HK$17b boost for Hong Kong’s innovation and technology sector aimed at fintech startups
Focus to fall on financial technology as potential growth area for start-ups, and developing blockchain technology related to bitcoin transactions
Hong Kong’s innovation and technology sector is in for a HK$17 billion-plus boost, as part of spending initiatives announced by the financial secretary in his budget speech on Wednesday.
The highlights include HK$8.2 billion in funding to promote smart manufacturing and research led by the Hong Kong Science and Technology Parks Corporation.
John Tsang Chun-wah put significant focus on financial technology, or fintech, which has been highlighted as a potential growth area for start-ups in the city.
He said the Steering Group on Financial Technologies, announced in last year’s budget, had recommended measures to develop the sector, including encouraging overseas talent to come to Hong Kong.
Fintech start-ups offer financial services including crowdfunding and peer-to-peer lending. As part of the support for the sector, Cyberport will dedicate 3,000 square metres of co-working office space to fintech firms and nurture 150 fintech start-ups over the next five years.
We’re an old economy and Hong Kong needs to move fast if it wants to reinvent itself
Tsang said the government would encourage the financial industry to explore blockchain technology, the transaction record behind the digital currency bitcoin, to reduce suspicious transactions.