We’ve all seen a new business or industry seemingly appear out of nowhere, suddenly flourishing into a major player with millions, if not billions of revenue streaming in. Naturally, we all wonder how we could have gotten in at the ground floor.
Hong Kong is a prolific incubator and cultivator for successful startups, largely thanks to its robust and modern infrastructure, skilled workforce, low tax rates, and proximity to Mainland China.
Current figures show there are currently over 3,000 startups in Hong Kong, up 42.8% from 2017. With that in mind, you can see why Hong Kong might just be the perfect place for you to find the next big thing.
We’ve taken a look at trends in global business, and identified 7 types of high demand businesses that will develop and prosper in Hong Kong in 2020 and beyond. Some are small businesses you can start yourself, others are large industrial movements you can become an investor in.
Artificial Intelligence
Far from the realms of sci-fi, artificial intelligence (AI) is now very much a real player that promises to be the next form of industrial revolution. That may seem like lofty praise, but the world’s smartest investors are heavily involved in its advancement. For some context, Japan’s richest man, and founder of the Softbank group, says he devotes 97% of his time to AI.
Hong Kong is very much invested in the climb towards automation and connectivity, and has been ranked third in the world for field-weighted citation impact on the AI industry. Hong Kong AI companies like SenseTime are leading the way locally, with many startups following in their footsteps in the race to full AI.
Fintech
Cryptocurrency, mobile payments, and robo-stock advisors are all examples of the explosion of global fintech in the last few short years. As startups clamber to look for efficiencies and ways to cut out middlemen in financial transactions, Hong Kong has risen to be a major global player in the industry.
There are currently over 550 fintech companies in Hong Kong, with a total value of S$12.5 billion. This all makes sense when you consider that the Hong Kong government actively supports these startups, as well as the banking sector helping with open banking initiatives and virtual bank licences.
All of this adds to a region of just 7.5 million people being the number 11 fintech economy on the planet.
Read more about the high deman businesses in Hong Kong at this Hong Kong Company Registration blog.
