This is the first episode of our new series focused on Innovation in Asia - Red Envelope. Asia has proven to be a hotbed for Fintech innovation, where the consumer base, mobile penetration and lack of legacy have given way to leap frog moments.
In this episode, Theodora Lau and Arun Krishnakumar talk to Charles D'Haussy about the Hongkong ecosystem. Charles is the Director Strategic Initiatives at ConsenSys, and previous to that Head of Fintech at Invest Hongkong.
Hong Kong, also known as the “Peal of Orient”, is home to 7.4 million people from countries around the world. It consists of Hong Kong Island, Kowloon peninsula (which borders mainland China), and many smaller islands, with total footprint less than Manhattan. It is a land of dream, hope, and resilience. It is also a city filled with people who believe that hard work will bring them a prosperous future, who continue to re-invent themselves despite all odds.
Hong Kong is also the third most attractive financial center globally and best in Asia according to the Global Financial Centers Index (GFCI), with 159 banks (and 70 of the world’s 100 top banks) and 160 authorized insurers. The territory has seen strong growth in fintech startups in the past two years, especially in the areas of wealthtech and blockchain. This is largely due to an open economy, strong support by the Hong Kong Government, and favorable tax system. It is the link between the East and the West, a landing pad for fintech companies eyeing opportunities in Asia, and a launch pad for Chinese mainland fintech companies expanding abroad.
Listen in for Charles' views on Hongkong, China and the Fintech boom in the region that has become a case study for the world to learn from.