Blockchain is growing force in HK fintech sector

Blockchain firms are increasingly dominating Hong Kong’s financial technology sector, with 39% of new firms launching in the country’s fintech industry last year operating with distributed ledger technology, or DLT.

According to Hong Kong’s Financial Services and Treasury Bureau, DLT represents an increasingly dominant share of the country’s new fintech firms year-over-year, up from 27% as of 2018.

A June 1 report published by Hong Kong’s treasury department has provided a detailed snapshot of blockchain’s accelerating growth within the territory.

Blockchain comprises the fastest-growing segment of the territory’s fintech industry, with 22 of the 57 fintech firms that have launched in Hong Kong over the past year operating with DLT.

WealthTech comprised the second-fastest-growing sector with 20% of new fintech firms, followed by Payments with 17%, and InsurTech with 9%.