Despite the HKSAR pouring billions into government-directed ‘innovation’ initiatives (most of which will probably get wasted by crafty rent seekers), it is doing nothing to unshackle the private sector the way Singapore government is doing – see article below:
” The Monetary Authority of Singapore (MAS), the city-state’s central bank, is working to ensure cryptocurrency startups receive domestic banking services as part of the country’s efforts to boost fintech development.”
This is becoming a recurrent theme highlighting the large contrast between practical nimbleness of the Lion city and HK’s bureaucratic white elephant mentality (ie spraying cash on vested interests, which strangely drives out innovation), below are some of our other views on the innovation sector:
More governments facilitating crypto business or adopting blockchain to ease regulatory burden for businesses
Singapore allows Airbnb, Where is Hong Kong?
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