Hong Kong’s most senior financial official was in Dublin on Thursday to cement trading ties between the two jurisdictions and showcase the opportunities for Irish firms in Asia’s financial hub.
Hong Kong's financial secretary Paul Chan Mo-po met with officials from Enterprise Ireland and some of its key fintech clients, including Fexco, Know Your Customer, Corlytics, CurrencyFair, Transfermate and Daon.
The visit was aimed at boosting trade between Ireland and Hong Kong particularly in the areas of fintech and aircraft leasing, in which both have an expertise.
More than 20 Irish fintech companies are now using Hong Kong as a gateway to mainland China and Asia's other fast-growing markets.
Between them, they have secured significant wins with some of the world's leading financial services companies in Hong Kong such as HSBC, Standard Chartered and Bank of China as well as local Hong Kong entities such as the Securities and Futures Commission.
"For decades, Hong Kong has been serving as the unique gateway connecting international investors and the vast market in the mainland of China," Mr Chan said at an Enterprise Ireland-hosted event in Dublin.
Accomplish together
“And our ever-deepening economic integration with our motherland creates opportunities for us that are available to no one else. There is so much that Hong Kong and Ireland can work and accomplish together in the areas of fintech and aircraft leasing,” he said.
The Hong Kong government recently announced an extra HK$50 billion (€5.3 billion) in funding to boost innovation and technology in Hong Kong and an “easy landing” programme to attract overseas internet enterprises and fintech firms to set up in Hong Kong.
Enterprise Ireland's fintech lead for Asia-Pacific, Mo Harvey, said: "As Asia's largest financial hub, Hong Kong is one of the most forward-looking cities in Asia when it comes to fintech deployment.
“It has favourable conditions including a stable and supportive regulatory environment, over 150 licensed banks, the eighth-largest stock market in the world, and the largest asset management base in Asia.
“ Historically, Irish fintech companies have performed exceptionally well in Hong Kong. We see real opportunity in the areas of regtech, payments, blockchain and big data,” she added.
As part of Mr Chan's visit, a memorandum of understanding (MoU) was signed between the Banking & Payments Federation Ireland and the FinTech Association of Hong Kong further strengthening links between the regions.
