Hong Kong Crowdfunding: Strong Potential Requires Action

By Henry Flood

As one of the world’s leading financial investment centres Hong Kong has tremendous potential in the field of crowdfunding. They are looking to capture a slice of the international crowdfunding market as part of a broader plan to develop their Financial Technology industry.

As part of their development drive Professor K C Chan, Secretary for Financial Services and the Treasury, as well as Chairman of the Steering Group on Financial Technologies, released his report on the Hong Kong Fintech industry earlier this year. He is buoyed by the opportunity for crowdfunding growth and wants to improve how innovation and the supply of technological talent are viewed in the region.

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Hong Kong Committee proposes options for crowdfunding

19 Mar 2016: The Hong Kong Financial Services Development Council (FCSC) released a report on equity crowdfunding on Friday, which proposes options to support its introduction in the city state. Potential approaches range from full legislative action to maintaining the status quo, or, a middle option through introducing regulatory initiatives. In announcing the report Council Chair, Mrs Laura M Cha, stated that “Equity crowdfunding is a major area of Fintech activities, one which not only breaks new ground in financing, but is also an innovative kind of community participation. The FCSC believes an appropriate avenue should be created to allow and regulate it.”

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Asia-Pacific Alternative Finance Benchmarking Report released

17 Mar 2016: The report on the first Asia Pacific benchmark survey of alternative finance was released yesterday. It reveals that the Asia Pacific alternative finance sector was worth $102.8 billion in 2015. China dominates the figures, accounting for 99% of this figure. The comprehensive report also shows high growth in a number of countries, such as New Zealand, Australia, Japan, Korea, Singapore and India. The report is the first academic study of the sector and was conducted by a joint venture between Cambridge University, Tsinghua University and the University of Sydney.

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