Irish Trade Mission To China And Hong Kong SAR Places Spotlight On Fintech
The World’s Second Largest Investor In Fintech Companies Leads Irish Fintech Delegation To Hong Kong Fintech Week
HONG KONG, 25 OCTOBER 2018 – Enterprise Ireland, the second largest investor in fintech companies in the world by deal count, will showcase the capabilities of Ireland’s fintech sector at Hong Kong FinTech Week. This is the first time that Enterprise Ireland, the Irish Government’s trade and innovation agency and the third-largest VC in Europe by deal count will participate in Hong Kong FinTech Week, happening in Hong Kong and Shenzhen between 29 October – 2 November 2018.
As a global hub for finance, technology and investor activity, Ireland is a hotbed of fintech innovation, helping the industry respond to challenges and opportunities from the digitisation of banking to new payments models and ever-changing compliance requirements. With a portfolio of over 200 fintech and financial services companies, with a combined revenue of over €1 billion, Enterprise Ireland is Europe’s biggest fintech investor, investing in over 80 fintech companies in the last five years, including investments in 23 fintech start-ups last year alone. Three Irish fintech companies – Know Your Customer, Financial Risk Solutions and Global Shares – have entered the Hong Kong market in 2018 alone with many more Irish fintech companies are looking to enter Asia over the next few months.
The #IrishAdvantage brand will debut in the region at Hong Kong FinTech Week, with 11 Irish fintech companies showcasing their innovations under this banner, including; Circit, Corlytics, CurrencyFair, Daon, Fenergo, Fineos, Global Shares, Intuition, Know Your Customer, Priviti and Solgari. The Irish companies represent fintech areas including regtech, Payments, Banking, insurtech, Cloud Communications and Biometrics.
The trade delegation is led by Irish Minister for Business, Enterprise and Innovation, Heather Humphreys and Enterprise Ireland CEO Julie Sinnamon, and follows a visit by the Hong Kong Government to Ireland in May this year to create opportunities between Hong Kong and Ireland’s financial services hubs. The Hong Kong Government delegation to Ireland earlier this year was led by the Honourable Paul Chan Mo-Po, Financial Secretary, the Government of the Hong Kong Special Administrative Region.
Speaking ahead of Hong Kong FinTech Week, Mo Harvey, Enterprise Ireland’s fintech lead in Hong Kong said: “As Asia’s largest financial hub, Hong Kong is one of the most forward-looking cities in Asia when it comes to fintech deployment. Historically, Irish fintech companies have performed exceptionally well in Hong Kong. A strong cohort of over twenty Irish fintech companies are active in Hong Kong including key players such as Fexco, Daon, Know Your Customer, CurrencyFair, Intuition Publishing, Fenergo, Fineos, Tax Back International, Corvil, Global Shares and Financial Risk Solutions. Between them, these companies have secured significant wins with some of the world’s leading financial services companies in Hong Kong such as HSBC, Standard Chartered and Bank of China as well as local Hong Kong entities such as the Securities and Futures Commission and the Hong Kong Jockey Club.”
“We see real opportunity in the areas of regtech, payments, blockchain and big data and expect there to be a significant increase in the number of Irish companies entering the Hong Kong market in the next six to 12 months. There will be a particular focus on regtech, cloud and banking companies in order to support Hong Kong’s new virtual bank initiative which will create opportunities for collaboration and disruption. These companies have one thing in common – their choice of Hong Kong as their operational base to take on both the local market and expand into other Asia Pacific markets including mainland China.”
The mission will be present at Hong Kong FinTech Week (Stand C04). Minister Heather Humphreys as well as Enterprise Ireland CEO Julie Sinnamon will also be involved in the event through launch events and deal announcements which will further highlight the benefits of collaboration between Irish and Hong Kong companies in the Financial Services sector. Minister Humphreys will address the Hong Kong FinTech Week conference on Thursday, 1st November on the Hong Kong Stage at 13:55.
In addition to participating in Hong King FinTech Week, the Irish trade delegation will also be participating in the China International Import Expo (CIIE) happening in Shanghai on 5-10 November 2018.