June 16, 2021

Hong Kong is leading in fintech adoption

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unnamedBy John Heggestuen From Business Insider

Hong Kong is the top region for fintech adoption by a sizable margin, according to data from Ernst & Young. While the US and the UK still lead in terms of investment, Hong Kong is a fertile environment for fintech, boasting low taxation, high mobile and internet penetration, and support from the government.

  • Hong Kong leads: 29% of digitally active people in Hong Kong said they have used at least two fintech services in the last month. Ernst & Young defines fintech as “financial services products developed by nonbank, noninsurance, online companies.”
  • The US comes in second place: 17% of digitally active people in the US have used at least two fintech products or services in the last six months. That’s 12 percentage points behind Hong Kong.
  • Singapore and the UK are close behind: Fintech adoption in Singapore has reached 17%. For the UK it’s 15%.
  • Average adoption for the countries surveyed is 16%.

Measuring fintech adoption in Hong Kong to other countries is not quite a fair comparison, though. Hong Kong is a city and technically part of China, though it retains a high degree of autonomy. Generally speaking, fintech adoption tends to be higher in urban areas, and when we compare fintech adoption in Hong Kong to that of other big cities rather than countries, the difference isn’t so exaggerated. In fact, fintech adoption is higher in New York City at 33%, whereas London comes in third at 25%.

For more on this story go to: http://www.businessinsider.com/hong-kong-is-leading-in-fintech-adoption-2015-12?utm_source=feedburner&amp%3Butm_medium=referral&utm_medium=feed&utm_campaign=Feed%3A+businessinsider+%28Business+Insider%29

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