Everything you need to know about Hong Kong's fintech ecosystem: startups, regulators, investors, and acceleration programs
The author of the material describes Hong Kong FINTECH ecosystem on the example of projects from the sphere of payments, personal finance management and e-commerce.
Why Hong Kong? Charles D'ossi, head of the Fintech division of Invest Hong Kong , gave a good answer to this question: Hong Kong contains all the elements necessary for this city to become a global and regional Fintech hub. It is one of the international financial centers with the most free economy, the rule of law, solid human resources and strong inherited ethics of doing business and work. In addition, Hong Kong is a very pleasant place to live, allowing its inhabitants to be very efficient and flexible. The city has naturally created an environment conducive to new acquaintances and a fruitful dialogue between partners.
')
Hong Kong has been an innovation center for many years and boasts a unique position that allows it, with the support of private and governmental organizations, to become a launching pad for all who want to enter the world's largest consumer market.
Moreover, Hong Kong can boast the highest rate of practical use of financial technologies (29%), ahead of markets such as the USA (16.5%), Singapore (14.7%), the United Kingdom (14.3%), Australia (13%) and Canada ( 8.2%). Speaking of access to capital by the Fintech sector, D'ossi noted that the 10 largest investments in the Asia-Pacific Fintech market region were related to projects in China and Hong Kong. Their total value was 90% of the total investment of the region, or $ 8.75 billion. This figure has eclipsed the figure of the European Region, whose countries managed to attract only 1.85 billion dollars for the same period.
Sources: Betatron , InvestHK , World Bank , International Federation of Fintech Hubs , Long Finance , International Economic Forum , IMD , Priori Data , Akamai , International Innovation Index , Doing Business , Startup HK , Fraser Institute , Heritage Foundation , United Nations Conference on Trade and development
According to the information FINTECH-database MEDICI , over the past few years, Hong Kong FINTECH start-ups have attracted more than $ 310 million of investment. Moreover, according to CNBC , it is expected that the share of Chinese money in Hong Kong exchange trading will reach one third of its volume over the next 3 years against the current one tenth. Some traders believe that in 5 years, this figure may well reach 50%.
WeWork's chief regional manager, Henek Lo, commented on the growth of the Asian financial center:
In Hong Kong, there is a strong and ready to come to the aid of all members of the community of fintech bodies and investors, including:
The above-mentioned Invest Hong Kong company is one of the most prominent projects leading the effort to strengthen Hong Kong’s position as the leading Asian international financial and business center. The list of the main advantages of Invest Hong Kong, indicating that Hong Kong is an ideal place to start a business, includes the government support mentioned earlier, the strategic position of the peninsula as an entry point to the Asian market, low taxation and simple tax regime, the business infrastructure of the world. business-friendly environment in the administrative district, the availability of highly qualified personnel and other important markers that indicate the status of an ideal area for discovery and Business zvitiya.
Being a highly competitive environment, Hong Kong is also one of the international venues where the most successful incubation programs and prominent investors are located, such as:
Many international FINTECH accelerators also choose the peninsula as a place for their headquarters. Some of the most interesting examples of such companies are: Innovation Fintech Hub of the Hong Kong Monetary Authority , FinTech Innovation Lab , IC Studio , The Betatron Startup Accelerator , Nest , The DBS Accelerator , The SuperCharger Accelerator , Hong Kong Venturetec Accelerator , Brinc and Paperclip , the first in its own way, a project dedicated to the creation of a start-up campus combining acceleration programs, co-working and offices.
The government of the administrative district provides warm support to the startup community. The authorities also established a "Venture Fund for Innovation and Technology" with a total capital of 2 billion Hong Kong dollars. The fund's activities will be to finance local technology start-ups in partnership with private venture companies on a parity basis. And Cyberport's business park plans to allocate 200 million Hong Kong dollars for investing in startups and has already launched last year co-working space Smart-Space FinTech with a total area of ​​more than 3 thousand square meters, designed for fintech startups. Moreover, last year, the Hong Kong government also allocated 5 billion Hong Kong dollars in favor of the Innovation and Technology Fund ( ITF ) for fintech and other start-ups.
Speaking at StartmeupHK, a venture forum recently organized by Invest Hong Kong, Secretary of Commercial and Economic Development of Hong Kong Gregory So said that entrepreneurs come to Hong Kong because it has the reputation of the fastest growing start-up hub in the world, as well as an innovation center for all stages of technology development. from idea to commercial implementation.
33 Financial Services Ltd. (a subsidiary of China 33 Media Group Limited) is a Hong Kong-based financial services provider. Offers services for the issuance and support of prepaid cards and other financial products, such as commercial and consumer lending, risk management, marketing services, customer service and IT support.
Addweup offers the services of converting, donating or donating the surplus foreign currency remaining with tourists at the time of departure from the visited country. The service operates on the basis of a mobile application and an online platform associated with special terminals at airports.
AsiaPay is an accredited payment system and vendor of payment gateways for banks, online payment systems for merchants, a certified international vendor of 3-D Secure for Visa, MasterCard, American Express and JCB.
Cashyou is a free P2P mobile wallet that allows you to make instant direct money transfers using NFC, QR codes or online. The company's goal is to provide a safe and easy way to send and receive small but frequent local payments in Hong Kong.
ePaylinks is a provider of online and offline payment solutions, acquiring services, and cross-border payments from Hong Kong based in 1999 serving retail companies.
Fuzo is an online platform and electronic wallet for storing and conducting transactions with mobile money, bitcoin and blockchain assets. The company offers an embedded security feature and an eSIM platform that uses a mobile virtual SIM card to conduct secure virtual currency transactions.
Jade One is a cash conversion platform. The company allows you to organize the transfer of money in the required format to the client, thereby simplifying the conduct of transactions. The platform can convert cash into prepaid cards replenished by balance, RFID / NFC wristbands or electronic vouchers. The list of services also includes the possibility of organizing electronic access to events, tracking the position of devices and integration with social media.
iBox is a mobile payment service that allows merchants to customize the receipt of bank cards from mobile devices running the Android and iOS operating systems.
ko-kard is a program for managing prepaid cards and related digital wallets, built on the basis of a powerful payment solution.
Melotic is developing a way to send and receive money using Bitcoin. The company creates a mobile application that allows users to send, receive and convert money from a smartphone. The service offers free single currency transactions, and currency rates close to interbank rates.
Mobexo provides a mobile payment service designed to replace credit cards, paper money and coins. The company's solution allows you to pay for purchases, receive and send money, as well as convert currency.
MoneySwap offers prepaid card issuing, acquiring services for merchants and transferring money from abroad to UnionPay cards. The company operates online currency exchange and payment platform in Europe and the Asia-Pacific region.
Pagita is a mobile application that focuses on securing transactions with encryption technology.
PayAllies is a payment system that provides a flexible, fast and secure way to conduct non-cash payments using mobile devices. The service does not require a user to have a bank account or credit card and is positioned as flexible and accessible to everyone.
Paycelerate is a market for short-term working capital, which allows buyers to receive discounts on goods, and suppliers — expedited payments on transactions by eliminating paperwork.
HSM's PayMe app is a simple, free and secure way to make joint payments and transfer money to friends. PayMe is positioned as available to all Hong Kong residents, no matter which bank they serve.
QFPay uses its own scientific developments and technologies to provide small and micro-business access to mobile payments and related services of additional value.
Swish offers mobile payment solutions for banks, payment service providers and telcos.
TNG Wallet is one of the leaders in the Hong Kong segment of digital wallets. The application has been downloaded more than 370 thousand times, and about 5% of the total population of the peninsula is used. It allows you to make instant money transfers, currency transactions, bank transfers, payment of bills and replenishment of SIM-cards worldwide.
Yintran Group is a financial technology company based in Hong Kong that has created its own money transfer network that allows users to send money via the Internet. The company was founded by a lawyer, the owner of several businesses, an engineer and a banker.
MoneyHero is an online platform for comparing financial and insurance products. Products covered include credit cards, personal loans, mortgages, and insurance policies.
Neat is a mobile personal finance management solution that allows you to set goals and monitor their implementation, as well as offering your own package for non-cash payments. The application is designed with the expectation of millenial and is completed with a MasterCard card for online and offline shopping.
PortSight Limited - is a comprehensive and multifunctional solution for the management of private capital.
Tapeke is a personal finance management application that works on the basis of the principle of zero disclosure, and designed specifically for users of Bitcoin and other cryptocurrencies. Tapeke allows bitcoin enthusiasts to get a complete picture of their cryptocurrency capital. The control panel of the application displays the arrival and consumption, customizable parts and balance for all or individual public Bitcoin addresses of the user.
You Technologies is a technology and financial services provider for financial institutions.
PassKit solution allows you to integrate the company's internal CRM systems, loyalty management software, POS systems and geo -technology with the latest client mobile platforms. Time-tested and standards-based solutions for large enterprises allow businesses to take full advantage of the latest customer interaction technologies.
PaynPaid is a platform that simplifies cross-border payments, allowing businesses and professionals from more than 200 countries to increase their presence in the international market. The company also offers a mass payout service available to recipients from around the world.
Proximiti is a platform service and analytical platform that offers solutions for telecommunications service providers, banks, sports companies and media firms.
Why Hong Kong? Charles D'ossi, head of the Fintech division of Invest Hong Kong , gave a good answer to this question: Hong Kong contains all the elements necessary for this city to become a global and regional Fintech hub. It is one of the international financial centers with the most free economy, the rule of law, solid human resources and strong inherited ethics of doing business and work. In addition, Hong Kong is a very pleasant place to live, allowing its inhabitants to be very efficient and flexible. The city has naturally created an environment conducive to new acquaintances and a fruitful dialogue between partners.
')
Hong Kong has been an innovation center for many years and boasts a unique position that allows it, with the support of private and governmental organizations, to become a launching pad for all who want to enter the world's largest consumer market.
Moreover, Hong Kong can boast the highest rate of practical use of financial technologies (29%), ahead of markets such as the USA (16.5%), Singapore (14.7%), the United Kingdom (14.3%), Australia (13%) and Canada ( 8.2%). Speaking of access to capital by the Fintech sector, D'ossi noted that the 10 largest investments in the Asia-Pacific Fintech market region were related to projects in China and Hong Kong. Their total value was 90% of the total investment of the region, or $ 8.75 billion. This figure has eclipsed the figure of the European Region, whose countries managed to attract only 1.85 billion dollars for the same period.
Sources: Betatron , InvestHK , World Bank , International Federation of Fintech Hubs , Long Finance , International Economic Forum , IMD , Priori Data , Akamai , International Innovation Index , Doing Business , Startup HK , Fraser Institute , Heritage Foundation , United Nations Conference on Trade and development
According to the information FINTECH-database MEDICI , over the past few years, Hong Kong FINTECH start-ups have attracted more than $ 310 million of investment. Moreover, according to CNBC , it is expected that the share of Chinese money in Hong Kong exchange trading will reach one third of its volume over the next 3 years against the current one tenth. Some traders believe that in 5 years, this figure may well reach 50%.
WeWork's chief regional manager, Henek Lo, commented on the growth of the Asian financial center:
“In just a few years, Hong Kong has become a magnet for philanthropists, venture investors and young entrepreneurs from all over the world, fascinated by the favorable business climate of the peninsula. In addition to this, Hong Kong is an economic center where the East meets the West, and that creates a new culture, full of diversity, energy and enthusiasm. ”
Influential players of the Hong Kong FINTECH market
In Hong Kong, there is a strong and ready to come to the aid of all members of the community of fintech bodies and investors, including:
- Invest Hong Kong Company
- Hong Kong Fintech Association
- Hong Kong Monetary Authority
- Insurance Office
- Securities and Futures Commission
- Hong Kong Bitcoin Association
- Hong Kong Venture Capital Association
The above-mentioned Invest Hong Kong company is one of the most prominent projects leading the effort to strengthen Hong Kong’s position as the leading Asian international financial and business center. The list of the main advantages of Invest Hong Kong, indicating that Hong Kong is an ideal place to start a business, includes the government support mentioned earlier, the strategic position of the peninsula as an entry point to the Asian market, low taxation and simple tax regime, the business infrastructure of the world. business-friendly environment in the administrative district, the availability of highly qualified personnel and other important markers that indicate the status of an ideal area for discovery and Business zvitiya.
Being a highly competitive environment, Hong Kong is also one of the international venues where the most successful incubation programs and prominent investors are located, such as:
- 1823 Ventures
- 500 startups
- Alacrity Capital
- Alibaba Entrepreneurs Fund
- Arbor ventures
- Bigcolors
- Ce yuan ventures
- Click ventures
- CoCoon Ignite Ventures
- CV Ventures
- Cyberport
- Fresco Capital
- General atlantic
- Green Visor Capital
- Gobi Partners
- HK Science and Technology Parks
- Horizons ventures
- Jen Advisors
- Kinyoon
- MindFund (Adam D. Lindeman)
- MindWorks Ventures
- Monk's hill ventures
- Nova Founders Capital
- Red chapel advisors
- Silver lake
- TA Associates
- Tiantang ventures
- True global ventures
- Criteitease
- Vectr Ventures
- Ventris Capital
- Warburg pincus
- Wavemaker Partners
Many international FINTECH accelerators also choose the peninsula as a place for their headquarters. Some of the most interesting examples of such companies are: Innovation Fintech Hub of the Hong Kong Monetary Authority , FinTech Innovation Lab , IC Studio , The Betatron Startup Accelerator , Nest , The DBS Accelerator , The SuperCharger Accelerator , Hong Kong Venturetec Accelerator , Brinc and Paperclip , the first in its own way, a project dedicated to the creation of a start-up campus combining acceleration programs, co-working and offices.
The government of the administrative district provides warm support to the startup community. The authorities also established a "Venture Fund for Innovation and Technology" with a total capital of 2 billion Hong Kong dollars. The fund's activities will be to finance local technology start-ups in partnership with private venture companies on a parity basis. And Cyberport's business park plans to allocate 200 million Hong Kong dollars for investing in startups and has already launched last year co-working space Smart-Space FinTech with a total area of ​​more than 3 thousand square meters, designed for fintech startups. Moreover, last year, the Hong Kong government also allocated 5 billion Hong Kong dollars in favor of the Innovation and Technology Fund ( ITF ) for fintech and other start-ups.
Fintech startups Hong Kong
Speaking at StartmeupHK, a venture forum recently organized by Invest Hong Kong, Secretary of Commercial and Economic Development of Hong Kong Gregory So said that entrepreneurs come to Hong Kong because it has the reputation of the fastest growing start-up hub in the world, as well as an innovation center for all stages of technology development. from idea to commercial implementation.
“Given the special energy and entrepreneurial spirit inherent in the city, Hong Kong can offer a good environment and has all the necessary elements to promote a new generation of innovators who want to create, test, show and launch their new companies right here in our city,” said So.
Payments, money transfers and mobile wallets
33 Financial Services Ltd. (a subsidiary of China 33 Media Group Limited) is a Hong Kong-based financial services provider. Offers services for the issuance and support of prepaid cards and other financial products, such as commercial and consumer lending, risk management, marketing services, customer service and IT support.
Addweup offers the services of converting, donating or donating the surplus foreign currency remaining with tourists at the time of departure from the visited country. The service operates on the basis of a mobile application and an online platform associated with special terminals at airports.
AsiaPay is an accredited payment system and vendor of payment gateways for banks, online payment systems for merchants, a certified international vendor of 3-D Secure for Visa, MasterCard, American Express and JCB.
Cashyou is a free P2P mobile wallet that allows you to make instant direct money transfers using NFC, QR codes or online. The company's goal is to provide a safe and easy way to send and receive small but frequent local payments in Hong Kong.
ePaylinks is a provider of online and offline payment solutions, acquiring services, and cross-border payments from Hong Kong based in 1999 serving retail companies.
Fuzo is an online platform and electronic wallet for storing and conducting transactions with mobile money, bitcoin and blockchain assets. The company offers an embedded security feature and an eSIM platform that uses a mobile virtual SIM card to conduct secure virtual currency transactions.
Jade One is a cash conversion platform. The company allows you to organize the transfer of money in the required format to the client, thereby simplifying the conduct of transactions. The platform can convert cash into prepaid cards replenished by balance, RFID / NFC wristbands or electronic vouchers. The list of services also includes the possibility of organizing electronic access to events, tracking the position of devices and integration with social media.
iBox is a mobile payment service that allows merchants to customize the receipt of bank cards from mobile devices running the Android and iOS operating systems.
ko-kard is a program for managing prepaid cards and related digital wallets, built on the basis of a powerful payment solution.
Melotic is developing a way to send and receive money using Bitcoin. The company creates a mobile application that allows users to send, receive and convert money from a smartphone. The service offers free single currency transactions, and currency rates close to interbank rates.
Mobexo provides a mobile payment service designed to replace credit cards, paper money and coins. The company's solution allows you to pay for purchases, receive and send money, as well as convert currency.
MoneySwap offers prepaid card issuing, acquiring services for merchants and transferring money from abroad to UnionPay cards. The company operates online currency exchange and payment platform in Europe and the Asia-Pacific region.
Pagita is a mobile application that focuses on securing transactions with encryption technology.
PayAllies is a payment system that provides a flexible, fast and secure way to conduct non-cash payments using mobile devices. The service does not require a user to have a bank account or credit card and is positioned as flexible and accessible to everyone.
Paycelerate is a market for short-term working capital, which allows buyers to receive discounts on goods, and suppliers — expedited payments on transactions by eliminating paperwork.
HSM's PayMe app is a simple, free and secure way to make joint payments and transfer money to friends. PayMe is positioned as available to all Hong Kong residents, no matter which bank they serve.
QFPay uses its own scientific developments and technologies to provide small and micro-business access to mobile payments and related services of additional value.
Swish offers mobile payment solutions for banks, payment service providers and telcos.
TNG Wallet is one of the leaders in the Hong Kong segment of digital wallets. The application has been downloaded more than 370 thousand times, and about 5% of the total population of the peninsula is used. It allows you to make instant money transfers, currency transactions, bank transfers, payment of bills and replenishment of SIM-cards worldwide.
Yintran Group is a financial technology company based in Hong Kong that has created its own money transfer network that allows users to send money via the Internet. The company was founded by a lawyer, the owner of several businesses, an engineer and a banker.
Personal Finance and Mobile Banking
MoneyHero is an online platform for comparing financial and insurance products. Products covered include credit cards, personal loans, mortgages, and insurance policies.
Neat is a mobile personal finance management solution that allows you to set goals and monitor their implementation, as well as offering your own package for non-cash payments. The application is designed with the expectation of millenial and is completed with a MasterCard card for online and offline shopping.
PortSight Limited - is a comprehensive and multifunctional solution for the management of private capital.
Tapeke is a personal finance management application that works on the basis of the principle of zero disclosure, and designed specifically for users of Bitcoin and other cryptocurrencies. Tapeke allows bitcoin enthusiasts to get a complete picture of their cryptocurrency capital. The control panel of the application displays the arrival and consumption, customizable parts and balance for all or individual public Bitcoin addresses of the user.
You Technologies is a technology and financial services provider for financial institutions.
E-commerce
PassKit solution allows you to integrate the company's internal CRM systems, loyalty management software, POS systems and geo -technology with the latest client mobile platforms. Time-tested and standards-based solutions for large enterprises allow businesses to take full advantage of the latest customer interaction technologies.
PaynPaid is a platform that simplifies cross-border payments, allowing businesses and professionals from more than 200 countries to increase their presence in the international market. The company also offers a mass payout service available to recipients from around the world.
Proximiti is a platform service and analytical platform that offers solutions for telecommunications service providers, banks, sports companies and media firms.
Source: https://habr.com/ru/post/399137/
All Articles