Hong Kong Govt: Fintech Ranking Behind Singapore Doesn’t Add Up

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A new report from Deloitte has been dismissed by the Hong Kong government after it ranked the city fifth for FinTech and three spots behind Singapore.

In a report from the South China Morning Post, it’s claimed that the study didn’t compare financial technology development, but financial and business environments together.

According to Chan Ka-Keung, Secretary for Financial Services and the Treasury Profession, the report looked at three organizations which subsequently ‘ranked the competitiveness of financial centers, their innovation capacity and business environment.’

However, many questioned why Hong Kong had been placed behind its rival Singapore, which according to a Fintech Adoption Index compiled by Ernst Young in 2015, found that Hong Kong’s FinTech use was twice that compared to Singapore’s. This despite the fact that last month it was reported that there was increased cooperation between the two countries to make way for partnerships.

FinTech in China

Investment in FinTech in the Chinese nation has been increasing steadily.

Earlier this month, it was reported that investment in the financial technology sector had risen in

Read more ... source: CryptoCoinsNews

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