HONG KONG, CHINA- Media OutReach - 6August 2020 - Hong Kong businesses have embraced FinTech and are reaping the benefits,experiencing improved business efficiency, cost savings and an enhancedcustomer experience, according to a regional survey of business FinTech usageby CPA Australia.

The surveyfound that 84 per cent of Hong Kong respondentsexpect their business to use at least one FinTech product or service in thenext 12 months, up from 67 per cent in the past 12 months.

Mr. AnthonyLau, President of CPA Australia's Greater China Division in 2020 says, "Indifficult business conditions, it is very positive to see such large numbers ofHong Kong businesses using FinTech and even greater numbers expecting to use itin the next 12 months. Such technology is seen to improve efficiency and thecustomer experience; essential elements to business growth."

Mobile payments/digitalwallets proved the most popular FinTech product or service for businesses inHong Kong, with 40 per cent of businesses surveyed reporting increased usage ofthis technology, followed by virtual banks (18 per cent) androbo-advisory/chatbots (also 18 per cent). In the coming 12 months, 59 per centof Hong Kong businesses expect to use that technology, followed by virtualbanks (26 per cent) and wealth management technology (16 per cent).

The surveyalso found that 63 per cent of Hong Kong businesses that were more profitablein 2019 either maintained or increased their usage ofmobile payments or digital wallets in the past 12 months.

"I'm notsurprised that mobile payment technology is the FinTech with the highestbusiness adoption amongst the four surveyed markets. From my observation, theCOVID-19 pandemic has accelerated the shift towards contactless commerce andnew payment technologies are a critical to that."

On the expected impact that FinTech will have on the Greater Bay Area,respondents were most likely to nominate that such technology will createmore business opportunities for the financial services and technology sectors,and improve capital flows.

The survey resultsalso showed that Mainland businesses were more likely to use mobile paymentstechnology, robo-advisory/chatbots and wealth management technology.

Mr.Marcellus Wong FCPA, Chairperson of the Greater Bay Area Committee of CPAAustralia said "The GBA presents great opportunities for Hong Kongbusinesses to partner with Mainland companies to intensify their collaborationand adoption of these FinTech products and services, as well as furtherinnovate, enhancing Hong Kong's position as an international FinTech hub."

Lau,however, struck a note of caution: "FinTech is not without its challenges.FinTechs need to address business concerns over cybersecurity and data privacyif they are to achieve higher rates of adoption in the business community."

About the survey

The survey was conducted by CPA Australia from 23 June to 14 July 2020. Atotal of 573 responses were received from accounting and finance professionalsin Hong Kong, Mainland China, Malaysia, and Singapore, with 154 respondentsfrom Hong Kong.

About CPA Australia

CPA Australia is one of the world's largest accounting bodies with morethan 166,000 members working in 100 countries and regions around the world, andwith more than 25,000 members working in senior leadership positions. It hasestablished a strong membership base of more than 19,000 in the Greater Chinaregion.