‘Fintech is about to disrupt the banking world’: No of start-ups in Hong Kong doubles in 2015 but city unlikely to become Silicon Valley of the East anytime soon

The local government is, however, promoting fintech start-ups in a big way and these are expected to make a big splash in the coming year.

Britain’s Simon Squibb, whose company Nest launched three accelerator programmes in Hong Kong in 2015 in partnership with bank DBS, insurer AIA and car brand Infiniti, respectively, told the South China Morning Post that local entrepreneurs began to view potential markets differently last year.

“What’s changed is most of the start-ups in the last 18 months are thinking global … they’re not just thinking locally. That’s a big shift in the Hong Kong mindset,” said the entrepreneur and investor, who has been based in the city for over two decades.

Nest has invested in 53 companies since it was founded in 2010, and Squibb expects fintech entrepreneurs to do well this year as they help provide services that banks have failed to offer.