HK FinTech Buzz Index 2020Q3

Hong Kong FinTech Buzz Index (FBI) is a quarterly index which represents a quantified sentiment of the local FinTech-related news articles in local Chinese news media.

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According to the 1,299 news articles analysed in the past three months, Hong Kong FBI for the third quarter (Q3) of 2020 falls to a historic low of 93.5, a sharp decline of 8.1 index points (or 7.97%) from the second quarter. Year-on-year (YoY) change drops by 10.9 index points (or 10.4%), continuing a downward trend from the peak in 2019Q2.

The economic downturn continues due to the ongoing COVID-19 pandemic as well as the US-China trade war. Of the 6 sectors, the sub-index of Blockchain & Cryptocurrency recorded the largest decrease of 31.2 index points (or 31.5%) because of massive cryptocurrency scams in August, duping investors of more than $4.5 million. One of the cryptocurrency scams involving the vulnerability in Bitcoin ATMs also seriously affected the RegTech & Cybersecurity sub-index. The announcement with more details on the Greater Bay Area Cross-boundary Wealth Management Connect Pilot Scheme resulted in a moderate increase in the sub-indices of Wealth Technology and Credit Technology (WealthTech & CreditTech) and Supporters & Other Related Business, despite the economic downturn.