The pace of fintech development in Hong Kong trails regional rival Singapore and neighbor Shenzhen. That may be about to change.
More than HK$500 million will be pumped into the financial services industry in Hong Kong in the next five years with financial technology a beneficiary, financial secretary Paul Chan said during his budget speech on February 28, 2018.
Recognizing innovation and technology as an economic driver, Hong Kong's finance chief is throwing in HK$50 billion to push its development. The sum includes HK$20 billion for a technology park and HK$10 billion to push exploration of innovations including artificial intelligence.
Pipeline of Expertise
With an eye on China's economic development Chan emphasized the need for Hong Kong to upgrade and deepen its pool of financial talent. Chan tasked the Hong Kong Monetary Authority to establish an academy of finance in collaboration with other financial authorities in the city.
In the latest World Fintech Report 2018 from Capgemini and Linkedin, Hong Kong's regulatory body was praised for helping to accelerate growth of financial technology in the city thanks to its strong support.
