According to Odaily, Hong Kong's financial technology sector has experienced significant growth, with more than 1,100 fintech companies established by October this year. This marks an approximate 15% increase over the past year, as stated by Deputy Secretary for Financial Services and the Treasury, Joseph Chan, during a legislative council meeting.
The Hong Kong government remains committed to advancing technological applications in various financial domains. These include central bank digital currencies, mobile payments, digital banking, and virtual asset trading. The administration is also focused on fostering a healthy, responsible, and sustainable development of stablecoins and the Web3 ecosystem in the region.
This growth in the fintech sector highlights Hong Kong's strategic efforts to position itself as a leading hub for financial innovation. The government's initiatives aim to enhance the city's competitiveness in the global financial landscape by embracing cutting-edge technologies and promoting a robust digital economy.