40% of Hong Kong's fintech companies operate on blockchain

Blockchain companies increasingly dominate Hong Kong's financial technology sector. 39% of new companies that started fintech operations last year are DLT-based.

Year by year, DLT dominates the new financial technology sector, with a share of 27% in 2018, according to the Hong Kong Financial Services and Treasury Office.

A report released by the treasury department on June 1 provided a detailed picture of the accelerated development of blockchain technology in Hong Kong

Blokchain is the fastest growing segment of the fintech sector. 22 of the 57 fintech companies that started operating in Hong Kong in the last year operate using DLT.

WealthTech is the second fastest growing sector with 20% share of new companies. Payments is in third place - 17%, followed by InsurTech - 9%.

As of April 2019, the number of fintech companies operating in Hong Kong has exceeded 600. 8 virtual banking licenses and 4 virtual insurers were issued.