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According to the "Hong Kong Fintech Ecosystem" report released by Invest Hong Kong, the government department responsible for regulating foreign direct investment, Hong Kong is home to more than 1,100 fintech companies, including 175 blockchain application or software companies and 111 digital asset and cryptocurrency companies, an increase of 250% and 30% respectively since 2022. "Hong Kong's fintech market is expected to reach US $606 billion in revenue by 2032, with an annual growth rate of 2...
U.S. employers announced the most job cuts in five months in August, with the tech sector the hardest hit, data showed on Thursday, amid an uncertain outlook for economic growth and persistent cost concerns. Companies announced 75,891 job cuts last month, roughly triple July's figure and the biggest monthly increase in a year, employment consultancy Challenger said. However, the number of job cuts announced so far this year is down 3.7 percent. "The surge in layoffs in August reflects increased ...
Chan Wing-fu, a senior analyst in the banking and fintech industry at Bloomberg Industry Research, said that it is expected that in 2024, due to rapid revenue growth and a stable cost base, the consolidated loss of Hong Kong virtual banks will be reduced to HK $2 billion or less; operating expenses may fall below HK $3.20 billion. Last year, eight virtual banks generally recorded net interest income growth, with MOX BANK, Fu Rong Bank, Rihui Bank, and Ant Bank (Hong Kong) recording growth of mor...
Chan Wing-fu, a senior analyst in the banking and fintech industry at Bloomberg Industry Research, said that it is expected that in 2024, due to the rapid growth of revenue and the stable cost base, the comprehensive loss of Hong Kong virtual banks will be reduced to HK $2 billion or less; operating expenses may fall below HK $3.20 billion. Last year, eight virtual banks generally recorded net interest income growth, MOX BANK, Fu Rong Bank, Rihui Bank and Ant Bank (Hong Kong) recorded more than ...
The Chamber of Progress, a coalition of the tech industry, recently called on President Joe Biden to support comprehensive cryptocurrency regulation as a key step for his administration to appeal to younger voters ahead of the upcoming US Presidential Election. The chamber highlighted the growing importance of digital assets to a large segment of the electorate, noting that more than 18 million Americans currently own or trade cryptocurrencies.
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