The scale-up factor: Hong Kong’s fintech advantage in the post-pandemic world

The COVID-19 pandemic has forced lockdowns and impacted economies globally. As we recover from the pandemic, the focus for international finance hubs is resilience and recovery.

One of the most important success factors for fintech companies in the post-pandemic era is the ability to scale. From funding, to product development to distribution and market opportunity – these scale-up factors are critical for sustained fintech success. In Asia, the opportunity to deliver financial services to massive populations through digital channels is huge, but how to scale-up for this is the challenge?

When we think of this year in Hong Kong, we should not interpret the pandemic as the catalyst for this current wave of digital transformation in the city. It was already well under way.

Hong Kong pioneered one of the world’s first smart contactless payment systems, the Octopus card. It is home to contactless and QR code payments, and one of the markets advancing China’s Central Bank Digital Currency pilot. Yet the sophistication of the city’s smart banking system, high penetration and adoption of fintech often escapes the notice of the average critic.

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