7 in 10 Hong Kongers believe fintechs are as trustworthy as banks: survey

However, 22% admit that the former are less trustworthy than old-guard lenders.

Seven in 10 (71%) Hong Kong consumers believe that up-and-coming digital players in the financial services sector are equally trustworthy as traditional players, according to a study from MHP Communications, in a development highlighting the the opportunity for fintechs to gain further momentum in the SAR.

Also read: Half of Hong Kong bank users willing to give third-party data access 

Despite the openness to the technology, banks still reign supreme in maintaining the trust of Hong Kongers as only 8% believe that fintechs deserve their trust more than their own banks whilst 22% admit that fintechs are less trustworthy than their tried-and-tested financial services providers.

In fact, banks occupy four of the top five most trusted brands in Hong Kong’s financial services sector with HSBC holding the top spot. 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.

This is in line with the survey findings that consumers express the greatest positive sentiment for their banks (85%) followed by payment systems companies and credit card firms. Around 67% admitted to viewing insurance companies positively whilst 66% view fintechs in a good light.

This is compared to 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.

Overall, 82% of Hong Kong consumers view their financial services sector in a good light compared to 13% with negative perception.