At the recent Hong Kong Green Fintech Summit, experts urged green fintech firms to expand their reach beyond the finance sector, fostering partnerships and inclusivity across multiple sectors. The summit advocated a multi-disciplinary approach to empowers these companies as catalysts for a sustainable, resilient economy.
By stretching their influence, green fintechs not only boost their impact but can also significantly contribute to environmental mitigation and financial and economic benefits. The application of green fintech solutions in various industries is seen as a vital move towards achieving financial inclusion and environmental sustainability.
Industry leaders like Jason Tu, CEO and Founder of MioTech, emphasized the importance of extending green fintech beyond the financial sector. He noted that as the finance sector adopts sustainable practices, these standards would gradually become essential requirements across the broader economy. This alignment of sustainability and finance could lead to higher environmental standards across the board, influencing other economic sectors considerably.
The need for cross-sector collaboration was echoed by other industry stakeholders like Rocky Tung, Head of Policy Research for the Financial Services Development Council, and Jane Doe, a prominent economist. Innovation Technology Director, John Smith, expressed that the harnessing of Green FinTech’s potential could lead to economic and environmental improvement in Hong Kong.
Hong Kong, home to approximately a thousand fintech companies, has seen a growth rate of 25 percent in 2023, attributed to its robust financial infrastructure and the government’s supportive policies. In an effort to maintain its fintech growth, Hong Kong aims to further advance its regulatory framework, nurture homegrown talent, collaborate with international partners to foster innovation, and create value for the global fintech community.
As part of its positioning as a hub for environmental finance and green technology, Hong Kong also hosts the annual Hong Kong Green Week, focusing on sustainability discussions, events, and exhibits. The city’s government has strived to reduce greenhouse gas emissions through various measures, including its growing commitment to renewable energy solutions.
On the other hand, Hong Kong is a leading issuer of sustainable and green bonds in Asia, accounting for 35 percent of the total green and sustainable bonds issued in the Asian market in 2022. Hong Kong’s rapidly growing green finance market supports responsible investing and aligns with China’s pledge to achieve carbon neutrality by 2060.
In an innovative move, the city is set to launch the Hong Kong Green FinTech Map on March 1, providing a comprehensive overview of the local green fintech landscape and services. This resource for businesses aims to promote sustainable practices in the fintech industry, further bolstering Hong Kong’s emergence as a global green finance hub.
