Why is Hong Kong great for Fintech Startups?

Hong Kong offers immense opportunities when it comes to startups. Suppose one is interested in participating in the vast startup events in Hong Kong. They will have a huge number of possibilities. This place has a lot more to offer other than its rich heritage and diverse cultures.

Hong Kong is considered one of the most robust and dynamic startup ecosystems. If you aspire to start your business, it would be best to initiate your business with one of the freest economies in the world, i.e., Hong Kong, and avail all the benefits it offers. In recent years, Hong Kong’s startup ecosystem returned some remarkable outcomes, irrespective of the economic challenges of the global pandemic. Evidence of Hong Kong’s attractiveness to startup founders is the overall increase in the number of startups, employees, and co-working, incubator, and accelerator locations across the city.

The uptick in the number of startups originating from overseas and mainly from Mainland China are choosing Hong Kong as their base. The diverse mix of nationalities further makes Hong Kong a bridge for innovative companies to access the Mainland and Asian markets through Hong Kong.

Hong Kong’s Fintech Startup Ecosystem

Hong Kong is renowned for its position as a leading global Financial Hub. Nonetheless, in recent years, Hong Kong has progressed from a main Financial focus to a critical FinTech Hub. New companies are characterized by interruption and development. Hong Kong has seen broad movement in its startup ecosystem, with an expected 3,000+ new businesses. This can be attributed to among different elements it’s an interesting situation that permits quick and high versatility. Likewise, one can try items rapidly because of its hyper-connected population. A part of the market, it powers new companies to think universally from the very beginning. There is genuine support and grit inside the environment, which further flaunts HKs appeal.

Precisely, the city now possesses the evolution of nine homegrown Unicorns, of which four are in the FinTech sector:

• 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 most extensive series A investment for a FinTech company)
• WeLab (raised US$425 million)

Some factors that contribute to the success of this technology include:

• A strong talent pool
• Hong Kong’s position as a gateway to regional and Mainland China markets
• Regulatory framework
• Its safeguard for intellectual property and data protection
• A growing and diverse ecosystem
• Recent FinTech startups that have raised funding
• Supportive community builders
• FinTech associations and events
• Corporate — startup collaboration
• Government support

Hong Kong’s dynamic FinTech area can be the city’s most supportive system, with the HKSAR Government likewise preparing for the advancement of the FinTech time. Different government projects, guidelines, and arrangements have directed these administration drives to foster Hong Kong as a practical and excellent FinTech Hub. Hong Kong has been perceived as the leading worldwide monetary community for quite a while. As of late, the comparing administrative measures have likewise perceived the significance of FinTech development. The Hong Kong Monetary Authority has approved a few virtual financial licenses, and more are relied upon to follow soon.

Why Hong Kong?

Hong Kong is the most vibrant startup ecosystem in the Asian region. It has also been considered as one of the best cities to establish and run a business, as it scores high on factors that matter to businesses. These are the main factors that encourage every business owner to grapple with every obstacle in this city.

Ease of Doing Business

The Ease of doing business is one of the most significant reasons why the idea of setting up a business in Hong Kong is appreciated.

Perceived for being the doorway to China, business center, and monetary focus of the country, Hong Kong offers a horde of freedoms to individuals in carrying on with work. This spot is referred to as an ideal and ideal area for dispatching unfamiliar organizations because of the accompanying reasons-

• Reliable economy
• A-list framework
• Tax-friendly Jurisdiction
• Global market
• An overall sound set of laws

A healthy entrepreneurial ecosystem and the ease-of-doing-business are considered the same while walking into the business world. But believe it; they both possess different meanings. All things considered, you are currently knowledgeable about the realities of Hong Kong’s startup system.

Above all the government of HK supports startups and SME’s which helps it secure a perfect spot in the list of the globe’s growing economy. Along these lines, trust it, Hong Kong would carry different freedoms and ways of scaling your business, whether or not you are a nearby resident of Hong Kong. It offers free administrations to help organizations from the arranging stage directly through to the dispatch and development of their business.

Looking to start your business in Hong Kong? Register your new Hong Kong company online! Visit: https://startupregistry.hk/ or https://startupr.hk/