THIS PAGE:
Scenes from last year's Hong Kong
Fintech Week conference;
OPPOSITE PAGE: Hong Kong
Fintech Week banners and technology
demonstrations at RISE 2018
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One of Hong Kong’s key strengths for fintech – as with so many other industries – is its role as a gateway
connecting China with the rest of the world. Bridging the gap between these economies
presents an opportunity for companies looking to
use innovative new technologies to disrupt traditional financial services. “Hong Kong acts as a launching pad for fintechs eyeing
regional opportunities in Asia, as a market for fintechs providing B2B services, and as a launch pad for mainland fintechs seeking international expansion,” says Charles d’Haussy, head of fintech at InvestHK, a branch of the Hong Kong government that overseas foreign direct investment. But Hong Kong isn’t solely a stepping stone to larger
things for companies looking to expand into or out of China, and in recent years a number of enterprises have developed new fintech solutions specifically with the Hong Kong market in mind. Originally founded in Moscow, e-commerce
platform Storiqa has since set up its head office in Hong Kong along with an additional office in Singapore and, is on course to launch a trial version of its service later this year, specifically for customers in the two Asian cities.
SEP T E M B ER 2 0 18
Storiqa, essentially an e-marketplace that allows
customers to purchase goods using cryptocurrencies, was present at the recent HKCEC tech conference. “We had a strong schedule for meeting local partners, and attending RISE was an added bonus to understand and get a sense of the exciting pulse of Hong Kong’s fintech scene,” says Andrian Galkin, the company’s COO. For Galkin, Hong Kong in particular offers the potential
to be both a vibrant market in its own right and a hub for the wider Asia region. “Hong Kong brings together a pretty international audience – there are a lot of travellers who can easily spread cool ideas worldwide. We plan to launch the platform in Asia because we see the potential in the consumer market. It’s a good place to start, to learn and to move forward.” Of course start-ups aren’t the only ones directing their
efforts towards the local Hong Kong market. Last year HSBC launched its own app, PayMe, which allows users to make payments and transfer money via mobile devices. In June, the company also partnered with e-commerce platform HKTVmall to allow customers to use the app to purchase items from the online store. “Banks in Hong Kong have invested more in digital and mobile banking in recent years, while more start-ups have launched financial management solutions,” says d’Haussy.
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