According to online reports, according to the "Hong Kong Financial Technology Ecosystem" report released by Invest Hong Kong, the government department responsible for regulating foreign direct investment, Hong Kong has more than 1,100 financial technology companies, including 175 blockchain application or software companies and 111 Digital asset and cryptocurrency companies, with growth of 250% and 30% respectively since 2022. "Revenue from Hong Kong's fintech market is expected to reach US$606 billion by 2032, with an annual growth rate of 28.5% between 2024 and 2032," the report stated.