April 27, 2017
Hong Kong is known to be one of the top global financial centers in the world. Its markets are well-regarded for operating under mature, effective and transparent regulations that are in line with international standards. The HK government and the top research centers have put significant efforts into supporting economic growth and creating a business and innovation-friendly environment. A few recent initiatives include:
● Plans to introduce and enhance various funding schemes to encourage more private enterprises to invest in R&D and applied technology, and to translate outstanding local R&D achievement into products and services with commercial value. Other than injecting a sum of $5 billion into the Innovation and Technology Fund (ITF), the government pledged to inject $2 billion to launch a Midstream Research Program for universities to provide funding support to carry out more midstream and applied research projects in key technology areas.
● The Hong Kong Monetary Authority (HKMA) has recently linked up with the Applied Science and Technology Research Institute to launch the FinTech Career Accelerator Scheme (FCAS), backed by 11 banks and 9 universities. The new scheme will aim to provide practical internships for undergraduate and postgraduate students wishing to develop careers in the FinTech industry.
The vibrant Hong Kong FinTech community here also hosts a plethora of events, meetups, organizations, and virtual hubs, specifically tailored to facilitate top talent development and acquisition as well as create a conducive environment for businesses to adopt and push innovation into the market.
Ventures regularly organizing various events, closely following and sharing industry insights with the entrepreneurs, banks and the VC community:
Anthony Sar, CEO & Co-Founder of FINNOVASIA, shared with the LTP Team that Hong Kong is quite a costly place to run a startup. However, it is one of the most efficient cities in Asia, where decisions are made fast and you can expect a high-quality execution. The FinTech industry is quite developed in the city with more and more people joining the community. We believe that the community matters the most as human relations will outlast startups.
Emphasizing the strategic advantages of Hong Kong for blockchain-focused businesses, Jehan Chu, the founder of Ethereum Hong Kong Meetup, shared with the LTP Team:
I've always felt that Hong Kong is uniquely positioned for blockchain development as it has a richness and density of networks and professional services ranging from finance to retail, and insurance to real estate. Nowhere else in Asia has such high-quality institutions and opportunities for ambitious founders and startups to find partners and customers.
Combined with the 'new internet' potential of blockchain, Hong Kong is the ideal garden to seed startups from payments, to trade finance, to identity services and even blockchain IoT.
Blockchain technology has seen a surge in community and professional interest, with the largest blockchain communities like the Bitcoin Association of HK and Ethereum HK meetup reaching thousands of members, while new interest groups like Hyperledger HK and the Blockchain Meetup are sprouting up. In addition, government engagement is on the rise and there is a real commitment to learn about this technology with an eye towards providing support and constructive policy in the future. As the financial center of Asia, HK also benefits by affording blockchain startups a deep and experienced financial community to network in, he added. ![where-to-meet-hire-fintech-talent-hong-kong2.jpg](/uploads/where-to-meet-hire-fintech-talent-hong-kong2.jpg)
Image: Ethereum HK Meetup
Image: FinTech O2O by NexChange
The Hong Kong FinTech ecosystem has become quite vibrant. This is a function of the pieces of the ecosystem developing and coming together with more favorable government policies, funding, talent and demand from financial institutions. As the social network for financial services globally we see the Hong Kong FinTech scene as being a hot spot. Our FinTech O2O event series who we co-host with Cyberport has become the one of the largest FinTech event series in Hong Kong with over 8000 attendees in little more than a year.
Left: Next Money FF17, Right: FINNOVASIA China FinTech Event during FinTech Week![where-to-meet-hire-fintech-talent-hong-kong6.jpg](/uploads/where-to-meet-hire-fintech-talent-hong-kong6.jpg)
If you are a FinTech event organizer in Hong Kong that has been omitted from this overview, please reach out to us at firstname.lastname@example.org