InvestHK assists 57 fintech firms to set up or expand in Hong Kong in 2019

Maria Nikolova

InvestHK assisted 487 overseas and Mainland companies to set up or expand in Hong Kong in 2019.

In the face of tensions created by protests, Hong Kong authorities today posted some encouraging results concerning the business climate.

Invest Hong Kong (InvestHK) today announced that the department 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%, 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% over the previous year’s level.

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 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% (70) of all companies assisted.

InvestHK’s Director-General of Investment Promotion, Mr Stephen Phillips, commented:

“Looking forward to 2020, notwithstanding the uncertain global and local economic environment, we 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.”

In March 2019, the Hong Kong Monetary Authority (HKMA) granted the first batch of virtual banking licences under the Banking Ordinance to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited. In May 2019, the regulator announced it granted banking licences under the Banking Ordinance to Ant SME Services (Hong Kong) Limited, Infinium Limited, Insight Fintech HK Limited and Ping An OneConnect Company Limited for them to operate in the form of a virtual bank.

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