CPA Australia: Hong Kong Businesses to Lead the Way in Fintech Usage in the Coming 12 Months

HONG KONG, CHINA
– Media OutReach – 6
August 2020 – Hong Kong businesses have embraced FinTech and are reaping the benefits,
experiencing improved business efficiency, cost savings and an enhanced
customer experience, according to a regional survey of business FinTech usage
by CPA Australia.

The survey
found that 84 per cent of Hong Kong respondents
expect their business to use at least one FinTech product or service in the
next 12 months, up from 67 per cent in the past 12 months.

Mr. Anthony
Lau, President of CPA Australia’s Greater China Division in 2020 says, “In
difficult business conditions, it is very positive to see such large numbers of
Hong Kong businesses using FinTech and even greater numbers expecting to use it
in the next 12 months. Such technology is seen to improve efficiency and the
customer experience; essential elements to business growth.”

Mobile payments/digital
wallets proved the most popular FinTech product or service for businesses in
Hong Kong, with 40 per cent of businesses surveyed reporting increased usage of
this technology, followed by virtual banks (18 per cent) and
robo-advisory/chatbots (also 18 per cent). In the coming 12 months, 59 per cent
of Hong Kong businesses expect to use that technology, followed by virtual
banks (26 per cent) and wealth management technology (16 per cent).

The survey
also found that 63 per cent of Hong Kong businesses that were more profitable
in 2019 either maintained or increased their usage of
mobile payments or digital wallets in the past 12 months.

“I’m not
surprised that mobile payment technology is the FinTech with the highest
business adoption amongst the four surveyed markets. From my observation, the
COVID-19 pandemic has accelerated the shift towards contactless commerce and
new payment technologies are a critical to that.”

On the expected impact that FinTech will have on the Greater Bay Area,
respondents were most likely to nominate that such technology will create
more business opportunities for the financial services and technology sectors,
and improve capital flows.

The survey results
also showed that Mainland businesses were more likely to use mobile payments
technology, robo-advisory/chatbots and wealth management technology.

Mr.
Marcellus Wong FCPA, Chairperson of the Greater Bay Area Committee of CPA
Australia said “The GBA presents great opportunities for Hong Kong
businesses to partner with Mainland companies to intensify their collaboration
and adoption of these FinTech products and services, as well as further
innovate, enhancing Hong Kong’s position as an international FinTech hub.”

Lau,
however, struck a note of caution: “FinTech is not without its challenges.
FinTechs need to address business concerns over cybersecurity and data privacy
if they are to achieve higher rates of adoption in the business community.”

 

About the survey

The survey was conducted by CPA Australia from 23 June to 14 July 2020. A
total of 573 responses were received from accounting and finance professionals
in Hong Kong, Mainland China, Malaysia, and Singapore, with 154 respondents
from Hong Kong.

About CPA Australia

CPA Australia is one of the world’s largest accounting bodies with more
than 166,000 members working in 100 countries and regions around the world, and
with more than 25,000 members working in senior leadership positions. It has
established a strong membership base of more than 19,000 in the Greater China
region.