(Asian Tech Press) The Chief Executive of the Hong Kong Special Administrative Regionn (HKSAR), Carrie Lam, revealed in her speech at the Caixin Summer Summit 2021 on Thursday that over 600 fintech firms have been operating in the city.

The businesses of these fintech companies cover categories such as mobile payments, cross-border remittances, smart financial advisors, wealth management and blockchain.

As one of the first regions in Asia to launch virtual banks, Hong Kong now has eight such banks in operation, recording nearly 700,000 accounts and more than HK$20 billion in deposits.

In addition, four virtual insurance companies and a digital asset trading platform are already in service.