Hong Kong will increase funding for startups, including fintech companies, Secretary for Commerce and Economic Development Algernon Yau said on Tuesday, after Hong Kong Financial Secretary Paul Chan announced on Monday that digital transformation of the financial sector is a “central priority” for the government.
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- “With the new policy initiatives announced with the policy address, we are confident that Hong Kong will generate even more opportunities for the fintech companies,” Yau said.
- Yau said Invest Hong Kong, a foreign direct investment division of the bureau, will facilitate fundraising for fintech companies, whether it is a multinational trying to expand its business in Hong Kong, or a startup.
- Yau said the bureau will launch a new initiative called “Oasis” by the end of this year, but did not reveal further details about the project.
- In the Hong Kong budget released in February, it was revealed that Hong Kong is setting aside HK$5 billion (US$636 million) to support technology startups in the city.
- Hong Kong’s neighboring city-state Singapore also is holding a crypto event this week, Fintech Festival, in parallel with Hong Kong. The two regions are seen as each other’s long-term rivals.
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