Green Fintech Map launch showcases Hong Kong’s edge in sustainable finance

The Green and Sustainable Finance Cross-Agency Steering Group (Steering Group) today launched the Prototype Hong Kong Green Fintech Map with Cyberport and Invest Hong Kong (InvestHK) to help corporates and financial firms identify green and sustainable financial technology (Green Fintech) solutions that meet their business needs (Notes 1 and 2).

The Map is a directory of Green Fintech firms operating in Hong Kong and includes over 50 firms as of today. Their product offerings cover: (i) environmental, social and governance (ESG) data and analytics, (ii) ESG disclosures and regulatory reporting, (iii) climate risk modelling and assessment, (iv) green digital finance and investments, and (v) carbon credit trading and analytics.

The Map was launched at the event “Green Fintech: Catalyst for Scaling Sustainable Finance” during the Hong Kong Green Week (Note 3).

Mr Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government said:

“The Government attaches high importance to the advancements in green finance and Fintech. The introduction of this map symbolises the integration of green finance and Fintech, which will be conducive to accelerating the transition towards a green economy and fostering the development of the Green Fintech ecosystem. It also echoes the Green and Sustainable Fintech Proof‑of‑Concept Subsidy Scheme to be launched by the Government in the first half of this year.”

Ms Julia Leung, Chief Executive Officer of the Securities and Futures Commission (SFC) and co-chair of the Steering Group, said:

“Green Fintech is an important catalyst for the development of sustainable capital markets. The Map will encourage early adoption of technological solutions in the financial sector and benefit financial institutions in many ways, from facilitating regulatory compliance, informing investment decisions to developing new financial products.”

Ms Alpha Lau, Director-General of Investment Promotion of Invest HK, said:

“Green Fintech is a key enabler to unlock capital to foster a more sustainable future. By onboarding the Green Fintech companies, corporations, and investors into the FintechHK Community Platform, it will be much easier for local and global Green Fintech companies to connect with potential buyers, users, and investors. The goal is to accelerate the adoption and scalability of Hong Kong's Green Fintech ecosystem.”

Mr. Peter Yan, CEO of Cyberport, said:

“Green Fintech is a catalyst for the development of green finance, driving sustainable finance through practices such as product innovation, environmental compliance, and distribution. It also empowers consumers to make green and ESG-conscious financial decisions in their everyday lives. We hope that the map can effectively promote more Green Fintech application, and nurture a more comprehensive Green Fintech ecosystem.”

The Map is available on the website of the Steering Group (Note 4). The list of Green Fintech firms will also be featured on the FintechHK Community Platform, which is a centralised fintech platform to foster vibrant growth of Hong Kong’s fintech ecosystem, and will be updated periodically.

End

Notes:

1. In the Policy Measures of the 2023 Policy Address, the Government announced that a “Green Fintech Map” would be published to support the development of Green Fintech in Hong Kong.
2. The Law, Innovation, Technology and Entrepreneurship Lab at the University of Hong Kong’s Faculty of Law is engaged as the knowledge partner to develop the Green Fintech classification. The classification will be updated taking account of the latest green fintech developments in Hong Kong.
3. The Hong Kong Green Week is held from 26 February to 2 March 2024, offering a series of events to support the city’s development in green technology and green finance.
4. Established in May 2020, the Steering Group is co-chaired by the SFC and the Hong Kong Monetary Authority. Members include the Financial Services and the Treasury Bureau, Environment and Ecology Bureau, Insurance Authority, Mandatory Provident Fund Schemes Authority, Accounting and Financial Reporting Council, and Hong Kong Exchanges and Clearing Limited. Please see the Steering Group’s website for details on its initiatives and members.

Launch of the Prototype Hong Kong Green Fintech Map during “Green Fintech: Catalyst for Scaling Sustainable Finance” today