Hong Kong’s business confidence remains sluggish amid vibrant tech start-up activity
Hong Kong was ranked 37th of 45 cities around the world in business confidence in digital transformation initiatives, according to The Economist Intelligence Unit
While Hong Kong’s start-up revolution continues to surge because of increased activity in the financial technology field and the spark provided by young billion-dollar companies, a new study has found that overall business confidence in the city is down in the doldrums.
Hong Kong ranked 37th in an Economist Intelligence Unit (EIU) survey of 45 cities about business confidence in so-called digital transformation initiatives, according to a press briefing on Thursday by Australian telecommunications giant Telstra, which commissioned the report.
The survey’s finding was in stark contrast with the positive reinforcement earlier Thursday at consulting firm Accenture’s fourth annual FinTech Innovation Lab Asia-Pacific investor day at Cyberport, where 10 selected start-ups pitched their offerings to an audience of financial industry executives and venture capitalists.
“Innovation spurs more innovation,” said Cindy Chow Lok Mei-ki, the executive director of Alibaba Group Holding’s HK$1 billion Hong Kong Entrepreneurs Fund.
“Put a bunch of start-ups together and you can spark a fire of excitement for developing new solutions, tackling previously unanswerable challenges and seeking to make the world a better place. These are lofty goals worth pursuing.”
Participants in this year’s edition of Accenture’s accelerator programme were South Korean blockchain infrastructure provider Blocko; Hong Kong-based CoverGo, which automates manual insurance processes; FutureFlow, a US specialist in countering money laundering and terrorist financing; American start-up KapitalWise, which offers a micro-investment platform; and Singapore-based microUmbrella.com, which provides a micro-insuance buying and claims platform.