Hong Kong hosts over 1,400 fintech firms, says minister
Financial Secretary Paul Chan said Hong Kong now hosts over 1,400 fintech companies, including eight digital banks and four virtual insurers. He highlighted progress in digital asset regulation, tokenised bonds and a forthcoming blockchain platform for warehouse receipts.
Hong Kong's Financial Secretary Paul Chan said the city now hosts more than 1,400 fintech enterprises, including eight digital banks, four virtual insurers and 12 licensed virtual-asset trading platforms. Speaking at a press conference for the upcoming Hong Kong Fintech Week, Chan said the city's success in the field was not accidental, but the result of sustained policy vision, robust regulatory guidance and a firm commitment to implementation.
The Fintech Week, to be held from 2 to 6 November under the theme “Fintech Hub: Connecting the World, Building the Future”, follows the recent conclusion of the Asia-Pacific Economic Cooperation (APEC) finance ministers' meeting in Hong Kong, where digital infrastructure financing was a core topic. Chan noted that the event aligns with Hong Kong's first five-year plan and the Policy Address blueprint for future development.
Chan said the government and the Hong Kong Monetary Authority had completed an initial review of the use of distributed ledger technology (DLT) in the city's fixed-income market. They had issued clarifications confirming that a register of debenture holders maintained using DLT could be treated as meeting record-keeping requirements under the Companies Ordinance (Chapter 622).
As of the end of last year, digital assets held in custody by Hong Kong banks exceeded 14 billion Hong Kong dollars, while tokenised deposits reached 29 billion Hong Kong dollars. The government also completed its fourth digital green bond issuance last month, raising about 20 billion Hong Kong dollars and setting a new global record for the size of a digital bond issuance. It was also the world's first digital bond to integrate tokenised Hong Kong dollar deposits into the settlement process, Chan said.
The Securities and Futures Commission will refine its regulatory framework to facilitate the issuance and trading of tokenised products backed by gold and other physical assets on licensed platforms. The Hong Kong Exchanges and Clearing will launch a pilot for tokenised warehouse receipt financing next year in cooperation with designated banks, and is developing a blockchain-based multi-asset tokenisation platform that will include commodity warehouse receipts from London Metal Exchange-accredited warehouses.