Work in progress: Hong Kong reaps the fruits of fintech seeds sown nearly 10 years ago
Hong Kong’s rise as a fintech hub is due to the concerted regulatory push, with the city competing with Singapore for regional leadership
“As it was the first ever fintech event in Hong Kong, only fintech start-ups were interested, no big financial institutions paid attention,” Kwock said. “People did not have a clear idea of fintech as it was still in an exploratory stage.”
In the years since, fintech in Hong Kong has gone through a sea change. “Now fintech is no longer confined to a few start-ups; it’s on the top of the agenda of banks and insurers,” Kwock said.
While attendance in Hong Kong may have been thinner than in Singapore, the city has an edge over its Southeast Asian rival, thanks to its vibrant capital market providing funding for fintech companies and serving as a gateway to the Greater Bay Area.