The transaction marks an important milestone for the start-up environment in Hong Kong with the HKSFC aiming to ensure its regulatory standards are in line with international regulations to build a welcoming environment for financial technology companies considering investing in the City.
AngelHub co-founder and chief executive Karen Contet Farzam commented to the South China Morning Post “Hong Kong has been an ideal market for start-ups as it is close to other Asia-Pacific countries, while it is an international market itself. The Greater Bay Area offers a lot of business opportunities – it just needs a platform to match investors with start-ups. The SFC licences will make it happen.”
The Hong Kong based team was led by Partner Fiona Chan, assisted by Senior Associate Prabha Sasidharan and Associate Karina Li. Swartz Binnersley & Associates acted as Hong Kong counsel.
Fiona commented “The issuance of these licenses is a great moment for the Hong Kong financial technology industry. We were pleased to act as BVI counsel to AngelHub and we continue to advise them and its group of companies on all BVI corporate finance aspects of the transaction. The Hong Kong technology start-up industry continues to grow and Appleby is proud to be supporting businesses in this field.”
With technological innovation transforming offshore businesses and markets, Appleby has led the way amongst the offshore firms by launching a dedicated Global Technology and Innovation Group. With experts in Hong Kong and across its network of 10 offices, the group supports clients across a broad range of emerging technologies. Find out more at tech.applebyglobal.com.