Hong Kong to reinforce its FinTech scene

What 
  • Hong Kong is a deep market on the rise with a large number of financial institutions and FinTech startups looking to rapidly scale-up. The financial sector contributes 23.4% of the city’s GDP and 7.5% of total employment, and the Hong Kong FinTech sector bucked the global trend as companies continued to grow, raise capital and hire more talent
  • The Hong Kong government is trying to reinforce Hong Kong’s position as a key regional financial centre
  • Major investments are taking place within cutting edge areas such as Web3 and sustainable finance.

How 
  • The Government has so far provided subsidies to eligible bond issuers and loan borrowers for the issuance of more than 340 green and sustainable debt instruments in Hong Kong through the Green and Sustainable Finance Grant Scheme which total USD100 billion, enriching the green and sustainable finance ecosystem. The government has extended the scheme to 2027, and expanded the scope of subsidies to cover transition bonds and loans.  This will encourage related industries in the region to make use of Hong Kong's transition financing platform as they move towards decarbonisation
  • The government has announced an allocation of USD6.4 million to boost the development of the Web3 industry. The Task Force on Promoting Web3 Development has been established to provide recommendations on its sustainable and responsible development

 

Contact us

For more information contact Johan Thurée at johan.thuree@business-sweden.se.