Page 28 - HK-Connect-2020-21-EN-Nov2020-edition (4)

Fintech hub Leading offshore Renminbi business centre
Hong Kong is the world's largest offshore
More than 600 Fintech companies and RMB business centre.
start-ups operate in Hong Kong.
v A wide range of RMB products and services meets the needs of local,
Mainland and overseas companies and financial institutions.
v World's largest offshore pool of RMB funds – RMB deposits
and certificates of deposit totalling more than RMB¥855 billion
(US$110 billion, end-May 2021).
#DYNAMIC

Around US$1.5 billion investment in Hong Kong Fintech
companies and start-ups in 2014-2019 (Accenture, February
2020).
v Fintech adoption rate at 67% consumer level in 2019 (E&Y: Global
Fintech Adoption Index 2019).
v Digital infrastructure in place, including the Faster Payment System
and the eTradeConnect.
v Regulatory sandboxes and Fintech liaison platforms by all Strong Hong Kong-Mainland financial connections
3 financial regulators. v Shanghai-Hong Kong Stock v The Cross-boundary Wealth
v One of the first places to set up a Bank for International Connect (from November 2014) Management Connect in
Settlements (BIS) Innovation Hub. and Shenzhen-Hong Kong the Guangdong-Hong Kong-
v The Fintech Anti-epidemic Scheme for Talent Development Stock Connect (from December Macao Greater Bay Area enables
residents in Hong Kong, Macao
and the Fintech Proof-of-Concept Subsidy Scheme provide 2016): allow investors in the and nine cities in Guangdong
Hong Kong and the Mainland
funding support for nurturing talents and development of cutting edge marketsto trade securities in Province to carry out
financial products. each other's markets through the cross-boundary investment
v Cyberport and the Hong Kong Science Park offer incubation trading and clearing facilities of the in wealth management
programmes, accelerators, hackathons and co-working space for Fintech domestic exchange. products distributed by banks
companies and start-ups. v Bond Connect: allows investors in the Greater Bay Area.
v Invest Hong Kong's Fintech team provides one-stop service for from Mainland China and overseas
overseas and Mainland Fintech companies and start-ups to establish to trade in each other's bond
in Hong Kong, and organises a series of Fintech events, including the markets. Northbound trading
flagship annual Hong Kong Fintech Week. commenced operation in July 2017.

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