Authors: Yie Kei Li; Nicholas Harkiolakis
Addresses: United Microelectronics Centre, Units 1512-1513, 15/F, Building 19W, 19 Science Park W Ave, Science Park, Hong Kong ' École des Ponts, 77, rue de Miromesnil, 75008 Paris, France
Abstract: This study surveyed 150 FinTech CEOs or founders in Hong Kong and Shenzhen to understand key success factors for a FinTech start-up. FinTech start-ups tend to be formed by, on average, three founders who complement their expertise in both the IT and financial industry fields. An average start-up capital of around USD 500,000 to USD 1 million seems to be the norm for local FinTech start-ups. Multiple funding sources are typically considered, including family funds, in many cases required by outside investors as proof of commitment. Government policies (e.g., free rental and tax cuts in early stages) were deemed important for initial growth. The study's regional focus might not validate a generalisation to other financial centres but findings contribute further understanding of the FinTech phenomenon in one of the world's most active finance markets. Future research is required to investigate other financial centres worldwide (Silicon Valley, Wall Street, Singapore, etc.).
Keywords: FinTech; business models; financial start-ups; success factors; theoretical framework; Hong Kong.
International Journal of Social Entrepreneurship and Innovation, 2020 Vol.5 No.3, pp.224 - 240
Received: 16 Sep 2020
Accepted: 01 Dec 2020
Published online: 05 Mar 2021 *