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Talent gap, complex laws hamper HK’s fintech edge

Complex regulations and a talent shortage have dragged down Hong Kong’s financial technology (fintech) competitiveness. More than half of fintech executives in Hong Kong are now concerned about the city’s competitiveness as an industry hub, according to a survey conducted by US tech giant Google and financial consultancy Quinlan & Associates. The survey, which interviewed 126 C-suite executives from early-stage and late-stage private fintech companies, found that around 60% of respondents see Hong Kong as being relatively uncompetitive compared to other fintech hubs. More than half of the respondents find the city’s current regulatory set-up costly, complex, and time-consuming. Also, roughly 64% of the respondents also said they face a “severe talent gap” and intense competition from other regions to secure manpower – a problem that has been exacerbated by the Covid-19 pandemic.

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