Hong Kong's FinTech Growth Index for 2019-20 grew by 52.9% compared with its base period from April 1, 2018 to March 31, 2019, which represents an optimistic outlook by partnered companies. It can be attributed to policies and measures which act as accelerators to foster a positive impact on the industry's development.
The anticipated growth of business performance, indicated by FinTech customer adoption rate grew by 113% as compared with the 2018-19 financial year, representing an optimistic outlook of the business development by the companies.
The business environment, measured by both internal and external factors on FinTech business operations and development, grew by a modest 5% in the same period. Although there is a positive effect of the internal factors by the companies in terms of funding and other capital allocations, it has been cancelled off by the relatively lower average rating on external factors such as investment environment, government policy and regulations.
Investment on R&D or product development, measured by the anticipated percentage change between 2019-20 financial year and the base period, grew moderately by 48.4%, mainly on areas including AI, big data and machines/deep learning (55.3%), followed by Blockchain (42.3%) and Customer experience (39.5%).
Demand on Talents, measured by the anticipated percentage change between 2019-20 financial year and the base period, grew moderately by 45.3%. On the required skills for new employees, Programming skills (68.4%) are the most preferable skills for new hires, followed by Marketing expertise (47.4%) and Knowledge of machine/deep learning and AI (42.1%)
HKU FinTech Index Series
The HKU FinTech Index Series is a project funded by HKU-SCF FinTech Academy. It aims at providing timely information to track the growth and development of the financial technology industry in Hong Kong. The long-term goal of the project is to establish a framework to be extended to the Greater Bay Area including Shenzhen and neighboring cities. Thanks to the support by Advisory Board members comprising professionals from the local FinTech industry, the HKU FinTech Index Series is launched on November 8, 2019.
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HK FinTech Growth Index (Present) represents the actual value in financial year 2020-2021.
HK FinTech Growth Index (Expected) represents the forecast value in financial year 2021-2022.