HK Primed To Become Fintech, Green Finance Hub: FS

Financial Secretary Paul Chan on Wednesday told top global finance leaders that Hong Kong is confident in developing into a leading centre for green and sustainable finance, and for fintech.

In a keynote speech at the Global Financial Leaders’ Investment Summit, Chan said the opportunities Hong Kong offers to the world as an international financial centre are “boundless.”

Citing the city’s “unique connectivity” with both the mainland and international markets, the finance chief said, “Hong Kong has the vision to become a premier centre for green and sustainable finance that serves the green transformation in the the mainland, the region, and the world. On this we have much confidence.”

Backed by the national 14th Five-Year Plan, Chan said Hong Kong’s strategic position as part of the Greater Bay Area, coupled with its adherence to high international standards, is “why we have good prospects to succeed.”

Chan added that the government has been working to facilitate the city’s development as an international fintech centre, providing the needed infrastructure and support for companies while attracting top talent to the city.

He also said the government’s electronic consumption schemes – where adult permanent residents were given thousands of dollars’ worth of electronic vouchers – had helped spur a boom in electronic payment systems.

“From shopping centres to wet markets, from hawkers to taxi drivers... we have come a long way in a short time,” Chan said.

“Five years ago, Hong Kong counted no more than 180 fintech companies. Today, we are home to more than 800 companies.”

He said the government is working on various other initiatives such as setting up Hong Kong’s own digital currency and further developing the virtual assets sector.

“In short, our prospect of green and sustainable finance and of fintech are highly promising,” he concluded.