The vast majority of consumers in Hong Kong believe fintech companies and the services they provide are as trustworthy as traditional banks, according to a survey.
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.However, 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.
Banks occupy four of the top five most trusted brands in Hong Kong's financial services sector with HSBC as number one. Bank of China and Hang Seng Bank follow in at second and third place respectively whilst insurer AIA nabs fourth place and Standard Chartered rounds out the top five, as local news outlet Hong Kong Business reports.
The level of confidence Hong Kong has in fintech over banks is very different than what happens in India and China where a little over a third (32%) of consumers believe that new players are more trustworthy than traditional companies amidst greater integration of fintech offerings like Alipay and WeChat Pay.