InvestHK has helped 59 fintech companies establish or expand their presence in Hong Kong during the first eight months of 2024.
This represents a 44% increase compared to the same period last year.
These firms, representing 12 economies, including Mainland China, the US, France, Singapore, Canada, and the UK.
This highlight the Hong Kong government’s continued efforts to strengthen its financial services through fintech investment and expertise.
King Leung, InvestHK’s Global Head of Financial Services, Fintech & Sustainability, described the influx of fintech firms as beneficial for Hong Kong, bringing both investment and job opportunities and expanding the city’s fintech talent pool.
Among the new entrants is a Shenzhen-based digital banking company that has chosen Hong Kong as its technology headquarters, with plans to invest US$150 million.
Swiss private equity firm Partners Group has also recently opened a new office in Hong Kong, citing the city’s status as a prominent wealth management center in Asia-Pacific and its proximity to Mainland China.
Partners Group’s expansion is part of its strategy to grow its private wealth business in the region, supported by Hong Kong’s base of over 2,700 family offices and 12,000 ultra-high-net-worth individuals.
Hong Kong’s fintech ecosystem, now home to around 1,000 companies, is experiencing notable growth in three areas: wealthtech, digital assets, and green fintech.
The Hong Kong Fintech Week 2024, currently underway, is expected to attract 30,000 attendees from over 100 economies, underscoring the city’s role as a regional fintech hub.