Remitting money overseas is necessary, but it doesn’t have to be risky By Ivy Lun If you’re a frequent user of digital remittance platforms, you may have noticed that the range of remittance methods available for use has grown considerably over the last few years. With COVID-19 restricting [...]
WHub launches the Hong Kong FinTech Whitepaper (V.3) presenting key findings and a comprehensive overview of Hong Kong’s FinTech ecosystem, with a focus on startups.
WHub’s FinTech Whitepaper presents the key findings and facts as well as a comprehensive analysis of the contributing factors in the ecosystem that have solidified Hong Kong’s position as a leading global Financial Hub and its evolution into a competitive FinTech Hub. Such contributing factors include the strength of its financial sectors, a strong talent pool, Hong Kong’s position as a gateway to regional and Mainland China markets, the regulatory framework, as well as many other variables. Hong Kong has seen extensive activity in its startup ecosystem with an estimated 3,000+ startups. Specifically, the city now boasts the evolution of 4 homegrown FinTech Unicorns- AirWallex (raised US$202 million), BITmex (trading history of over US$34 billion worth of Bitcoin since its launch), The TNG FinTech Group (raised US$115 million in Series A, the largest series A investment for a FinTech company) and WeLab (raised US$425 million). The Whitepaper also offers readers an in-depth look at the various Fintech sectors and their underlying technologies and applications within the market. The Whitepaper also features a comprehensive FinTech map that illustrates and categorises 290 HK FinTech startups according to their relative sectors (WealthTech, Payments, RegTech, Cryptocurrency, Insurtech and Others).
The roots of Hong Kong’s active FinTech sector are not only found in the city’s supportive ecosystem but the HKSAR Government has also been gearing up for the evolution of the FinTech era. In this regard, on September 12, 2018, Chief Executive of Hong Kong, Ms Carrie Lam mentioned: “FinTech is a key technology area to focus on and invest in”. The Whitepaper outlines the various Government programs, regulations and policies that have been guiding these government initiatives to further develop Hong Kong as a sustainable and powerful FinTech Hub. In addition to government initiatives, the Whitepaper presents the dynamic FinTech synergies that are unfolding with corporates, startups and incumbents in various financial and technological sectors. These parties have a symbiotic relationship and their various sets of competitive advantages and challenges create win-win collaborations and partnerships in the dynamic FinTech arena. Similarly, startups are also strongly supported by community builders that unite together with startups to drive the FinTech ecosystem. Accordingly, as this is an integral part of the development of a startup, WHub’s Whitepaper contains an extensive list of community builders (entrepreneurs, industry experts and investors).
WHub is thrilled to have launched the V.3 FinTech Whitepaper on Wednesday, March 27, following the announcement that the HK Monetary Authority granted banking licences under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited to them to operate in the form of a virtual bank.
The Whitepaper was presented by WHub/AngelHub co-founder, Karena Belin and was preceded by a panel discussion moderated by WHub/AngelHub co-founder, Karen Contet Farzam. The panel featured 3 FinTech Visionaries- ZhonagAn’s Founding member Ken Lo, Circle’s CCO and Head of Regulatory Affairs, Benedicte Nolens (ex-SFC, FTAHK board member, WHub FinTech community builder) and last but not least, co-founder and COO of FinFabrik, Florian Matthaeus Spiegel. FinFabrik was recently invested in by BitMEX, a Hong Kong FinTech Unicorn. The panellists all expressed that the HK Ecosystem is thriving, vibrant and accelerating to new levels.
To download the whitepaper: https://www.whub.io/fintech-toolbox
– END –
For media enquiries, please contact:
Maayan Gossat Schwartz
WHub helps startups unleash their full potential
WHub.io, Hong Kong’s biggest startup community and power connector, is the platform showcasing more than 3,000 startups to accelerate their business by making meaningful connections.
The WHub vision is based on 3 main pillars:
Connect: Connecting startups with startup ecosystem to forge game-changing partnerships; enable startups to build their team by posting jobs and contacting talent directly.
Empower: Favoring startups with exclusive WHub Perks to resources and events; access to inspiring and thoughtful connections and events through our curated event calendar.
Educate: Issuing Startup Toolboxes to help startups scale beyond their home countries; organising events and supporting global conferences; curating the latest news in the ecosystem.
We believe in the combination of startup agility and corporate power.
Startups need infrastructure, access to market and know-how; while corporates need new products and services to stay competitive and with an innovative mindset keeping them ahead of the game.
For more information, you can connect with us on facebook @whubhk, follow us on twitter @whub_io, on Linkedin w-hub and read our articles on medium @whub, feel free to visit our website www.whub.io and reach out at [email protected]
AngelHub (angelhub.io) is the first SFC regulated Equity Crowdfunding Platform for Professional Investors.
The founders of WHub, HK’s startup ecosystem, decided to continue their mission to empower startups by democratizing venture capital. After a strong selection process, AngelHub connects worldwide ventures scaling in Asia to Investors, across all sectors and technologies.
AngelHub empowers Investors to get access to vetted startups, fueling inspiring entrepreneurs and game changers that are revolutionising the way we live.