Hong Kong Towards a Leading Global FinTech Hub

20 21 Study Background Key Indicative Areas of a Fintech Hub’s Potential The four major areas we identify that are essential for any city to become a truly global fintech hub are Regulation, Government Support, Business Environment , and Talent . Hub Selection Focusing on the world’s top 10 financial centers, 21 we examined several academic and industry research reports on global fintech rankings including the IFZ Global FinTech Rankings , 22 the Findexable: Global Fintech Index , 23 and The Global Fintech Ecosystem Reports . 24 We then selected those established fintech hubs that we felt would be the most useful references for Hong Kong based on their respective strengths. After deliberation, we selected these seven fintech hubs: London, New York, San Francisco, Shanghai, Singapore, Tokyo, and Zurich . How to Read This Report In this report, we provide a snapshot of how the four key areas – Regulation, Government Support, Business Environment, and Talent – are playing out in the seven selected hubs as a way of understanding what is contributing to their current level of success. We also provide a list of recommendations based on the insights from our findings and analyses of the selected hubs’ experiences, and our understanding of Hong Kong’s competitive strengths, limitations, and needs. For fintech practitioners and enthusiasts, general readers who might not be familiar with the Hong Kong fintech landscape, or those who are interested in learning about the experiences of other fintech hubs, we suggest starting from Part I. For policymakers and fintech practitioners who are highly familiar with the Hong Kong fintech landscape, you may fast-forward directly to Part II for the recommendations. . 21. The Global financial Centres Index (GFCI) 28 (Z/Yen, China Development Institute and Long Finance. | The Global Financial Centres Index 28 (Sep 2020). | https://www.longfinance.net/media/documents/GFCI_28_Full_ Report_2020.09.25_v1.1.pdf) was adopted as it was the latest available GFCI at the time we conducted the hubs selection process. 22. The Institute for Financial Services Zug (IFZ). | 2018 IFZ Global FinTech Rankings. | https://innovation. thomsonreuters.com/en/labs/portfolio/global-fintech-rankings.html#/ 23. Findexable Limited. | The Global Fintech Index 2020. | https://findexable.com/wp-content/uploads/2019/12/ Findexable_Global-Fintech-Rankings-2020exSFA.pdf 24. Startup Genome. | Global Fintech Ecosystem Report 2020. | https://startupgenome.com/report/global-fintech- ecosystem-report-2020 PART I Examination of Seven Fintech Hubs: London, New York, San Francisco, Shanghai, Singapore, Tokyo, and Zurich