Hong Kong’s financial secretary John Tsang Chun-wah reserved a special mention for fintech in his budget speech on Wednesday, promising to pump cash into the startup ecosystem and create a dedicated space to support up to 150 new financial technology companies over the next five year.
Tsang said the Government would follow up on measures recommended by the Steering Group on Financial Technologies, which he set up last year to examine the direction of fintech in Hong Kong. Under the proposals, a dedicated team, under Invest Hong Kong, will be set up to organise international events and encourage fintech start-ups, investors and R&D institutions to set up in Hong Kong.
An additional 3,000 square metres of co-working office space will also be made available to fintech firms at the Cyberport digital hub. “The Enterprise Support Scheme, under the Innovation and Technology Fund, will assist start-ups and financial institutions,” Chun-wah told Parliament. “And Cyberport will set aside a dedicated space for fintech start-ups, and roll out a designated programme to support up to 150 fintech start-ups over the next five years. It will also arrange for 300 university students to join Fintech training camps at overseas universities.”
The article first appeared in Finextra.com