Hong Kong dismisses report ranking city 5th for fintech

Deloitte ranked its rival Singapore second.

According to a report from South China Morning Post, the Hong Kong government has dismissed a research report ranking Hong Kong only fifth last year among the leading fintech hubs, saying the study did not directly compare financial technology development but rather financial and business environments as a whole.

During a Legislative Council meeting on Wednesday, finance sector legislator Chan Chun-ying asked the government why Hong Kong ranked three spots behind rival Singapore – which ranked second – in the report by global accounting firm Deloitte.

Secretary for Financial Services and the Treasury Professor Chan Ka-keung said the report did not specifically compare fintech development but rather compiled results from three organisations which ranked the competitiveness of financial centres, their innovation capacity and business environment.

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