Major banks in Hong Kong are the main culprits behind the slow development of electronic money in the city despite its robust growth elsewhere in the world, Charles Mok, legislator for the information technology constituency, said.
Mok said monopolies in the banking system limit advances in financial technology, the Hong Kong Economic Journal reported Monday.
Concerns over security and profitability are other factors, Mok said in a forum co-organized by HKEJ and its StartUpBeat.
Tim Lee Ying-ho, co-founder of Beijing QFPay Technology Co. Ltd., a firm specializing in mobile-payment systems, also pointed at the lack of participation by banks as a key factor in the lackluster development of the technology in Hong Kong.
Contactless payment methods are used less in the city than in most other places in the world, Lee said.
Meanwhile, Kong Hing-yan, co-founder and chief executive of TNG Asia, which makes an electronic wallet, urges the Hong Kong government to take a leaf out of the Singapore government’s book in its push toward financial technology.
The Singapore government has invited TNG to set up an office in the city state on favorable terms, he said.
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