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Hong Kong deemed 'uncompetitive' by fintechs

Hong Kong deemed 'uncompetitive' by fintechs

A survey of fintech executives has labelled Hong Kong as uncompetitive in relation to other financial centres around the world.

The survey was conducted by Google and financial consultant Quinlan & Associates and interviewed 126 executives at private fintechs. 

Around 60% of the respondents stated that Hong Kong lacked competitiveness, citing regulation, set-up costs and a "severe talent gap" as the primary causes.

Hong Kong's stringent Covid-19 quarantine measures have also been criticised by various lobby groups in the financiall industry.

Earlier this week the the Hong Kong Investment Funds Association released its own research that showed asset managers are struggling to fill global roles because of the failure to attract expats.

Meanwhile, the imposition of a national security law in Hong Kong by Chinese authorities has led to an increase in migraiton with more than 113,000 residents leaving Hong Kong in the last 12 months according to the most recent census. 

The concern of a skills shortage and brain drain has not gone unnoticed by local regulators. In June, the Hong Kong Monetary Authority, issued a plan designed to boost the fintech market which included steps to develop and attract fintech talent. 

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