.
Upheld by the Securities and Futures Commission (SFC), the Hong Kong Monetary Authority (HKMA), Accenture, Cyberport, Finnovasia, the Hong Kong Applied Science and Technology Research Institute (ASTRI), the Hong Kong Science and Technology Parks Corporation (HKSTP), NexChange and the Finovate Group, highlights of the week included FinovateAsia 2016 – where 36 fintech new companies had an insignificant seven minutes to showcase their developments – and the Hong Kong Fintech Community Conference that saw driving business visionaries and financial specialists in the field trade front line thoughts.
Affirming the developing unmistakable quality of money-related innovation or new fintech businesses, InvestHK facilitated the inaugural Hong Kong Fintech Week a month ago on November 7 to 11. More than 2,500 members partook amid the week, exploiting the seasoned speakers and the variety of occasions on offer. Prominent members incorporated China’s greatest distributed loaning and riches administration platform Lufax, online safety net provider Zhong A, JD Finance, WeBank, and Hong Kong-based bitcoin trade BTCC.
Both the Hong Kong government and the private segment have energetically respected fintech’s extension: Last year, Chief Executive Leung Chun-ying declared a HK$2 billion reserve to spur improvement in innovation and development, while InvestHK assumed a part in propelling eight fintech firms in 2015. Accenture reported the Asia-Pacific district pulled in near US$3.5 billion in fintech ventures amid the initial nine months of 2015; Hong Kong, with its profound connections with China, is all around put to ride this wave for a considerable length of time to come. The PRC is home to the world’s four most noteworthy esteemed fintech unicorns, for example, while Alipay and Tencent as of now process more money related exchanges than ordinary Chinese banks.
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