Fintech
Hong Kong is one of the international fintech centre in the world and fintech start-ups has grown rapidly in recent years. Talents and investment are attracted to scale up the fintech start-ups to scale-up. The following is some facts provided by Invest HK in respect of the fintech landscape in Hong Kong:
Home to over 3,700 start-ups, it has over 10 unicorn companies (start-ups valued over US$1bn, including virtual bank, cross-border payment providers, and trade financing provider.
Hong Kong has one of the highest consumer Fintech adoption rate of 67% in the working, ranking above market including USA and Japan. It also has a high B2B adoption of fintech with 66% of fintech companies focusing on the B2B market.
In recent years, the regulators in Hong Kong has adopted a comprehensive approach in regulating the virtual asset market.
GCC Capital specialises in fintech sector and provides an intergraded approach in dealing with regulatory & compliance, and sustainability communications under one roof to ensure all communications to stakeholders are in one voice.
- Assist in formulating the details of the service offering and advise on the relevant business model, and advise on statutory requirements (if applicable), including the Securities and Futures Ordinance (“SFO”), the Banking Ordinance (“BO”), the Payment Systems and Stored Value Facilities Ordinance (“PSSVFO”), the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”), the Money Lenders Ordinance (“MLO”) and relevant regulations for Money Services Operators (“MSO”)
- Advice on licensing matters in respect of the virtual assets providers, and handle the relevant licensing applications
- Assist in setting up the governance and risk management framework which fulfils the regulatory standards as set by the Hong Kong Monetary Authority (“HKMA”) and the Securities and Futures Commission (“SFC”)
- Advisory on Anti-money laundering and counter terrorist financing matters, including account opening procedures, customer due diligence, and other policies and procedures in respect of Know-your-client for the purpose of compliance with AML/CTF requirements and ongoing monitoring under Hong Kong law and regulatory guidance