SMEs and Startups in Hong Kong Advised to Keep Up With the Change of Times
Hong Kong is known to many as the preferred place to do business because of its pro-business environment. With low taxes, world-class infrastructure, ease of doing business, steady purchasing power by the local consumers, Hong Kong is on its way to become the region’s e-commerce hub. With technology taking over our lives every minute, developing an e-commerce business arm is vital for many businesses to survive and thrive in a competitive environment.
With the increasing shift to online media consumption, businesses are now required to innovate online to ensure survival. With the advent of secure online payment, more and more consumers all over the world prefer buying online than buying at the store. That is why small and medium enterprises (SMEs) should be on the Internet to sell their products or services.
Technology Voucher Programme
The Hong Kong Special Administrative Region (SAR) is committed to assisting Hong Kong businesses, particularly SMEs with technology innovation. The technology voucher programme is aimed at helping SMEs to acquire technology services and solutions to improve their productivity. It is also intended to help these SMEs transform their practices and enhance their online business while upgrading cybersecurity measures. Many SMEs were not keen on improving their online business platform or practices because of possible online fraudsters. With a wide variety of technology and cybersecurity solutions available for every venture size, SMEs can now take the opportunity to utilize the technology voucher to improve and innovate business solutions.
With the launch of Faster Payment System, money can be transferred instantly, hassle-free. Both businesses and individuals can now pay taxes, rates and water charges with the Faster Payment System to the Hong Kong SAR. With such a system in place and accepted by the HK SAR, businesses can be assured that the payment system is secure and regulated. Hong Kong’s online consumer base is massive, and this is an opportunity for businesses of all sizes and sectors to compete for a slice of the market share. Hong Kong has also established a common QR code for payments. It is a standard payment to help promote mobile retail payments without neglecting user experience for both merchants and consumers. The convenience of shopping online has also hastened the need to develop and improve e-commerce businesses in Hong Kong and around the globe.
Smart Hong Kong City
Besides promoting mobile retail payments and providing technology procurement assistance, HK SAR aims to transform Hong Kong into a Smart City. With more than seventy measures recommended in the Smart City Blueprint for Hong Kong, HK SAR encourages SMEs and startups to seize the moment in a favourable business environment.