Strengthening the Country’s Economic Resilience Even More
Hong Kong is welcoming Fintech Firms to aid in the building of the banking and financial services sector in the city. It is part of the plan to keep the city’s economy strong and resilient.
An Economy Rebounding
The world was hit hard in 2020 in an unprecedented manner by the Covid-19 pandemic. It was a situation that no business could have prepared for. Despite it all, the Hong Kong financial system demonstrated an unparalleled strength and resilience. The financial markets kept operating in an orderly manner and the US to Hong Kong dollar remained strong.
Hong Kong’s strength is attributed to its fundamentals. The city will bounce back stronger than ever and the opportunities are enormous. Once the pandemic is over, it is time to tap into all that potential. Given the city’s unique advantage as China’s international financial centre, Hong Kong is able to offer a range of services that the keen investor can take advantage of.
That is one of the many reasons why Hong Kong welcomes Fintech Firms this year to boost the country’s banking and financial services sector even more. Thanks to its “one country, two systems” framework and longstanding advantages, company setup in Hong Kong is easy, enticing, and straightforward. The allure for the investor is how Hong Kong is a conduit for foreign capital investment and the springboard for Mainland China and any company looking to tap into the international markets in this region.
As such, Hong Kong continuously seeks ways to make it easier for international investors to set up business roots in the city. Hong Kong welcomes Fintech Firms with the support of the central government. It is continuously looking for ways to improve. One of these initiatives includes the Fintech Proof-of-Concept Subsidy Scheme that offers financial institutions incentives if they partner with Fintech companies. The partnership should be on proof-of-concept projects. Hong Kong is welcoming Fintech firms from around the world and the region to join the banking and financial services sector and become a part of Hong Kong’s future.
The Wealth Management Connect is also making it possible for residents in the bay area to handle cross-boundary investment in wealth management products. These products will be distributed by the banks in the area. This is an initiative that will strengthen the city’s wealth and asset management sector even more.
Hong Kong is already home to more than 600 Fintech firms and start-up businesses. It hopes to expand this number as it focuses on recovering from the global pandemic this year.