Here are the best fintech startups in the region that you should know about;
Hong Kong has a robust economy, with an annual gross domestic product of over $360 billion. It is a leading financial center in Asia, so it’s no surprise that many financial technology companies are based there. They offer various services, including business registration, banking, insurance, foreign exchange, investments, etc. Here are the best fintech startups in the region that you should know about;
FWD
FWD is a digital insurance platform. It offers different types of insurance, including medical, pets, life, disability, travel, etc. Founded in 2013, it has raised over $1.8 billion from venture capitalists and has become one of Hong Kong’s largest insurers.
The main appeal of FWD is that it has digitized a great deal of the insurance process. Customers don’t need too much manual consultation. They can sign up and buy the insurance products online. They can also file insurance claims online. Yet, customers can still talk to human representatives whenever they wish.
FWD has over 10 million customers, which indicates unprecedented growth for a company founded barely a decade ago. It also operates in many other countries, including Singapore, Thailand, Japan, Indonesia, etc.
WeLab
WeLab is a digital financial services provider. It offers a broad range of products, including WeLab Bank, WeLend, Wallet GuGu, Tianmian, etc.
WeLab Bank, as the name suggests, is a digital banking app for local residents. Customers can sign up and create an account just as they’d do with a typical bank. Here, the entire registration process is conducted online, which is more convenient. After registration, users can transact with each other seamlessly.
WeLend is a consumer lending platform. Users can get loans just as they’d do with a typical bank. The loan application process occurs entirely online and is smoother than in traditional banks.
Wallet GuGu is a digital wallet for local residents to manage their money. Needless to say, WeLab is the leading provider of digital financial services in the region.
Airwallex
Airwallex is a cross-border payment platform. It’s built for businesses and organizations that transact significantly with foreign currencies. For instance, a local resident can use Airwallex to pay fees to their international college. A local company can use Airwallex to send dollars to an American supplier. This platform has made accessing foreign exchange easy for local companies.
Businesses can create Airwallex accounts to hold foreign currency and transact with it whenever they want. They can create separate accounts in over a dozen currencies in a few steps. Airwallex lets businesses issue corporate cards to their employees and track expenses. It’s an all-in-one business banking platform.
Osome
Many people want to incorporate businesses in Hong Kong because of the region’s robust economy, strategic location, and business-friendly policies. Osome is a professional service provider specializing in helping people register a company. This service is very useful for foreigners that aren’t too familiar with the local business environment.
For instance, Osome can help foreigners find a local corporate secretary and directors to appoint for their Hong Kong-based firm. Osome can also provide a local office address, which is required for corporate registration. It makes the incorporation process seamless for customers.
Qupital
Qupital is a revenue-based financing platform for online retailers. E-commerce sellers can upload their invoices and obtain loans against them. The platform has a network of borrowers that bid on different loans. It’s essentially a lending marketplace for e-commerce companies that traditional banks might ignore.
Qupital says it has facilitated over $1 billion in loans for online retailers since its founding in 2016.
Conclusion
Hong Kong is home to many innovative financial technology companies. We have mentioned the best ones worth paying attention to. These businesses are already excelling yet still have high growth potential. They contribute to making the region an economic powerhouse and make it easier to conduct business.
