According to a report published by Hong Kong’s Financial Services and Treasury Bureau on June 1, 40% of new fintech companies in the territory use cryptos' underlying technology.
In particular, 39% of all fintech startups that arrived to the market during 2019 use distributed ledger technology (DLT).
The number of companies using cryptos' technology in Hong Kong is growing steadily, with this figure reaching only 27% in 2018, which means in 2019 there was a 12% increase.
According to the report, the blockchain sector is the fastest growing industry among fintech companies in the territory, as 22 of 57 such companies launched in 2019 use blockchain technology in one way or another.
The number of fintech companies operating in Hong Kong already exceeds 600.
Blockchain, along with AI, Big Data and the cloud, is part of the bunch of technologies that are supporting deep changes in the territory's virtual banking sector. Furthermore, this tech is also being used to modernize the insurance industry.
According to the agency, the adoption of cryptos' underlying technology during the coronavirus pandemic has shown it can offer efficiency and profit improvements.
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