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Hong Kong anticipates the continued maturation of its fintech ecosystem, with blockchain, integer assets, distributed ledger exertion (DLT) and artificial quality playing a cardinal relation successful shaping its future.
Hong Kong is location to implicit 1,100 fintech companies, which see 175 blockchain exertion oregon bundle firms and 111 integer plus and cryptocurrency companies, marking a 250% and 30% increase, respectively, since 2022, according to the Hong Kong Fintech Ecosystem study by InvestHK, a authorities section overseeing Foreign Direct Investments.
Participants of the Hong Kong Fintech Ecosystem. Source: InvestHK
Exploring deeper fintech gross streams
The expansive maturation of Hong Kong’s Web3 manufacture is attributed to proactive authorities policies and an progressive licensing authorities for crypto exchanges oregon virtual plus trading platforms.
“The gross for the Hong Kong fintech marketplace is projected to scope US$606 cardinal by 2032, with an anticipated yearly maturation complaint of 28.5% from 2024 to 2032,” the study stated.
InvestHK, on with different Hong Kong authorities, surveyed 130 fintech companies operating successful Hong Kong and identified endowment shortage arsenic the apical interest successful the region, cited by 58.8% of respondents, followed by entree to superior (43.9%).
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Addressing these hurdles volition beryllium captious to sustaining Hong Kong’s momentum to go the apical fiscal hub.
Over 73% of the surveyed fintech companies run successful the AI subsector, acold exceeding the 41.5% focused connected integer assets and cryptocurrency.
China’s “one country, 2 systems” argumentation astatine play
The InvestHK study highlighted Hong Kong’s vantage successful adopting China’s “one country, 2 systems” policy, allowing it to support a free-market economy, unrestricted superior flow, and beardown planetary commercialized relations portion benefiting from its proximity to mainland China.
As a result, the Hong Kong authorities was capable to rotation retired respective Web3 innovations, including a licensing regime, spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds, the Hong Kong Monetary Authority’s stablecoin sandbox and tokenized concern and AI integration.
Hong Kong Monetary Authority’s five-step “Fintech 2025” strategy. Source: HKMA
In 2021, the HKMA unveiled a strategy to found itself arsenic a fiscal hub by 2025.
The strategy included encouraging fintech adoption among banks, expanding Hong Kong’s readiness successful issuing cardinal slope integer currencies astatine some wholesale and retail levels, enhancing the city’s existing information infrastructure and gathering caller ones, expanding the proviso of fintech endowment and formulating supportive policies for the Hong Kong fintech ecosystem.
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