Hong Kong to try Fintech

Hong Kong is a free market economy and allows Bitcoin within its borders. As the home Cointelegraph, a popular cryptocurrency news site and some very important banking buildings on Hong Kong Island, Hong Kong is the perfect candidate for new blockchain startups.

"Fintech can be applied to a wide range of areas such as electronic payments, robo-advisors, distribution of financial products, big data analytics, cyber security, equity crowdfunding and peer-to-peer (P2P) lending.  Some studies predicted that global investments in Fintech will surge from US$12 billion in 2014 to over US$46 billion in 2020." -HK 2016-2017 Budget Speech par. 57

Hong Kong has finally realized the potential of Fintech and how it can benefit analytics, security and various financial stuff. The Budget Speech also says that financial institutions have already set up R&D labs to develop Fintech and as a result, Hong Kong's financial secretary said that the government of Hong Kong will start investing in fintech and improved financial technologies and setting up space for fintech startups to work in for the next 5 years to encourage Fintech experts to move some of their operations to in Hong Kong.

A massive 3000 square metres of space will be allocated by Cyberport to establish programs to support around 150 Fintech startups.

"Government will encourage the industry and relevant organisations to explore the application of "Blockchain" technology in the financial services industry, with a view to developing its potential to reduce suspicious transactions and bring down transaction costs.  The Cyberport will provide training to the industry through its incubation programme to promote relevant technologies for developing more services and products." -HK 2016-2017 Budget Speech par. 63

With numerous banks around the world investing in Blockchain technology, the extra security and low transaction costs are a few reasons why Hong Kong is on board with the idea of embracing Fintech and Blockchain.

With many banks having a presence in Hong Kong, Blockchain technology can finally be implemented in banking and financial services with the help of Hong Kong's free market economy which gives more flexibility with trade.

To read more about the Hong Kong Budget Speech, you can check it out here:
http://www.budget.gov.hk/2016/eng/budget11.html

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Sources:
http://www.budget.gov.hk/2016/eng/budget11.html





Hong Kong to try Fintech Hong Kong to try Fintech Reviewed by Angus Leung on 18:54:00 Rating: 5

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