Russia

From Krakow to Vladivostok and St Petersburg to Sofia, the gigantic Eastern European region is known for its many start-up centres, which draw on a well-educated population, low costs and a host of other advantages.

Bestowing high praise on historians and biographers, British author Oscar Wilde said: “Anybody can make history. Only a great man can write it.” And renowned American science fiction writer Robert Heinlein once said: “A generation which ignores history has no past – and no future”.

With well-educated populations, sophisticated infrastructure but relatively low costs, eastern European countries, including Russia, are fertile grounds for start-ups and naturally are turning their attention to Hong Kong.

The biggest country in both Europe and Asia, Russia is recovering following a sharp recession induced by the COVID-19 pandemic last year, giving Hong Kong-based exporters attractive opportunities.

Following the COVID‑19 outbreak, businesses have sought to embrace e‑commerce as the key sales channel in both domestic and overseas markets – including Russia, Europe’s largest consumer market.

As fintech transforms financial transactions both within and between economies, and cryptocurrencies such as Bitcoin and Facebook’s Diem, central bankers are looking at offering digital versions of their traditional units.