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Record Number of Fintech Firms Set up in HK

Fintech Firms Set Up in HK
Image Credits: InvestHK, Press Release

Invest Hong Kong (InvestHK) announced that the department had assisted 487 overseas and Mainland companies to set up or expand in Hong Kong in 2019.

This number represents an all-time high and a year-on-year increase of 11.7 percent, with the number of fintech companies and start-ups seeing the strongest growth. The total number of jobs thereby created (6,009) rose by 14.1 per cent over the previous year’s figure.

More than 27 percent of the assisted companies indicated that Hong Kong’s status as an international hub played an important role in the sustained economic development of Mainland China. Setting up businesses in Hong Kong would enable them to fully capitalise on the opportunities brought about by the Guangdong-Hong Kong-Macao Greater Bay Area development and the Belt and Road Initiative.

InvestHK’s Director-General of Investment Promotion stated that this number is expected to continue increasing in 2020.

He noted that 2019 was another record year for InvestHK in terms of the number of companies assisted and the number of jobs created by those companies.

Hong Kong continues to attract overseas and Mainland investors because of its core advantages and emerging business opportunities, especially in the light of the latest developments in the Greater Bay Area and the Belt and Road Initiative.

Looking forward to 2020, the agency will continue to strive to attract foreign companies, ranging from entrepreneur-led ventures to multinationals, to set up a presence in Hong Kong.

A special focus will also be put on attracting innovation and technology companies in line with the Government’s policy objectives.

2019 Annual Results: Highlights

The 487 companies came from 48 economies. Mainland China continued to lead with 120 companies, followed by the US (71), the UK (43), Japan (27) and France (25). There were 29 companies from the Association of Southeast Asian Nations economies.

In terms of sectors, the portfolio covered a broad spectrum ranging from innovation and technology (106) followed by transport and industrial (65) to tourism and hospitality (60) and fintech (57). Start-ups in various sectors took up 14.4 percent (70) of all companies assisted.

The 487 companies together will create 6,009 jobs in their first year of establishment or expansion, representing a 14.1 percent increase compared with the 2018 figure.

Among the companies, 135 (27.7 percent) said that they plan to make use of Hong Kong as the platform to take part in the Greater Bay Area development and the Belt and Road Initiative.

Enabling SMEs in Hong Kong

In addition, Invest Hong Kong (InvestHK) announced details of February’s StartmeupHK Festival, its influential annual showcase of what’s new and what’s next in the world of start-ups.

Entering its fifth year, the StartmeupHK Festival this year has been extended to six days and features seven core events that will present the latest ideas, trends and innovation to an audience from around the world.

The key themes this year include changing lifestyle and retail and logistics innovation technology, smart city, artificial intelligence, the Internet of things, e-sports, property tech, environment and sustainability, developing entrepreneurial talent through education and incubation, investing in start-ups, and co-innovation between start-ups and corporates. The event will also see the finals of the global Jumpstarter and WHub start-up pitching competitions.

The StartmeupHK Festival 2020 will run from 10 to 15 February at the Hong Kong Convention and Exhibition Centre in Wan Chai and, on its final day, in Tsuen Wan.

An international mix of more than 300 speakers from 54 countries or territories will discuss their experience and know-how in a range of panel sessions, fireside chats, keynotes and presentations. The festival attendance is set to exceed 17,000 delegates.

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