According to the Hong Kong Treasury and Financial Services Bureau, distributed records technology represents an increasingly dominant share of the country's new financial technology companies on an annual basis, up from 27% As of 2018.
Blockchain leads big companies in Hong Kong
A report dated June 1, 2020 published by the Hong Kong Treasury, provided a detailed snapshot of the rapid growth of Blockchain within the region.
Blockchain comprises the fastest growing segment of the financial technology industry in the region, with 22 of the 57 financial technology companies that were launched in Hong Kong last year working with Distributed Records Technology.
Wealth technology comprises the second fastest growing sector with 20% of new financial technology companies, followed by payments with 17% and insurance technology with 9%.
Since April 2019, the report indicates that the number of financial technology companies operating in Hong Kong has exceeded 600, including the issuance of eight virtual banking licenses and four virtual insurance companies .
Companies Adopt Blockchain in Hong Kong
The report found enterprise logging technology solutions to include the largest sub-sector of the blockchain industry in the region - accounting for 45% of Hong Kong's distributed record book companies. >
Cryptocurrency trading platforms account for 27% of the blockchain sector in Hong Kong, followed by custodians by 14%, and trade finance settlement by 9%.
>The report confirms that Blockchain is among the artificial intelligence, big data, and cloud in including a set of technologies that support the tectonic shifts observed in the Hong Kong virtual banking sector. < / p>
Distributed Records Technology is employed in many insurance technology initiatives aimed at reforming and modernizing the insurance industry in the region.
The Hong Kong Treasury also notes ...
