Hong Kong enters race to become a FinTech hub
The Global Financial Centres Index (GFCI), published by the Z/Yen Group, examines the competitiveness of major financial centers worldwide. The ranking is an aggregate of indices from five key areas including people, business environment, market access, infrastructure and general competitiveness. Published twice a year, the latest iteration GFCI 16 lists Hong Kong (rank 3) and Singapore (4) in the Top 5 index just behind New York (1) and London (2).
The report says that Hong Kong has been trending upwards in all sectors. It is rated most strongly in Investment Management and Banking – 3rd in four of the industry sub-indices and 5th in Insurance.
The forces of social, mobile, analytics and cloud are now proving themselves to be formidable tools of innovation for tipping the balance of power in favor of those willing to take bold steps in the face of competition and the regulatory regimes of the countries.