Why You Should Consider Hong Kong For Your FinTech Startup
Are you part of a fintech company or looking to get started with one? You may be wondering where in the world you should base your business and operations.
You should take a long and hard look at Hong Kong – it is becoming the center of Fintech companies and a hub you shouldn’t ignore. Let’s jump into some of the specifics.
Open Business Environment
Hong Kong has one of the top internet speeds in the world. You can download you big data in seconds and leverage both talent in Mainland China as well as from around the world. More and more ways are coming for immigration of top talent, and the Hong Kong government is working hard to attract more financial technology (Fintech) companies to the region.
Take Advantage of the Programs
There are quite a few programs for FinTech companies here in Hong Kong. Here are a couple:
Cyberport – we had them on the podcast. This is a premier office space full of startups and technology companies, big and small. From coworking space to full office space, they have programs to get you plugged into the scene and help you grow your business.
Science Park – another great space, and they were also on the podcast. In another part of Hong Kong, its close to Shenzhen as well as surrounding universities so you can get access to talent.
Also more and more coworking spaces and platforms to get exposure for your brand. My friend Edmund from KYC Chain has just recently relocated to Hong Kong (from Singapore mind you!) to take part in the Accenture program for Financial technology companies. He has been really tapping into their resources and getting a ton of connections in Hong Kong.
There are plenty of events in Hong Kong all around Fin Tech. Last week, in Mid September, I attended a Euro Money conference on Blockchain. It was a full day event with a good mix of big corporations as well as tech startups. Presenting, networking, and making things happen in the market.
The Financial Talent Is Here
One of the biggest corporate jobs in Hong Kong is in finance. Both locals as well as expats, huge amounts of jobs are in financial services.
And this industry is ripe for disruption. Jump on board and get some of this talent to jump ship on the large corporations and move to a tech startup. Leverage the network from these programs such as KPMG and Accenture, combined with InvestHK and other government supported divisions to pull in talent.
Attend a coworking space pitch night, invite some of these corporate employees, and sweep them off their feet.
So if you are working finance, and looking to get into a fintech startup, combined with the power of Asia – Hong Kong is a top choice.
The big contender is down in Singapore.
Tons of Banks Based Here
Anyone who has been to Central district of Hong Kong can relate, if you don’t walk by a bank, then you walk by a luxury shopping center. Almost every global bank is represented here in Hong Kong, and you can arrange meetings all day long for weeks if you want to meet them all!
While it isn’t a secret bank account openings have not been much fun to open in Hong Kong, there still is tons of banker contacts looking for solutions. With great power comes great responsibility. Governments and banks don’t want to get disrupted, they need to stay on top of the changing times, and like all trends – those small startups are the ones who grow up to be contenders in the market.
So having an exit strategy of getting acquired, you should know the big buyers from the early stages of your startup. Go to financial technology and general finance meetups, trade name cards, and build those relationships. They can give you great insights on the traditional tendencies, and later tap on your shoulder for a strategic investment or a full on buyout.
If you’re looking for money, and work in finance and technology, Hong Kong is a big flag on your map then.
Combined With the Standard Hong Kong Business Benefits
So those are the special perks of financial tech in Hong Kong – but of course we can’t forget about the standard benefits. Low corporate tax rate, gateway to Mainland China, and a growing startup scene.
I’d love to hear your comments on the growing global phenomena of the fintech industry and if you agree Hong Kong is a good place to headquarter your budding startup.