Survey: Hong Kongers Find Fintech Firms as Trustworthy as Banks
Here’s something that’ll perk up the Hong Kong fintech community. International Investment, citing a recent survey, says that most Hong Kongers find fintech companies just as trustworthy as banks:
Seven in every ten (70%) Hong Kongers said to have the same level of trust between fintech and banks, the study from MHP Communications revealed.
The percentage seems to be high praise given that banks are among the most trusted companies in the former colony – four banks are in the top five most trusted brands in the region’s financial services industry, with HSBC, Bank of China, and Hang Seng Bank taking up the top three spots, respectively.
“..this number drops dramatically if the question is different, as only 8% believe that fintech deserve their trust more than their own banks whilst 22% admit that fintech companies are less trustworthy than their tried-and-tested financial services providers.”
In contrast, roughly a third of Indian and Chinese consumers find fintech firms to be more reliable than their traditional counterparts. This, International Investment says, may be due to the “greater integration of fintech offerings like Alipay and WeChat Pay.”