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Singapore Wealth-Tech Firms Expand to Hong Kong as First Overseas Market
Singapore-based wealth-tech companies are selecting Hong Kong for initial international growth due to its substantial idle savings and financial hub status. Chocolate Finance recently launched there, offering competitive returns on deposits. Other firms like Syfe and Endowus have also targeted the market.
South China Morning PostAudio version
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Singapore wealth-tech firms are expanding to Hong Kong as their first major overseas market, citing the city's large idle savings, wealth base, and position as a regional financial hub to support their retail investment platforms. The latest addition is Chocolate Finance, which launched in Hong Kong last month with a product aimed at retail investors' idle cash.
The product provides 3.8 percent annualised returns on the first HK$100,000, equivalent to US$12,763, with no minimum balance requirement, no lock-up period, and daily interest accrual.
Finance's CEO, Tim Jones, stated that the firm selected Hong Kong due to the significant amount of idle savings in the banking system. He estimated approximately HK$4 trillion in local bank accounts, including HK$1 trillion in current accounts and HK$3 trillion in savings deposits.
Jones added that this averages about HK$500,000 per person in unused funds. Jones also noted Hong Kong's role as a wealth-management hub, making it a suitable first expansion outside Singapore, where the company developed and tested its product. He highlighted the city's high adoption of digital financial services, which aligns with the firm's app-based model.
The expansion reflects limitations in Singapore's smaller domestic market, which restricts scaling potential at home. In contrast, Hong Kong provides a larger and more liquid pool of retail wealth, allowing similar product designs and regulatory approaches without major changes.
