Hong Kong anticipates the continued growth of its fintech ecosystem, with blockchain, digital assets, distributed ledger technology (DLT) and artificial intelligence playing a central role in shaping its future.
Hong Kong is home to over 1,100 fintech companies, which include 175 blockchain application or software firms and 111 digital asset and cryptocurrency companies, marking a 250% and 30% increase, respectively, since 2022, according to the Hong Kong Fintech Ecosystem report by InvestHK, a government department overseeing Foreign Direct Investments.
Participants of the Hong Kong Fintech Ecosystem. Source: InvestHK
Exploring deeper fintech revenue streams
The expansive growth of Hong Kong’s Web3 industry is attributed to proactive government policies and an active licensing regime for crypto exchanges or virtual asset trading platforms.
“The revenue for the Hong Kong fintech market is projected to reach US$606 billion by 2032, with an anticipated annual growth rate of 28.5% from 2024 to 2032,” the report