Hong Kong has a vital role to play in the development of financial technology in China as the country’s fintech giants including Alibaba Group Holding, Ant Group, Tencent Holdings and others have plenty of room to increase revenue at home and internationally, according to Financial Secretary Paul Chan Mo-po.
“In a remarkably short time, China has become one of the largest fintech markets in the world,” Chan said in a statement to mark the release of the South China Morning Post’s China Fintech Report 2020. “As the mainland continues to expand its flourishing fintech sector, Hong Kong, as one of the world’s leading financial centres, the unique business gateway to the mainland and a rising regional fintech power, has much to offer and is poised to reap the rewards.”
The report, produced by SCMP Research and based on the Post’s reporting, provides investment insights and in-depth analysis of how digital payments, virtual banking, as well as online wealth management and insurance platforms are rapidly developing in China, which leads the world in the adoption of fintech.