The fintech sector is highly developed in Hong Kong and companies here maintain a competitive and innovative edge. The sector is constantly evolving and there are a number of types of fintech activities in Hong Kong that can be targeted by investors.
Financial technology, or more commonly simply FinTech, is an innovative and ingenious branch of the financial sector. Our team of lawyers in Hong Kong can give you complete information about the existing requirements in this business field.
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Types of fintech companies in Hong Kong
Hong Kong is one of Asia’s main business and financial hub and the evolution of the fintech sector came naturally with the development of the banking and financial sectors.
A number of fintech areas are already promising, including those related to cryptocurrencies and others which are currently on the rise. Examples of emerging types of fintech activities in Hong Kong include data analytics or wealth management. Crowdfunding platforms have also evolved and gained significant momentum in the past two years in Hong Kong.
Other examples of types of fintech activities in Hong Kong include those that target:
– personal lending and peer to peer lending;
– payments and payment solutions;
– invoice tools;
– tools and software for personal finance and others.
You can talk to one of the experts at our law firm in Hong Kong for detailed information on how this business sector is regulated and the ongoing regulations for businesses.
Requirements for fintech companies in Hong Kong
Fintech companies in Hong Kong are not subject to a specific legal framework. Nevertheless, they must comply with the Company Law applicable to all legal entities registered in Hong Kong.
Regardless of the type of activity they undertake, fintech businesses in Hong Kong are taxed on the profits they derive from the city: resident companies are taxed on their worldwide profits while non-resident companies, like branches in Hong Kong, only on the profits derived from the city.
You can contact the experts at our Hong Kong law firm for more details in doing business in the city.