Fintech News Hong Kong has released its selection of the top fintech players in Hong Kong, highlighting both local and international organizations that are transforming Hong Kong’s financial landscape.
These companies are recognized for their leadership in specific fintech verticals, as well as for their broader contributions to the city’s financial innovation and sector growth.
The selection spans ten fintech verticals, including digital payments, wealthtech, digital assets, and digital banks, along with supporting organizations such as accelerators and government agencies. These categories reflect the diversity and depth of Hong Kong’s fintech ecosystem.
E-wallets
In the e-wallet fintech vertical, four brands are showcased as leaders. AlipayHK and WeChat Pay HK are the localized versions of their well-known Mainland Chinese counterparts, adapted to the needs of Hong Kong users with HKD currency support and integration with local merchants and services. AlipayHK boasts over 4.2 million active users, and covers 150,000 online and offline merchant outlets across the city, while WeChat Pay HK claimed 5 million registered users and more than 150,000 merchants in March 2023.
Octopus is Hong Kong’s ubiquitous contactless stored-value smart card launched initially for public transport. It has a reported 98% population penetration and over 20 million Octopus cards in circulation.
Finally, PayMe is a mobile peer-to-peer (P2P) and person-to-merchant (P2M) e-wallet app from HSBC. As of Q4 2024, PayMe had over 3.2 million users, and 100,000 merchants part of its network.
Digital payments
While local e-wallets dominate everyday consumer usage in Hong Kong, the broader digital payment category is led by international giants Stripe and Adyen. Both are global payment processing platforms that enable businesses in Hong Kong to accept online and in-person payments. They have massive scale, processing in 2024 US$1.4 trillion in total payment volume for Stripe, and EUR 1.3 trillion (US$1.5 trillion) for Adyen.
Digital banking
In the digital banking space, three players have emerged as category leaders. WeLab Bank is the first digital bank in Hong Kong to break even in Q1 2025; Mox, by Standard Chartered, claims more than 650,000 users and deposits totaling HK$17 billion (US$2.2 billion); and ZA Bank reported 800,000 customers and HK$19.4 billion (US$2.5 billion) in deposits as of mid-2024.
Insurtech
Insurtech is another fintech vertical where local players are standing out. Bowtie, which specializes in medical insurance, has a customer base of 140,000 and a total protection amount of HK$90 billion (US$11.5 billion) in May 2024. OneDegree, a general insurance provider, saw its full-year 2024 revenue exceed HK$240 million (US$30.6 million), marking a 131% annually from 2020. Blue, an online life insurer, was launched as a joint venture between Aviva, Hillhouse Capital, and Tencent, while Avo, another key player, is digital general insurer backed by Asia Insurance, Hillhouse Capital, and Two Sigma.
Lending
In the lending vertical, Qupital and FundPark are the market leaders, having disbursed over US$2 billion and US$3 billion respectively in business financing to date.
Regtech
The compliance and regtech vertical is led by Know Your Customer and Riking Shanghai. Know Your Customer provides modular digital onboarding and regulatory compliance automation to many top local banks and fintech players, including Neat, a Rapyd company based in Hong Kong, Hamburg Commercial Bank (HCOB), and ConnectPay, a Lithuanian electronic money institution. RIKING Regtech provides a suite of regulatory reporting, anti-money laundering (AML), risk‑control and data‑mart solutions tailored to Hong Kong regulatory requirements and widely used by banks and financial institutions.
Wealthtech
In wealthtech, Aqumon and Quantifieed are recognized as category leaders. Aqumon is a licensed robo-advisor and wealthtech software-as-a-service (SaaS) provider that allows retail investors to access personalized, goal‑based strategies. Quantifeed provides digital wealth management solutions to financial institutions, serving some of Asia’s largest financial institutions, including DBS Bank in Singapore, MUFG Bank in Japan, and Cathay United Bank in Taiwan.
Digital assets
Finally, in the digital asset and cryptocurrency sector, Hashkey Group and OSL Group lead the charge. HashKey Group is a full‑stack digital asset financial services provider which claims to operate the city’s largest virtual asset exchange. OSL Group provides services in brokerage, digital assets exchange, over-the-counter trading, and custody of digital assets. Since its inception, OSL Group says it has processed more than HK$100 billion (US$12.7 billion) in traded volume and holds a 76% market share of spot crypto exchange-traded fund (ETF) assets under custody in Hong Kong.
Supporting organizations
Besides the fintech companies themselves, the list also highlights two critical ecosystem enablers: Cyberport and Invest Hong Kong (InvestHK). Cyberport is a government backed tech hub, providing funding, workspace, mentorship, and networking to startups, while InvestHK is a government agency promoting Hong Kong as a leading fintech hub globally by attracting foreign companies, facilitating partnerships, and supporting local ventures with business advocacy, and market entry services.
These top 25 fintech organizations are spotlighted in the newly released Hong Kong Fintech Report 2025. The report, produced by Fintech News Hong Kong, offers a comprehensive look into one of Asia’s leading fintech hubs, exploring the industry’s developments and milestones over the past year, while also outlining the government’s strategic priorities and focus areas for the year ahead.
Featured image: Edited by Fintech News Hong Kong, based on image by bloodua via Freepik