According to the "Hong Kong Fintech Ecosystem" report released by Invest Hong Kong, the government department responsible for regulating foreign direct investment, Hong Kong is home to more than 1,100 fintech companies, including 175 blockchain application or software companies and 111 digital asset and cryptocurrency companies, an increase of 250% and 30% respectively since 2022. "Hong Kong's fintech market is expected to reach US $606 billion in revenue by 2032, with an annual growth rate of 28.5 per cent between 2024 and 2032," the report notes.