Hong Kong - The 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, a piece of paper with a historical figure on it, or a number on a computer, one thing is for certain – 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. Currently 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 from $1.69 trillion HKD in 2016 and $842 million HKD in 2015, according to an Accenture analysis of data from CB Insights, a global venture-finance data and analytics firm. The largest fundraising in Hong Kong last year was by WeLab, the mobile lending company, which raised $1.72 trillion HKD in November. Paul Chan, Hong Kong’s financial secretary said in his 2018 budget, 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 as high usage of mobile devices and technology-based solutions will push the demand for financial and banking solutions, which can be accessed through personal devices. This is the key growth driver for the global financial technology market, making it worth approximately $2.39 trillion HKD by 2023, at a CAGR of 22.17% during 2018-2023.