Businesses spearhead fintech usage in Hong Kong

40% reported heavy usage of digital payments.

Hong Kong businesses are leading the way in fintech usage, with 84% of respondents expecting to use at least one fintech product or service in the next 12 months, according to a CPA Australia study.

Mobile payments and digital wallets were the most popular products, with 40% of businesses reporting rising usage, followed by virtual banks (18%) and robo-advisers/chatbots (18%). Moreover, three-fifths (63%) of the more profitable businesses in 2019 either maintained or increased their digital payments usage in the past twelve months.

In the coming 12 months, 59% will likely use digital wallets and payments. One-fourth (26%) will increasingly use virtual banks, and 16% will take advantage of wealth management services.

On the expected impact that fintech will have on the Greater Bay Area, respondents were most likely to nominate that such technology will create more business opportunities for the financial services and technology sectors, and improve capital flows, the report said.