It is widely recognized that Hong Kong is falling woefully behind its main regional rival Singapore and almost all other major East Asian cities in the fintech race.
But other than losing another bragging right, what does this much-lamented shortcoming mean to Hong Kong and its people?
It’s hard to imagine that banks in Hong Kong have all fallen asleep while their competitors in other cities are racing ahead of them in the fintech contest. The banks we know about are big boys who can take care of themselves very well indeed. You can bet that if they see technology that can enhance their profits and expand their market shares, they will put money and effort into adopting it.
For more on this story visit the following link: Hong Kong must look beyond mobile payments to benefit from fintech
Source: 4 Traders