71% of Hong Kongers trust fintechs as much as banks

29 Jan 2019

digital paymentA study conducted by MHP Communications revealed that 7 in 10 or 71% of Hong Kong consumers view fintech services as being equally trustworthy as a traditional bank.

The survey shows that 85% of consumers are most satisfied with their banks, but payment systems companies and credit card firms are the following most popular options. Around 66% think positively of fintechs.

Although Hong Kongers have expressed confidence in technology, 22% think fintechs are less trustworthy than their own banks. The importance paid to banks is further highlighted by the fact that banks make up some of the top trusted brands in Hong Kong’s financial services, with HSBC ranking as the top spot and Bank of China and Hang Seng Bank followed in second and third place.

On the other hand, 32% of Indian and Chinese consumers trust new players more than traditional companies. Fintech platforms such as Alipay and WeChat Pay have evidently integrated well in these countries.

According to the study, 82% of Hong Kong consumers are satisfied with their financial services sector while 13% view it in a negative light.