Technology
Hong Kong works with Blockchain 40% of emerging fintech firms
Hong Kong 's finance industry is dominated by Blockchain companies with 39 percent of new companies launched last year using distributed leader technology or DLT in the country's fintech market.
DLT is a growing predominant share of the country's new Fintech companies year after year, up from 27% in 2018, according to the Financial Services & Treasury Bureau of Hong Kong.
In Hong Kong, Blockchain powers big businesses
A June 1 report by the treasury of Hong Kong presented a comprehensive image of the growing growth of Blockchain across the territory.
Blockchain comprises the rapidly rising field of the fintech industry in Hong Kong, with 22 of 57 Fintech companies which have been operating with DLT in Hong Kong over the past year.
With 20% of new fintech companies, wealthTech comprises the second fastest-growing industry, followed by payments of 17% and Insurtechnology of 9%.
The study reports that there have been more than 600 Fintech companies operating in Hong Kong since April 2019, including eight virtual bank licenses and four virtual insurers.
Blockchain Enterprises in Hong Kong
The report identifies company DLT solutions to the largest blockchain sector in the territory—45% of Hong Kong 's distributed leader companies.
Cryptocurrency trading platforms comprise 27 percent of the blockchain in Hong Kong, followed by 14 percent digital asset custodians and 9 percent settlement of trade funding.
The report claims that blockchain is one of the most important artificial intelligence services and the big data and cloud to include technologies that support Hong Kong 's virtual banking sector's "tectonic shifts." DLT also participates in various InsurTech initiatives to overhaul and upgrade the insurance industry in the region.
The Hong Kong Treasury also notes an acceleration in the adoption of the coronavirus outbreak technology of Fintech and Blockchain, with the pandemic highlighting many DLT 's efficiency and utility savings.
