Hong Kong, pegged as the most free economy in the world, has seen a consistent growth in fintech companies. It remains to be one of the best markets for the industry within Asia at par with Singapore and India.
Investments in fintech grew steadily from US$107.5 million in 2015 to US$215.5 million in 2016 to US$545.7 million in 2017, and the number of mainland deals went up from 54 in 2016 to 146 last year.
WeLab – a mobile lending company – raised US$220 million in November and was the highest fund raised by a single fintech in 2017.
The fintech ecosystem in Hong Kong is supported by a free market that remains open to talent and investments due to the presence of excellent accelerators such as SuperCharger, and associations that work for the fintech community such as the FinTech Association of Hong Kong.
The Hong Kong Monetary Authority (HKMA) maintains a progressive regulatory environment that allows for innovation with a dedicated fintech sandbox and supportive regulations. Access to the mainland China market is also a key trait of the HK fintech scene, while Hong Kong itself continues to remain a global finance centre.
Syed Musheer Ahmed, one of our top 50 influencers in Hong Kong, in an interview with the South China Morning Post shared what makes Hong Kong an important centre of fintech:
“Banks went from being sceptical about fintech, to realising it can be beneficial to them. Following on from this, they moved from reviewing proofs of concept to actual implementation and adoption of fintech solutions, meaning start-ups now have a steadier revenue stream, making them more attractive.
“Secondly, the Hong Kong government and regulators now have a more active agenda to push for innovation across sectors, as highlighted in the 2018 budget speech, particularly in fintech.”
LATTICE80 in its continuing series of reports aims to identify key people that contribute to the Fintech industry as influencers through action. We present our latest list of top 50 fintech influencers in Hong Kong whom you must follow to keep in the know of latest developments and trends in the industry.