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HK$17b boost for Hong Kong’s innovation and technology sector aimed at Fintech start-ups

Hong Kong’s innovation and technology sector is in for a HK$17 billion-plus boost, as part of spending initiatives announced by the financial secretary in his budget speech on Wednesday.

The highlights include HK$8.2 billion in funding to promote smart manufacturing and research led by the Hong Kong Science and Technology Parks Corporation.

John Tsang Chun-wah put significant focus on financial technology, or Fintech, which has been highlighted as a potential growth area for start-ups in the city.

He said the Steering Group on Financial Technologies, announced in last year’s budget, had recommended measures to develop the sector, including encouraging overseas talent to come to Hong Kong.

Fintech start-ups offer financial services including crowdfunding and peer-to-peer lending. As part of the support for the sector, Cyberport will dedicate 3,000 square metres of co-working office space to Fintech firms and nurture 150 Fintech start-ups over the next five years.