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These 20 startups are putting Hong Kong on the fintech map
Stock trading platforms, P2P lenders, and data security specialists were among the Asian startups to make the Fintech20: Hong Kong, a list of the city’s 20 most innovative startups. The list was included in FinTechCity’s Fintech50 2016 report.
It is the second time the list — released to coincide with FinTechCity’s Money 20/20 Europe event in Copehagen — has appeared in the report and it is set to be followed by The Fintech50 Asia, a new list which will be put out later this year.
For many in the industry, the list is another sign that Hong Kong is catching up with its peers. Kevin Mak who is business development director at Ironfly Technologies, a portfolio management Software-as-a-Service (SaaS) which is featured in the list, notes how far Hong Kong’s fintech industry has come since his company was founded three years ago. He told NexChange:
The fintech scene is picking up in Hong Kong. Having come from the buy side, I noticed that the institutional financial technology that Asia has been using has really been the dog’s breakfast when compared to what comes out of the States or Europe. So there has been a lot of scope for guys like us to come in and fix things.
Mukesh Bubna, founder and CEO of P2P lending platform Monexo, adds that fintech in Hong Kong is still very nascent but also notes that progress in his space has been significant in the past 12 months. He told NexChange:
Hopefully, investors and startups alike will start thinking about Hong Kong as a destination. The city has really been ramping up activity on the regulatory side are trying to come out with clearer guidelines. Due to fintech developments in mainland China — both positive and negative — the global industry is starting to take notice. There is now more focus on Hong Kong where there is access to China but the regulatory environment is far stronger and transparency is better.
Below is a full rundown of the companies featured (they were not ranked in order) and what they do. Another important startup that did not feature in the list but instead was the only Hong Kong startup to make The Hot Ten, a global list of fintech startups, was Lattice Limited, a Cyberport-based startup that offers a technology-based portfolio construction and management solution. Here are the others:
- 8 Securities (stock trading platform)
- Aidyia (AI market predictions)
- AMP Credit Technologies (small business loan platform)
- APrivacy (data security)
- AsiaPay (payments)
- Cashyou (P2P payments)
- Currenxie (P2P FX)
- Demystdata (credit scoring)
- Ibox (mobile point-of-sale)
- InvestLab (trading platform)
- Ironfly Technologies (portfolio management SaaS)
- Lenddo (credit scoring)
- Monexo Innovations (P2P lending platform)
- MoneyHero (Personal finance comparison)
- Neat (mobile banking)
- PassKit (mobile wallet marketing)
- Prive (wealth management platform)
- Quantifeed (robo advisor)
- WeLend (lending)
- Xnotes Allliance (blockchain)
Photo: Steve Webel