Revolut plans set-up in Hong Kong as Paul Chan touts city’s strengths in UK

One of Europe’s most prominent fintech companies, UK-based digital bank Revolut, plans to set up operations in Hong Kong, the Post has learned, after executives met with the city’s financial chief in London.

The news emerged on Tuesday as Financial Secretary Paul Chan Mo-po commenced his visit to the British capital, where he also met representatives from family offices across Europe, the Middle East and Asia.

Chan on Tuesday also attended a dinner hosted by Hong Kong’s Trade Development Council, where he called on more UK enterprises and professionals to invest in and pursue careers in the city to seize opportunities in the growing finance and innovation and technology (I&T) sectors.

“Over the past year, international capital has continued to flow into Hong Kong, and more multinational enterprises have expanded their presence in the city – a clear reflection of international confidence in Hong Kong’s business environment,” Chan said at the dinner.

According to a statement issued by the finance chief’s office, Chan also held a meeting with executives of a financial institution with plans to set up operations in the city.

Sources familiar with the plans told the Post the institution was Revolut.

Described as a “tech super star” by some analysts, Revolut is a UK-based company that provides mobile app-based bank accounts as an alternative to physical banks, with services including international money transfers and cryptocurrency and stock trading.