HONG KONG - An official of the Hong Kong Special Administrative Region government on Monday highlighted the remarkable development of Hong Kong's financial technology sector, saying the number of fintech firms here has exceeded 600.

At a meeting of the Legislative Council, Christopher Hui, secretary for financial services and the treasury, said Hong Kong's fintech ecological circle has witnessed robust growth over the past years with eight virtual banks, four virtual insurers and one virtual asset trading platform.

The vibrant fintech sector has improved businesses' competitiveness and reinforced Hong Kong's status as a global financial hub, he said, adding that an annual fintech week is scheduled to be held in November.

Hui also said Hong Kong has worked to improve the financial connectivity with the mainland and overseas.

The Hong Kong Monetary Authority has worked to push for a blockchain platform for trade and finance between Hong Kong and the mainland. It has also explored the application of digital currency in cross-border payment, Hui said.