Why Hong Kong Stands To Become the Global Fintech Leader?
Technology is changing very fast. Even before you can finish familiarizing with all the features in your Samsung Galaxy, the chances are that a new and better smartphone will be released.
In the financial sector, the technology is growing at the same rapid pace. Fintech is a term that represents a combination of two words; finance and technology.
Though the term application remains unclear, Hong Kong remains the undisputed leader. Here is a clear indication that Hong Kong will continue being a leader in Fintech (as Adrian Cheng).
Hong Kong is strategically located in the fastest emerging economies
The strength of Hong Kong as a fintech hub arises from its strategic location. Between 2016 and 2020, it is expected that about 5 billion people will have access to the internet.
The biggest percentage of this number is expected to be located in China and India. Because of Hong Kong’s strategic location between these two key countries, it becomes a front runner in advancing fintech technologies according to Peter Diamandis of X Prize Foundation and Singularity University.
The administration works extra hard in promoting fintech
Hong Kong administration has already noted the great potential that fintech hold for the globe. It has moved ahead to tilt the equation in its favor even before other nations realize what is happening.
For example, it has already formed the Fintech facilitation office that identifies fintechs and supports them for faster development. In any case, you will need an investment visa to reach Hong Kong ecosystem.
Because of this approach, more companies are taking positions in anticipation of taking the lead in the fast emerging sector. Some of these companies include Accenture’s FinTech Innovation Lab and Fintech Hong Kong.
Companies are already taking fintech positions in Hong Kong
Most financial institutions in Hong Kong have shifted their focus from looking at tech companies that join finance as competitors. Rather they are forming partners to hasten the pace of development.
With the help of Hong Kong administration, Hong Kong fintech is taking shape, and other countries will be forced to buy the technology.