TechFlow news, September 9 — According to the Hong Kong Wen Wei Po, on September 9, XIAO Geng, Director of the Institute of Policy and Practice at the Shenzhen Finance Institute of The Chinese University of Hong Kong, Shenzhen, said in an exclusive interview that Hong Kong currently has about a thousand fintech companies with broad business scopes. These include eight virtual banks, four virtual insurance companies, and two licensed virtual asset trading platforms. Their operations span mobile payments, cross-border wealth management, AI financial advisory services, wealth investment management, and regulatory technology. For years, the SAR government has strongly promoted the development of fintech. Financial Secretary Paul Chan believes fintech will become the biggest growth driver for Hong Kong's financial industry. Xiao Geng pointed out that if combining financial indicators of Hong Kong and Shenzhen, the twin cities could surpass London and New York in several areas, potentially forming an exceptionally powerful "global financial center."
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