FT: Tech start-ups on the rise in Hong Kong
An increasing amount of tech start-ups are setting themselves up in Hong Kong, reports the Financial Times. The city offers unique advantages to young companies in tech: easy access to China’s huge manufacturing capabilities and the world’s largest burgeoning consumer market. All this, combined with the straight-forward regulations of a British-mirrored legal system and low taxes.
The Financial Times asserts that “Hong Kong is particularly keen to promote its credentials as a tech hub because the economy is under pressure as tourism and luxury retail – traditional pillars of growth – have been hit by a drop in Chinese visitors”.
The paper informs that the change has occurred in very recent years, as both entrepreneurs and investors have recognised Hong Kong’s prime location to take advantage of growing global trends such as FinTech and Internet of Things (IoT). Banking technology – focused firms are well placed to gain from Hong Kong’s status as a leading financial centre. Numerous co-working spaces and start-up incubators have been established in the city, such as Blueprint (backed by Hong Kong conglomerate Swire), The Hive and Cyberport.