Fintech Consulting & Licensing Support in Hong Kong
Enterslice fintech licensing consultancy in Hong Kong can make you part of one of the fastest-growing fintech economies in the entire world. If you aspire to be one of the 3,700 startups and 600 fintech companies, connect with Enterslice and take hassle-free solutions for fintech licensing in Hong Kong. We will advise you and walk you through the Paper works process necessary for the fintech licensing application in Hong Kong. We have a team of legal and compliance experts who will provide step-by-step assistance so that you can become an HKMA-approved fintech licensed fintech company in Hong Kong.
What Is a Fintech and It’s Licensing
Finance and technology, when adjoined, become a fintech. Any business that uses technology to enhance and automate its financial services-oriented products and processes is a fintech business. Today, a fintech business model is any technologically enabled financial innovation that might produce new business models, applications, processes, or products that can affect the financial market. Due to stringent consumer protection rules, these fintech business models can't be part of the public domain without obtaining authorisation from the regulatory authorities; this authorisation generally is in the form of licensing, which gives the right businesses to have innovative fintech models to introduce in the public domain.
Each nation has separate policies regarding fintech licensing, and an entity willing to obtain the exact needs to register them according to the local laws. These licensed fintech entities rely on electronic channels for their distribution, making cross-border interactions and outsourcing products easy, converting the global market into a unified marketplace.
Enterslice Fintech Licensing Services Will Make Your Business
Governed and efficient
With Enterslice, you can move your fintech into a well-governed and efficient fintech industry in Hong Kong.
Ethical and professional
Hong Kong financial market regulatory authorities let only ethical entrants be part of the eco-system; Enterslice can build your fintech on honest and professional grounds.
Strategic and innovative
Hong Kong's fintech landscape is entirely pro-innovation, and you will need somebody like Enterslice to make strategies that could mark you up in the fintech business.
Enterslice Fintech Licensing Services Making Your Business
Making your business meet the customers' expectations, addressing unmet needs, and creating a value proposition for your customer base.
Our responsibility will be to make your company technologically enabled by making your existing operating model sound enough to fill the gaps in existing technology.
We will make your business customer-centric with a business model customised as per your needs, which can aid an increase in revenue. With Enterslice, make your business efficient and improved.
Fintech business circles around various risk-involving factors due to the interference of technology, external factors such as legal and compliance related, and decreasing the risk aversion of the companies, with the help of Enterslice, create a risk accessing and mitigating business model.
Challenges Restricting the Fintech License Procurement in Hong Kong
Hong Kong is a land of significant fintech giants dominating its fintech panorama. Making your place among such sizeable players who are fierce competitors is tough. Still, with the help of third-party consultants with experience in China’s fintech market dynamics, you could facilitate and plan your entry into China's fintech market to land a secure and safe space.
Competitive Fee Structure
The fee competition amongst the players of Hong Kong's fintech market is fierce, and the current fee charged by offline merchants can make it challenging for offline merchants to manage their fee structure, which is profit-making by the official mandates.
Rising Mergers and Acquisitions
The licensed entities in Hong Kong are considered valuable, and the traditional industries, to decrease the competitors in the market, try to merge with these entities, ruling them out of the current landscape. This integration-oriented approach initially makes the survival of new players tough in Hong Kong.
Rapid Rollout of New Technology
The pace with which the Hong Kong fintech market is growing in terms of technology is not everyone’s cup of tea; the new market entrants find their survival challenging in the Chinese market due to rapid technology initiatives and the ease with which the old traditional fintechs adapt the advance changes.
Enterslice Licensing Services
Our fintech licensing services include outlining and assisting all the necessary processes that are compulsory for China's fintech license procurement. Along with licensing, we can help you with taxation, budgeting, and financial marketing.
necessary paperation Assistance- Our fintech experts offer easy and hassle-free Paper works guidance with checklists and updated formats occasionally.
Compliance Support- establishing a cross-border fintech industry involves multiple compliances, which, when not appropriately followed, cause delays in the licensing process. Our legal team will help you in systematic compliance formulation along with time-to-time compliance support per the regulation changes.
Expert Guidance- we customise fintech strategies per your company's business model. To achieve the same, we assign a dedicated fintech expert who will provide expert guidance and support and help you make the right decisions for your company.
Overview of the Fintech Industry in Hong Kong
Hong Kong is one of the most advanced cities, considering its highly penetrated fintech market, which has diversified mobile phone usage and accessibility to internet usage. More than 600 fintech companies and around 3,700 startups operate in Hong Kong. The fintech adoption rate by consumers is 67% in Hong Kong and the entire world and has surpassed countries like France, the United States, and Japan. The city of Hong Kong is ranked among the top 5 of the world as a whole market for consumer fintech adoption.
In June 2021, the “fintech 2025” model by the Hong Kong Monetary Authority (HKMA) was initiated to foster fintech development in Hong Kong. There were five key areas upon which the HKMA promotes the adoption of Fintech 2025 that are aimed at increasing the supply of fintech talent by the collaboration of Hong Kong monetary authority with partners that could groom a fintech talent leading to the promotion of joint projects between the industry and the academia. Another critical area was forming a new fintech cross-agency coordination group where the Hong Kong Monetary Authority and other key fintech players could collaborate and develop specific supportive policies to aid the ecosystem. HKMA also took the initiative to enhance its fintech supervisory sandbox by collaborating with the Innovation and Technology Commission, with which better funding support and aid could be provided to the qualified fintech business models.
How Enterslice Can Back Your Hong Kong Fintech License Procedure
HKMA Consultation Support
It is required by the financial company applying for a fintech license in Hong Kong to consult with HKMA before initiating their license application, for which you will need guidance from the team of experts at Enterslice, who will explain to you beforehand the regulations that you need to be aware of before the consultation meeting, the importance of this meeting is that the regulators make their mind about the intention and confidence that the applicant has towards establishing their fintech industry in hong-kong.
necessary paperation Assistance
The annexures of necessary papers to be attached along with the fintech license application in Hong Kong require guidance from somebody who is an expert in understanding the intricacies of the Paper works process; an expert like Enterslice can assist you with your fintech project and Paper works of its business plan, audit report, capital related annexures, management, and shareholding database, etc. we have a dedicated team of legal experts who can assist you in making, arranging and annexing the necessary papers well so that after submission of license application you observe no delay in obtaining license.
Compliance with the regulators is essential if you are willing to apply for a FinTech license in Hong Kong. You will need support from the legal experts of Enterslice to make anti-money laundering and counter-finance terrorism-related in-house policies, along with the checklists which is necessary while appointing any director or other management staff for your fintech; our experts will formulate risk management policies as our responsibility to make your fintech stand upon a solid legal foundation.
Financial Management Assistance
Suppose you are planning to apply for a fintech license in Hong Kong. In that case, you will need Enterslice to assist you in maintaining the cash reserves because any new organisation entering a new territory needs aid in managing its finances, and when your business is circling in managing the finances of other people and electronic money-related transactions, then attaining a balance is slightly tricky, our team of insolvency and bankruptcy regulation knows the whereabouts of managing the finances of a fintech so that even in case of bearing losses the fintech industry keep on maintaining the minimum cash reserve necessary for any licensee in the territory of Hong Kong.
Legal support and assistance
Hong Kong has very stringent policies for consumer protection; they have formulated rules and regulations by the name of measures for assessment of data offshoring security assessment, administrative rules on internet user account information, and administrative measures for protecting the rights and interests of consumers of banking and insurance institutions, to keep their consumers safe against cyber and data infringement threats. If you are a fintech company planning on entering the Hong Kong fintech market, you will need the support of the legal team that Enterslice has; we know the core Paper works required to obtain a fintech license in Hong Kong, which is why we will create such cyber-secured and data protected policies for you with the help of which you could easily attain the fintech license.
Fintech Ethics Governance Support
In Hong Kong, any entity planning on establishing its fintech industry must comply with the banking and insurance industry's green finance rules formulated by the HKMA. Hong Kong regulatory authorities focus a lot on those fintech models that are ethical and sustainable. The business model needs guidance from an industry expert like Enterslice, who could support you in managing and following the required governance for honest business plan creation.
Support in Making Financial Resources Statements
A financial resources statement is one of the most important necessary papers to be attached to the license application; a financial resources statement identifies and describes the processes the applicant has in place to meet its financial obligations. This necessary paper decides the fate of the license application, and any irregularity in the financial resource statements makes it impossible for the fintech business to obtain the license. Every new fintech firm must take help from a third party to create and audit their financial resources statement so that any misappropriation or inadequacy can be detected on time. Enterslice, with Its team of fintech experts, could audit the financial resources statements of your business, providing you with the exact insight into your business's financial resources and whether or not you are eligible to qualify for the fintech license, prior knowledge of the same is better than receiving a rejection of the application. With the help of previous knowledge, the team of experts in Enterslice can help you formulate a discrete financial resource statement.
Intricacies Attached To Fintech Licensing In Hong Kong
If you plan to establish a fintech company in Hong Kong but are unsure about the licensing procedure, conditions, and costs, do not hesitate to connect with Enterslice.
The fintech eco-system of Hong Kong has a stimulated licensing regime for its payment systems-oriented fintech companies. There are two licenses money service operator and stored value facility issued to different payment systems as those whose functions are in money transfers and currency exchanges will be applying for a money service operator license. In contrast, entities that can carry out the operations of keeping money, payment of goods and services, and payment to another person, including providing a platform for electronic money transfer, must obtain a stored value facility (SVF) license.
The fintech industries applying for a fintech license in Hong Kong, either the stored value facility or the money service operator license, must abide by the authorised capital requirements, and the entity must have a risk management policy. It must comply with anti-money laundering and counter-finance terrorism-related obligations, and the company must have a minimum reserve, i.e., ensure that a cash flow management system exists in the financial organisation. The SVF licensees must ensure that their founders and directors pass a fit and proper test that confirms that these individuals have good reputations, experience, and necessary qualifications to make them eligible to acquire a Fintech license in Hong Kong.
Why to choose Enterslice
The procedure for obtaining a fintech license in Hong Kong involves specific steps which, at times, are complicated for foreign entities to comply with; such industries must consult with third-party consultancies who could help a fintech industry in understanding the requirements of HKMA, will connect it to the local regulators who are residents of the territory and most important a consultant can assist you will the lengthy Paper works process which needs various annexures about corporate governance and risk management, cash management, technological risk management, AML/CTF Systems, payment security and ensuring the continuous functioning of the system.
After complying with the procedures necessary for a fintech license application in Hong Kong, the regulator does an onsite examination of the registered office, verifies the necessary papers that are submitted along with the application, and can also demand any additional necessary paper necessary by the Hong Kong monetary authority, can do an audit and can show interest in meeting the management of the company.
Enterslice Sector-Based Licensing Services for Hong Kong
We at Enterslice capture the entire financial services sector in Hong Kong; connect with us to bring your business plan, and we will suggest the best economic business model amongst the following-
There is a continuous and active updation to Hong Kong’s regulatory framework about virtual assets, and several companies are engaging themselves in virtual assets like crypto-related businesses. Enterslice works closely with the regulatory pattern of SFC license and can assist if you deal in regulating brokerages or automated trading services for digital assets.
The successful initiative of HKMA to enable non-traditional financial services providers to enter the Hong Kong banking sector without requiring them to have physical branches led to the growth of eight virtual banking entities currently delivering retail banking services in Hong Kong. With the support of Enterslice, you could also be one such successful virtual banking service provider.
The virtual insurance market of Hong Kong is considered quite a niche and personalised virtual insurance marketplace in comparison to any other nation. With the support of Enterslice, you could also be part of this niche virtual insurance marketplace in Hong Kong.
The payment systems-related regulation in Hong Kong dates back to 1997. The government has taken the initiative to promote the adoption and efficient working of electronic payment platforms. Connect with Enterslice and boost your payment systems mechanisms in Hong Kong.
Key Ecosystem Holders of the Hong Kong Fintech Market
Hong Kong Exchange and Clearing (HKEX)
One of the significant financial operators of the Hong Kong region is the Hong Kong Exchange and Clearing (HKEX) Group, which provides world-class facilities for trading and clearing securities. The HKEX group's most significant role is accelerating and acting as an intersection between the Chinese fintech markets and other global regions.
In the Hong Kong region, Cyberport is a digital technology flagship committed to innovation, nurturing entrepreneurs, and attracting global talents. It has a mature and vibrant digital ecosystem.
Hong Kong Science and Technology Parks Corporation
HKSTP is Hong Kong's leading corporation with a technology-centric approach based on the research and development domain for fostering fintech development. Then, it has an open and corroborative ecosystem to create synergy between the fintech players.
Hong Kong Productivity Council
This council promoted productivity and excellence using advanced technologies and innovative service offerings. They provide innovative, comprehensive solutions to increase Hong Kong's fintech productivity in local and international markets.
Hong Kong Monetary Authority
Established in 1993, it is the crucial authority responsible for maintaining the monetary and banking stability within the territory of Hong Kong. Right from the initiation of fintech, HKMA has put in great efforts to strike the right balance between retaining the appropriate flexibility for novel innovations and considering customer interest and consumer safeguard in mind. In 2016, HKMA established a fintech Facilitation Office (FFO) to facilitate and ensure the fintech landscape in Hong Kong; the significant areas where the FFO regulates is by providing a platform for exchanging innovative fintech initiatives, providing an interface between the market participants and regulators to obtain an improved understanding of the fintech industry. They initiate industry research in potential applications and provide fintech solutions to the risks that arise. They act as a facilitator to nurture talents to meet the growing needs of the fintech industry in Hong Kong.
The Securities and Future Commission
It is a non-governmental statutory body regulating Hong Kong’s security and futures market. It was established to enhance the development and application of fintech, which intends to conduct regulated activities in Hong Kong. Any person launching their fintech business in Hong Kong shall carry on a business in a regulated activity without a license granted by SFC.
Benefits of being a fintech licensed company in Hong Kong
Convenient geographic positions
A fintech licensee in Hong Kong can get your fintech access to the most prominent Asian markets, such as Japanese, South Korean, and Asian markets, allowing you to do your business even in rich and dense population areas.
World-class regulatory regime
In Hong Kong, no exchange controls or restricts the inflow and outflow of capital, making the fintech market the most accessible and giving fintech industries the space and growth they need for cross-border operations.
Dedicated financial and investment talent resources
Almost all the areas of fintech are part of the fintech business ecosystem in Hong Kong; Hong Kong has everything right from reg tech, Playtech, and lending tech to the budding areas for other global entities and regular areas for Hong Kong fintech marketplace by the year 2025. Other areas, such as Greentech and legal tech, are also growing in Hong Kong.
Digitalised and Streamlined Financial Processes
With the commercial data interchange (CDI) launch, a new era of data sharing took birth in Hong Kong. With this, the financial institutions were given a platform to do innovations with the application, which could digitalise and streamline an economic process. Since its launch, around 3000 loan applications were facilitated by the CDI, making around HK$2.8 billion.
Strong funding landscape
The funding landscape of Hong Kong is vibrant and diverse; in May 2023, the government of Hong Kong provided around 45 grants to enterprises and organisations variably related to fintech. The government allocated HK$50 Million to expedite the development and to establish industries that can aid the sustainable development of the virtual asset industry. The Financial Services and Treasury Bureau launched the fintech proof of concept subsidy scheme to encourage traditional financial institutions to partner with fintech companies to conduct
Our success story
We have 10+ years of experience in the fintech domain along with licensing, company establishment, and other legal compliances; our journey is full of success stories that we achieved through these years by making the right decisions for a budding or an established fintech business in Australia.
Hassle-free Fintech license procurement with Enterslice Fintech licensing services
Fintech licensing services must be availed by every fintech entity, especially when establishing it in a foreign country because the licensing rules vary worldwide. A potential and strategic fintech licensing plan ensures easy license procurement because, in most nations, rejection of the license results in delay and add-on controls and compliances.
With the help of our consultation and advisory, you can focus on building the core of your fintech business. At the same time, we will ensure the developing license compliance per the regulatory framework.
Why choose us
Vision & core values
We have faith in your trust, and we can do anything to keep your trust intact; we engage the community without staking our core values and vision.
We understand that the core of any business is its employees; our team of experts are polite and competitive and responds efficiently to the queries of each customer; our belief is to develop long-term and trustworthy relationships.
Convenient and consistent
We provide our clients with an environment that is convenient and consistent for them. We work without friction and with the ties of trust and credibility.
Reputed & trustworthy
If you go by word of mouth, all our clients give positive feedback for our services, making us a reputed and trustworthy organisation.