European fintech deals indicate change of stance towards booming industry by conservative Hong Kong
Treasury secretary says Hong Kong set to embrace innovation and technology to build an even stronger economy and more liveable city
Hong Kong is teaming up with British partners to boost its financial technology (fintech) sector as two deals were cut in London to strengthen the city’s role as a fintech hub in Asia.
A delegation of more than 70 participants – including top government officials and fintech industry players – were sent to London on a three-day mission that will end on Thursday to learn the experience of their British counterparts and explore areas for cooperation.
The high-profile mission, organised by the Hong Kong Cyberport and Monetary Authority, signalled a reverse from the authorities’ conservative stance towards the booming industry, as they have long been criticised for being too slow to adapt to the new business model due to its rigid regulatory approach.
TNG FinTech Group, Hong Kong’s biggest electronic wallet service provider, signed an agreement with Tranglo Europe Limited, a cross-border payment company in Britain, with an aim to expand its existing money transfer business to Europe.
Another deal was signed between the Hong Kong Institute of Financial Technologists of Asia (IFTA) and Certificate in Finance and Technology Limited in Britain, who planned to jointly launch a fintech professional training programme in Hong Kong by the end of next month.
