Hong Kong has a huge role to play in supporting China’s fintech juggernaut, financial secretary Paul Chan says
- Hong Kong, as the gateway to China and a rising regional fintech power, has much to offer and is poised to reap the rewards, says Paul Chan
- China Fintech Report 2020, produced by SCMP Research, provides investment insights and in-depth analysis of how the sector is rapidly developing in the mainland
Hong Kong has a vital role to play in the development of financial technology in China as the country’s fintech giants including Alibaba Group Holding, Ant Group, Tencent Holdings and others have plenty of room to increase revenue at home and internationally, according to Financial Secretary Paul Chan Mo-po.
The report, produced by SCMP Research and based on the Post’s reporting, provides investment insights and in-depth analysis of how digital payments, virtual banking, as well as online wealth management and insurance platforms are rapidly developing in China, which leads the world in the adoption of fintech.
China’s digital behemoth Ant Group is set to raise about US$34.5 billion this week in the world’s largest initial public offering, and valuing it more than JPMorgan Chase, the world’s biggest bank.
At home, the biggest driving force for the adoption of fintech is the pervasiveness of smartphones in China, where roughly one in every two of the 1.6 billion mobile phones in the world’s largest communication market is a device capable of data and internet services, the report said. Other major contributing factors include steadily rising incomes and significant scope to broaden access to credit, wealth management and insurance products.