New | Government to release supportive fintech policy in near future, says Financial Secretary
John Tsang said the government will soon release financial technology policy in support of locally-based start-ups
The budding financial technology start-up community in Hong Kong received a boost on Wednesday, when Financial Secretary John Tsang said the government Steering Group on Financial Technologies is set to release its recommended set of policies for fostering Hong Kong as a financial technology hub in a few months.
The policies have been expected ever since Tsang announced the setup of the government steering group in March as part of the 2016 fiscal budget.
Tsang was speaking at the FinTech Innovation Lab event organised by strategy consulting confirm Accenture on Wednesday.
Compared to the US, where there are multiple overlapping state and federal regulations, Hong Kong is seen by new technology companies as more benign in terms of regulations on business.
There are now some 1500 start-ups operating in the city. They have collectively attracted hundreds of millions of Hong Kong dollars worth of new investment into the city.
Many young companies are drawn to Hong Kong for its proximity to major Chinese and international financial institutions, low taxes a relatively light regulatory burden.