A newly published report from Harvard Business Review Analytic Services focusing on Hong Kong’s growing fintech ecosystem reveals that 77% of organizations acknowledge that their agility and innovation capabilities could be improved to better respond to global disruption. The research also assesses COVID’s contribution to accelerating the digital revolution and places a spotlight on the role that fintech plays in establishing resiliency.
According to the report, capital, regulation, and talent are key pillars within Hong Kong’s fintech sector and 33% of respondents see virtual banking as the emerging technology or service most useful to help their organizations respond to global disruption, with a further 23% agreeing with the same for faster payments systems.
“I think the regulatory environment, access to capital, access to good people, and access to the right customers—those are probably the four things that I would call out as important to help a company thrive,” said Matt Mills, Featurespace’s Chief Commercial Officer, who contributed to the research. Mills goes on to say that “the best fraud prevention and anti-money laundering strategies in the world are not always compatible with most countries’ financial services regulators’ best practices.”
Harvard Business Review Analytic Services is an independent commercial research unit within Harvard Business Review Group, conducting research and comparative analysis on important management challenges and emerging business opportunities.