Study: HK city gains ground as a female entrepreneur friendly city in APAC

Hong Kong has become one of the top cities within the APAC region for women entrepreneurs to thrive in. The city has been lauded for its financial support and services, and creating an entrepreneurial ecosystem for them to thrive, according to a recent Mastercard study. 

Mastercard unveiled the results of the 2021 results of its annual Mastercard Index of Women Entrepreneurs, which explored the progress and achievements of women entrepreneurs across 65 economies. In its fifth edition, the study tallied a score of 62.7 for Hong Kong. It also indicated Hong Kong’s rise in both global and Asia Pacific indices, climbing to 17th and 4th respectively. The city also secured one-rank increases compared to last year’s results.

The study found a slight decline of 0.8% in women business leaders and 0.4% in women entrepreneurial activities in Hong Kong from 2020 to 2021, which could be attributed to SME support from the government via entrepreneurial policies and programmes, women’s access to financial services and relatively high-quality of governance. Mastercard believed that these conducive conditions likely supported women’s engagement in entrepreneurial activities where socio-cultural norms and attitudes towards entrepreneurship were less favorable.Moreover, Hong Kong is listed at the 6th spot globally in entrepreneurial supporting conditions, emphasising the city’s encouraging attitude to women’s entrepreneurial risk. Hong Kong also ranks 8th in the world in terms of knowledge assets and financial access. Mastercard said it was equivalent to women’s ability to gain venture capital and SME operational financing, adding:

The entrepreneurial landscape benefits from rule of law and the effectiveness of policies and public services, as well as women’s high access to tertiary education across the territory.

“The Mastercard Index of Women Entrepreneurs reveals Hong Kong as one of the leading markets where women are encouraged to develop their careers. With more diverse career opportunities and autonomy in creativity, women can demonstrate their capabilities and are empowered to achieve their ambitions, start and manage their businesses," said Helena Chen, managing director of Mastercard for Hong Kong and Macau.

In addition to Hong Kong, six economies from the Asia Pacific region, including Singapore and Taiwan, have found their places on the index for being the best places in the world for women entrepreneurs. Women entrepreneurs in these countries and regions have benefited from initiatives aimed not at supporting them directly, but instead small enterprises where they are highly represented.

(Photo courtesy: 123rf)

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