DeFi
Hong Kong Embraces DeFi and Metaverse for Fintech Growth
Wednesday. June 26 at 3:00 PM
1 min. readGovernment-backed research in Hong Kong has identified decentralized finance (DeFi) and metaverse technologies as key opportunities to bolster the region's position in the global fintech arena. The Hong Kong Institute for Monetary and Financial Research (HKIMR) released reports emphasizing the impact of DeFi and metaverse on the finance sector. The DeFi report highlighted the sector's remarkable growth from $6 billion in 2021 to over $80 billion in 2023, with significant untapped potential. While DeFi faces challenges in governance and compliance, its unique features are promising. In the metaverse realm, local financial institutions in Hong Kong show moderate engagement despite high interest. Although some are skeptical about its future, a portion of fintech firms are actively exploring metaverse opportunities. Enoch Fung, CEO of AoF, expressed optimism about these developments, signaling a shift towards innovative fintech solutions in Hong Kong.