IDC names HK's fastest growing fintechs

IDC names HK's fastest growing fintechsDigital wallet provider TNG, automated corporate access system developer WeConvene and AI based financial market prediction company Aidyia have been named among the 10 fastest growing fintech companies in Hong Kong.

The list by research firm IDC also includes mobile investment platform 8securities, AMP Credit Technologies and money transfer management technology company Bitspark.

Financial marketplace company CompareAsiaGroup, financial services company Privé Financial, online wealth management solution provider Quantifeed and online lending platform operator WeLab rounded out the top 10 list. IDC did not specify which position each company achieved.

The research firm said the list and the broader FinTech Fast 101 list of APAC’s fastest growing fintech players highlights the fact that newer categories of fintechs are gaining traction in the market.

This new wave of fintech players is particularly focused around igital identity and authentication, blockchain, cryptocurrencies, robo-advisory, credit analytics and scoring, and usage-based insurance.

IDC Financial Insights associate vice presidet Michael Araneta said Hong Kong’s fintech sector is well placed to usher in a wave of innovation.

"Hong Kong has long reaped the benefits of its proximity to China – a characteristic which has also been leveraged aptly by local fintechs seeking to enter the country. Recent launches and announcements by HKMA and ASTRI’s Fintech Innovation Lab and Fintech Career Accelerator Scheme, as well as HK$2 billion Innovation and Technology Venture Fund has really showcased the optimistic stance of the government and regulators towards innovation,” he said.

“The introduction of the Fintech Supervisory Sandbox has also been very reassuring for the fintech community, as well as financial services institutions looking to test solutions and collaborate. To be successful and achieve scale and ubiquity in true sense, fintechs in Hong Kong need to step up the game by moving expeditiously into China, as well as the region. "