A recent survey of fintech executives has deemed Hong Kong uncompetitive compared to other global financial centers.
Conducted by Google in partnership with financial consultant Quinlan & Associates, the survey included responses from 126 executives at private fintech firms. Approximately 60% of participants indicated that Hong Kong’s lack of competitiveness stems from issues such as regulatory challenges, high setup costs, and a significant talent gap.
Additionally, Hong Kong’s stringent Covid-19 quarantine measures have faced criticism from various lobbying groups within the financial sector. Recently, the Hong Kong Investment Funds Association released research highlighting the difficulties asset managers are facing in filling global positions, primarily due to an inability to attract expatriates.
The implementation of a national security law by Chinese authorities has also contributed to an exodus, with over 113,000 residents leaving Hong Kong in the past year, according to the latest census data.
This growing concern over a skills shortage and potential brain drain has prompted local regulators to take action. In June, the Hong Kong Monetary Authority unveiled a plan aimed at enhancing the fintech market, which includes initiatives to develop and attract fintech talent.
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