Hong Kong's rise as a FinTech hub

According to the 2024 report, Hong Kong has risen to 3rd place globally and 1st in the Asia-Pacific region in the Global Financial Centres Index. In the FinTech sector, Hong Kong has entered the top 10, securing 9th place, solidifying its position as a leading global financial centre. To attract international financial leaders and top industry talent, Hong Kong regularly hosts various financial events and exhibitions, including Asia's largest and most influential FinTech Week, fostering discussions on future FinTech trends.

Favourable market conditions for FinTech development

Hong Kong currently hosts around 1,000 FinTech companies, encompassing sectors of mobile payments, cross-border finance, AI-driven financial advisory services, wealth and investment management, and Regtech. Notable developments include the presence of 8 virtual banks, 4 virtual insurance companies, and 2 licensed virtual asset trading platforms. These enterprises flourish under Hong Kong's stable international regulatory framework and measures such as regulatory sandboxes — which help banks and tech companies gather data and user feedback — businesses enjoy accelerated product launches and reduced development costs. Additionally, the absence of foreign exchange controls and capital flow restrictions further encourage cross-border business growth. Startups also benefit from low tax rates, a straightforward tax regime, and numerous government funding and subsidy programs. For more details on the Government’s business-friendly policies and supporting measures, you may refer to Pursuing Your Entrepreneurial Ambitions in Hong Kong. 

Furthermore, the Securities and Futures Commission will collaborate with the 28 other financial regulators and organisations in the "Global Financial Innovation Network", aimed at fostering financial innovation and establishing a framework for sharing innovative experiences and methods. The network supports companies interested in testing new products, services, or business models across multiple regions.

The potential for FinTech growth in Hong Kong is evident in its impressive adoption rates. The 2023 Hong Kong FinTech Adoption Index revealed that 74% of Hong Kong respondents use two or more FinTech services, with electronic payment adoption exceeding 90%. Virtual finance, virtual banking, and virtual insurance show adoption rates of 57%, 55%, and 41%, respectively, indicating substantial room for further FinTech adoption and application in Hong Kong.

The evolving landscape of Hong Kong's Fintech

Under the "Fintech 2025" strategy, Hong Kong's FinTech sector is continuously evolving. The Hong Kong Monetary Authority (HKMA) has launched the "Commercial Data Interchange" to facilitate data sharing between companies and banks, enhancing access to financial services. The HKMA has also partnered with the Bank of Thailand to introduce the "FPS x PromptPay" cross-border QR code payment system, and it has expanded trials for the digital yuan in collaboration with the People's Bank of China. The HKMA is also exploring the implementation of "e-HKD" and has initiated projects for wholesale central bank digital currency (wCBDC), highlighting its commitment to FinTech innovation. The authority anticipates a workforce increase of at least 40% in FinTech-related skills by 2025, driven by strong market demand for Fintech talent. In additional, many FinTech companies have established a presence in Hong Kong, including Airwallex, which supports cross-border operations, and QFPay, offering smart payment solutions for merchants. The number of FinTech startups in Hong Kong has grown more than fourfold, from 138 in 2016 to 601 in 2023, covering areas such as electronic payments, blockchain applications, Insurtech, Regtech, wealth management, and cybersecurity, providing diverse opportunities for global FinTech talent.

Joining Hong Kong's FinTech industry

Hong Kong is an ideal destination for those looking for a dynamic global FinTech ecosystem. It features a wide range of financial services across emerging fields, such as payment technology and technical solutions related to environment, social and governance, and advanced technological applications. FinTech professionals can discover exciting opportunities on our job search page. Additionally, financial practitioners in Hong Kong earn salaries that are above average compared to the broader Asia-Pacific employment market. For more details, please refer to Hong Kong: A Financial Professional’s Powerhouse.