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New FinTech space opens in Hong Kong

Image Credits: InvestHK, Press Release

According to a recent press release, a major IT service management company announced the launch of the Wall Street Factory (WSF), a new space of over 25 800 square feet in North Point.

The space was designed to be a comprehensive platform offering comprehensive solutions from business incorporation, office space, operation support and business referral to fundraising and capital market advisory for the growing fintech communities in Hong Kong.

It has 12 conference rooms and three main event spaces, namely Arena, Wall Street Corner and Sandbox, among other facilities and amenities.

The Founder and Chairman of the IT service management company stated that the group’s establishment in Hong Kong has positioned it at the forefront of the fintech industry to win a growing cluster of clients from diverse sectors.

Its WSF will strive to collaborate with them, including global e-wallets and financial institutions, in offering and promoting their open banking APIs (application programme interfaces) to global fintech, wealthtech, insurtech and proptech companies and more.

It was noted that the firm looks forward to witnessing the launch of the WSF, which perfectly matches its commitment to elevating the lives of billions with financial empowerment and financial services.

The WSF is designated to help start-ups grow from being rising stars to unicorns, and then to public listings in major stock exchanges, by providing them with a host of business and fundraising solutions.

The Director-General of Investment Promotion at InvestHK stated that Hong Kong’s fintech ecosystem is growing rapidly and attracts players from Mainland China and those from around the globe. The number of homegrown fintech enterprises is also on the rise.

The WSF turns a new page in Hong Kong’s fintech development. With this one-stop platform, Hong Kong’s fintech communities will have the sort of comprehensive support they need to grow stronger.

The IT service management company aims to provide next-generation financial services to the 1.2 billion unbanked population in Asia through its various e-wallet platforms. The financial services it provides include electronic payments, global remittance, global cash withdrawal and settlement, wealth management and more.

Its Global Emoney Alliance currently covers Hong Kong and 14 Asian countries, including China, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, India, Sri Lanka, Bangladesh, Nepal and Pakistan, and provides 24/7 cash-in and cash-out services to its users through a network of over 5 000 banks and over 400 000 cash pick-up points globally.

Hong Kong seeks to position itself as FinTech hub

Over the past few years, the HKSAR Government has been working to make Hong Kong the world’s leading FinTech hub.

An earlier report by OpenGov Asia noted that Hong Kong is achieving this goal rapidly. While Hong Kong may have been slow to adopt FinTech when it first hit the vernacular, the region is now adopting FinTech innovation with increasing velocity.

Hong Kong has long been a financial centre and key industrial hub for all of Asia. Just about every global bank has a presence and traditionally Hong Kong has been an important conduit to mainland China. The fact that Hong Kong is now joined philosophically and physically to the second largest economy in the world, makes Hong Kong’s even more vitally important to the realm of innovation in financial services.

The combination of public and private entities represents a cohesive full-court press to fuel innovation in financial services and create a business-friendly locale for both early-stage and established firms to experiment with and launch digital financial services – the same services that will soon replace their analogue peers.

Hong Kong is proof that focused policy initiatives tied with a low tax, pro-business environment, Fintech can flourish – and, perhaps at some point in the not so distant future, become the leading Fintech hub in the world.

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