Algernon Yau, the secretary for commerce and economic development, made the announcement on Tuesday after Hong Kong Financial Secretary Paul Chan declared on Monday that the government's "primary focus" is the digital transformation of the financial sector.
We are certain that Hong Kong will provide even more chances for the fintech industry with the new legislative initiatives launched with the policy speech, Yau said.
Yau claimed that the bureau's foreign direct investment division, Invest Hong Kong, will make it easier for fintech startups and multinationals looking to grow their operations in Hong Kong to raise capital.
By the end of this year, the bureau will introduce a new program named "Oasis," according to Yau, who withheld more information regarding the effort.
It was disclosed that Hong Kong is allocating HK$5 billion (US$636 million) from its February budget to support the city's technology firms.
This week, Singapore, a city-state adjacent to Hong Kong, is hosting its own Fintech Festival in conjunction with Hong Kong. The two regions are considered as long-term competitors with one another.
