All Eyes on Hong Kong – Asia’s World City with over 3000 startups

What makes Hong Kong unique – as the world’s financial hub?

As Asia’s World City and one of the world’s leading international financial centers, Hong Kong is the very definition of a cultural melting pot. Its population of nearly 7.5 million is also ultra-connected, with a 235.5 percent mobile penetration rate (more than two devices per person). The territory is equally well-adept in both Western and Chinese digital tools, from social media to e-commerce to payments and beyond. 

The Greater Bay Area initiative, with the goal of developing an ecosystem to rival that in San Francisco and New York, has had a significant impact. Hong Kong also benefits from a strong talent pool of local and international resources, and 7 of the world’s top 100 universities.

With 70 million people between the regions of Guangdong, Hong Kong, and Macau, that combined population is more than the whole of the UK and twice that of Canada, and accounts for 12 percent of China’s GDP. Under its “one country, two systems” framework, Hong Kong has built corridors to the Chinese financial markets. It ranks as Asia’s Number One financial hub, and has quickly evolved into a vibrant fintech hub as well. 

All Eyes on Hong Kong

Unbeknownst to many outside of the region, Hong Kong’s startup ecosystem is one of the fastest growing in the world with over 3,000 startups. These startups cover a diverse mix of sectors, from fintech and e-commerce to advertising, enterprise software, and B2B applications, as well as engaging a diverse mix of entrepreneurs, with 45 percent of them identifying as female and 35 percent of founders from overseas.

The city has the highest concentration per capita of unicorns in the world with eight being founded in the territory alone. The highest value AI startup, Sensetime, is incubated in Hong Kong’s Science and Technology Parks, with a valuation that has surpassed $7.5 billion. Other unicorns include BitMEX, GoGoVan, Klook, LaLamove, WeLab, TNG Wallet, and AirWallex. 

A few other developments to note:

• The Faster Payments System (FPS) launched by the Hong Kong Monetary Authority (HKMA) marks a significant milestone in the payments market, enabling individuals and corporates to transfer funds anytime, anywhere, across different banks or stored value facilities, with funds available almost immediately.
• AngelHub launches Hong Kong’s first regulated startup investment platform for professional investors to invest in vetted startups from around the world, thereby providing a new asset class to bridge angel seed funding with institutional funding.
• Eight virtual banking licenses have been granted by the HKMA; along with the Open API framework, such efforts aim to facilitate the development of fintech ecosystem and to encourage incumbent financial institutions to adopt modern technology. 

Asia’s World City with over 3000 startups

Hong Kong is strategically positioned to provide access to China and Southeast Asia region. Despite its recent turmoil, it is still rated as the world’s freest economy by Heritage Foundation, beating out Singapore, New Zealand, and Australia. Its economic ties to the world’s second largest economy, China, cannot be easily replicated. We are hopeful that its culture and steadfast spirit will help guide the territory to a new era of growth and prosperity.

Tune in to our latest episode of Red Envelope, with eyes on Hong Kong, as I chat with Karena Belin, CEO and Co-Founder of WHub, via iTunes and Spotify. Download WHub’s latest Hong Kong FinTech Whitepaper here.

See more by Theodora here.

Our latest – reflecting upon our visits to #Japan, on culture, traditions, and values#FinTech #Longevity #Innovation
cc @leimer @Karunk @SpirosMargaris @TheRudinGroup @moyle_l @guzmand @floriansemle @richardturrin @LedaGlyptis @sallyeaves @ShaulDavidUKhttps://t.co/UIcJufb5iK pic.twitter.com/NArYrflzTu

— Theo – ??? (@psb_dc) September 10, 2019

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