Hong Kong expects the continued growth of its fintech ecosystem, with blockchain, digital assets, distributed by Ledger Technology (DLT) and artificial intelligence playing a major role in shaping the future.
Hong Kong is home to more than 1,100 Fintech companies, which include 175 blockchain applications or software firms and 111 digital assets and cryptocurrency companies, which have marked a 250% and 30% increase, respectively, since 2022, According to In the Hong Kong Fintech Ecosystem of Investhk, a government department that oversees foreign direct investments.
The participants of the Hong Kong Fintech ecosystem. Source: Investhk
Exploration of deeper fintech income streams
Hong Kong’s web3 industry growth is linked to proactive government policies and an active licensing regime for crypto exchanges or virtual asset virtual platforms.
“Revenue for the Hong Kong Fintech market is expected to reach US $ 606 billion by 2032, with an expected annual growth rate of 28.5% from 2024 to 2032,” the report reported.
Investhk, along with other authorities in Hong Kong, reviewed 130 Fintech companies operating in Hong Kong and identified the talent shortage as the leading regional concern, cited by 58.8% of respondents, following access to capital (43.9%).
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Responding to these obstacles will be critical to maintaining Hong Kong’s momentum to become the leading financial hub.
More than 73% of those -Survey Fintech companies operate in the AI subsector, which exceeds 41.5% focused on digital assets and cryptocurrency.
China’s “One Country, Two Systems” policy in gaming
Investhk’s report emphasized Hong Kong’s advantage over China’s “One Country, Two Systems” policy, allowing it to maintain a free market market, unstoppable capital flow, and strong trade relations while benefiting from its proximity to the mainland China.
As a result, the Hong Kong government was able to roll many modern web3s, including a licensing regime, spot bitcoin (Btc) and ether (Eth) funds exchanged by the exchange, the Stablecoin sandbox of the Hong Kong Monetary Authority and tokenized Finance and AI integration.
The approach to the five steps “Fintech 2025” of Hong Kong. Source: hkma
In 2021, HKMA opened an approach To establish itself as a financial hub by 2025.
The approach includes encouraging fintech adoption in banks, increasing Hong Kong’s readiness to release digital digital currencies to digital currencies at both the wholesale levels and retail, enhancing existing city infrastructure data and developing new ones, increasing the supply of fintech talent and developing support policies ecosystem.
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