Hong Kong financial technology (fintech) market's largest segment is Digital Payments - with a total transaction value of $114 trillion HKD in 2019.
Money has been part of human history for the last 3,000 years and comes in many different forms. Whether in the shape of a metal coin, or a number on a computer – money is constantly evolving. Contrary to popular belief, Hong Kong’s startup community is one of the fastest-growing ecosystems in the world, with multiple records to its name. SenseTime, WeLab, Lalamove, Tink Labs, BitMEX, GoGoVan, Klook, TNG Wallet and AirWallex are the 8 homegrown stars in Hong Kong confirmed as unicorns.
Given the significant number of start-ups involved in the fintech sector, it is not surprising to discover substantial growth is occurring. Hong Kong-based fintech investment jumped to $4.27 trillion HKD in 2017 (2016: $1.69 trillion HKD; 2015: $842 million HKD). The largest fundraising in Hong Kong in 2018 was by the mobile lending company WeLab ($1.72 trillion HKD). Hong Kong’s financial secretary has covered in his 2018 budget that he would allocate $500 million HKD to the development of financial services over the next five years, including fintech.
Employment in the sector will continue to grow. With the high usage of mobile devices and technology-based solutions, the demand for financial and banking solutions through personal devices is increasing. This is the key growth driver for the global financial technology market.
The potential for fintech is unlimited. Banks and firms are cravings for fintech professionals who can help to bring their digital solutions forward. At Selby Jennings, we worked with clients to identify business-critical fintech professionals. We make sure they join your businesses instead of competitors. Reach out to our team on more fintech talent and vacancies information.