Hong Kong enterprises embrace blockchain. Blockchain firms are increasingly dominating Hong Kong’s financial technology sector, with 39% of new firms launching in the country’s fin-tech industry last year operating with distributed ledger technology (DLT).
According to Hong Kong’s treasury department, blockchain comprises the fastest-growing segment of the territory’s fin-tech industry, with 22 from 57 fin-tech firms that launched in Hong Kong over the past year operating with DLT. 27% of Hong Kong’s blockchain sector comprises crypto trading platforms followed by digital asset custodians with 14%, and trade finance settlement with 9%.
Additionally, blockchain is among artificial intelligence, big data, and cloud in comprising the stack of technologies underpinning the “tectonic shifts” observed in Hong Kong’s virtual banking sector. DLT is also being employed in several InsurTech initiatives intended to overhaul and modernize the territory’s insurance industry.
Hong Kong’s treasury also notes an acceleration in the embrace of fin-tech and blockchain technologies amid the coronavirus breakout, with the pandemic highlighting many of the efficiency savings and utilities offered by DLT.