PolyU’s School of Accounting and Finance launches its first Fintech Adoption Index Survey
Press Release 2022 Q3
The Hong Kong Polytechnic University’s (PolyU) School of Accounting and Finance, in collaboration with AI investment trading start-up Asklora, has released the inaugural PolyU-Asklora Fintech Adoption Index (FAI), which is the first locally developed index to measure Hong Kong consumers’ fintech adoption and impact.
The FAI surveyed over 1,000 Hong Kong residents in regard to their adoption of key fintech applications including virtual banking, mobile payments, online brokerage, digital insurance and cryptocurrency. The survey found online stock brokerage has the second-highest adoption rate among all the fintech applications but ranked second-lowest in terms of active usage rate. Conversely, digital insurance has the second-lowest adoption rate while scoring second-highest in active usage. The research also found that users of virtual banking services had a higher overall adoption rate of all kinds of fintech applications. For instance, 77% of them were users of online brokerage services.
The PolyU-Asklora project is led by Dr Jingran ZHAO, Associate Professor of the School of Accounting and Finance, Mr Jack POON, Professor of Practice from the same school and Mr Stephen Joon CHOI, Co-founder and Chief Technology Officer of Asklora. Overall, the FAI was measured at 55, which captures both the proportion of respondents adopting fintech products and the spectrum of fintech services they adopted, with 51% of respondents identified as active fintech users. Furthermore, 85% of respondents reported being satisfied with their fintech solutions experience, while security was cited as their biggest concern.