Report: Nearly 40% of Hong Kong fintech companies adopted blockchain technology last year

Blockchain companies are playing an increasingly dominant role in Hong Kong's fintech industry. Last year, 39% of newly established companies in China's fintech industry operated with distributed ledger technology (DLT).

According to the Financial Services and Treasury Bureau, DLT's share of new fintech companies in Hong Kong has been rising year on year, up from 27 per cent in 2018. A report released by Hong Kong's Ministry of Finance on June 1 detailed the accelerated growth of blockchain in Hong Kong.

Blockchain is the fastest growing sector in Hong Kong's fintech sector, with 22 of the 57 fintech companies set up in Hong Kong in the past year operating in partnership with DLT.

WealthTech is the second fastest growing fintech company, accounting for 20 per cent of new fintech companies, 17 per cent of payment companies and 9 per cent of insurance technology companies. The number of fintech companies operating in Hong Kong has exceeded 600 since April 2019, including eight virtual banking licences issued, according to the report.

The original address: https://cointelegraph.com/news/40-of-new-fintech-firms-in-hong-kong-operate-with-blockchain

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