Hong Kong Fintech is Booming

The former British colony of Hong Kong is experiencing a financial technology boom seldom seen before.

Although the US and UK not surprisingly lead in investment intentions, the small city-state comes out on top for adoption rates of financial technology among its consumers. Hong Kong has long been considered a potential global financial capital, and its adoption and acceptance of fintech innovation could help it secure that title.

Hong Kong is not often considered a particularly technologically advanced city compared to its neighbors, such as Tokyo and Seoul. However, Hong Kong boasts the highest adoption rate by far. Hong Kong sits at the top of the percentage of people who have used at least two fintech services in the last 6-months at 29%.

The United States, the second place contender, came in at 17%, while Singapore and the UK came it at 15 percent and 14 percent respectively.

The adoption rates parallel other advancements in the Hong Kong fintech scene. Recently, multiple accelerator and incubators have been founded in Hong Kong, with many major players backing the ventures. The city has a few potential advantages that other larger and traditional nations may not have.

For one, Hong Kong is but one city, and a city that has an extremely high population density. Moreover, Hong Kong has already been established as a significant player in the financial industry, especially within Asia, giving it a headstart in the fintech game.