Hong Kong green fintech players must extend ties to sectors beyond finance to serve the economy, experts say
- Companies must figure out how to integrate with many different sectors to prove their worth to the city’s economy, summit speakers say
- The city is home to around 1,000 fintech companies, a number that grew by 25 per cent in 2023, government official says
Players in Hong Kong’s green fintech space should focus on increasing their integration with multiple sectors to enhance their ability to serve the real economy, industry experts said at a summit.
Green fintech is “not as narrow as it looks”, Jason Tu, founder and CEO of MioTech, a Hong Kong-based provider of sustainability data and solutions, said during the Hong Kong Green Fintech Summit on Tuesday.
While green fintech companies focus on providing technology that supports analysis and reporting on environment, social and governance issues and related subjects, “it’s not only about finance, or asset management”, he said during a panel discussion. “It has a much broader scope. Because finance is the first sector that needs to adopt sustainability, it will eventually push all these requirements onto the real economy.”
For green technologies to thrive in Hong Kong, green fintech players must look beyond the financial sector and the compliance market, and figure out how to integrate with many different sectors, said Rocky Tung, director and head of policy research for the Financial Services Development Council.
“This is where the opportunities are,” he said.
The city is home to around 1,000 fintech companies, a number that grew by 25 per cent in 2023, Joseph Chan Ho-lim, the under secretary for Financial Services and the Treasury, said at the opening of the summit.