Hong Kong’s investment promotion agency InvestHK and the Crypto Valley Association (CVA) of Zug in Switzerland signed a memorandum of understanding on Thursday, to strengthen the fintech ecosystems of both sides.

The memorandum emphasizes, cooperation in blockchain and cryptographic technologies and interested companies, startups, and investors are all encouraged to develop their businesses within highlighted areas by providing relevant information and facilitating network building.

Nikoletta Csanyi, executive director of the CVA, said the strategic partnerships between InvestHK and the association are paving the way for a stronger, more interconnected global fintech ecosystem

Additionally, incoming business missions and investment promotion events that foster bilateral investment between the two economies will be supported and facilitated to boost cooperation between the fintech ecosystems of Hong Kong and Switzerland.

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Alpha Lau, director-general of investment promotion at InvestHK, said, “This MoU not only represents a new milestone in the collaboration between the fintech ecosystems of Hong Kong and Switzerland, but also underscores Hong Kong’s appeal as a premier destination for fintech and Web3 innovation.

“We look forward to facilitating the active development and integration of companies’ technologies into the city’s international financial services system.”  

Nikoletta Csanyi, executive director of the CVA, said the strategic partnerships between InvestHK and the association are paving the way for a stronger, more interconnected global fintech ecosystem.

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Home to around 1,000 fintech companies and startups, Hong Kong is one of the top cities globally for startups to rapidly scale up

“This MoU signifies our commitment to fostering collaboration, driving technological advancements, and creating opportunities for growth and innovation between our ecosystems,” she said. “Together, we have the opportunity to shape the future of finance and propel Hong Kong and Switzerland to the forefront of fintech excellence.”

Home to around 1,000 fintech companies and startups, Hong Kong is one of the top cities globally for startups to rapidly scale up. The city ranks first in Asia Pacific and second worldwide in emerging ecosystems of The Global Startup Ecosystem Report 2023.

Hong Kong also has over 10 unicorn companies — startups valued over $ 1 billion — including fintech unicorns such as HashKey Group, an end-to-end digital asset financial services group; WeLab, an online financial company; and Airwallex, a cross-border payment service provider and more.

Contact the writer at thor_wu@chinadailyhk.com