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Can consumer coupons help promote fintech? More than 3 million registrations for the four payment tools and 80,000 more merchants to use

2022-04-05T04:49:51.571Z


In recent years, the Hong Kong government has been determined to develop financial technology (Fintech). From the establishment of the relevant steering group in 2015 to the announcement of the "Fintech 2025" strategy last year, how has the industry in Hong Kong developed in the past few years? The government last year and this year


In recent years, the Hong Kong government has been determined to develop financial technology (Fintech). From the establishment of the relevant steering group in 2015 to the announcement of the "Fintech 2025" strategy last year, how has the industry in Hong Kong developed in the past few years?

Last year and this year, the government issued consumer vouchers in electronic form to promote the electronic payment market. How many new users can it bring to the payment tool?


Fintech refers to the use of new technologies such as big data or artificial intelligence to promote financial innovation in the fields of payment, investment, and lending.

According to the Legislative Council Insights, there will be over 600 fintech companies in Hong Kong in 2021, of which nearly one-fifth will be involved in wealth management technology, followed by payments and remittances (13%) and fintech enterprise solutions (12%).

According to the document, the number of fintech start-ups has continued to grow in recent years, which has catalyzed the development of the overall innovation and technology industry. In 2021, of the 3,755 start-ups covered by the survey, nearly 13% and 472 of them are fintech start-ups, which is lower than that in 2015. The 6% rate doubles.

As for traditional financial institutions, the document cited a survey conducted by the Monetary Authority in 2019 showing that about half of banks have used fintech for some payment and account services.

A total of 8 virtual banking licenses have been granted by the authorities, and 4 insurance companies have been issued virtual insurance licenses.

The HKMA launched the Fintech Regulatory Sandbox (Sandbox) in 2016, allowing banks and partner technology companies to test products without fully complying with regulatory requirements. By the end of 2021, the cumulative number of pilot projects has reached 234.

For general consumers, the most frequently used FinTech application is estimated to be e-wallets.

According to the document, the HKMA launched FPS in September 2018, a cross-bank and cross-e-wallet payment platform. By the fourth quarter of last year, the cumulative number of registrations had reached 9.6 million, and the transaction volume had increased by more than 10 times compared with 2018. .

As for the effect of last year's electronic consumer coupons in promoting electronic payment?

The document stated that as of the end of September last year, the four stored value payment instruments participating in the scheme (i.e. Alipay Hong Kong, Octopus, Tap & Go, and WeChat Pay HK) had recorded a total of more than 3 million new registered consumer users, and 80,000 new registered consumers. The number of newly registered merchants, including taxi drivers and market stalls, also contributed to the increase to HK$73.2 billion in the third quarter of last year, an increase of more than 20% compared with the first quarter of the same year.

Source: hk1

All news articles on 2022-04-05

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