Secretary for Financial Services and the Treasury outlines Hong Kong’s financial strategy at HKVCA Summit

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Christopher Hui

20th May 2024 – (Hong Kong) At the HKVCA (Hong Kong Venture Capital and Private Equity Association) Greater China Private Equity Summit 2024, Mr. Christopher Hui, Secretary for Financial Services and the Treasury, delivered a comprehensive speech outlining the future trajectory of Hong Kong’s financial sector. The summit, provided an apt platform for discussing the city’s strategic pivot towards enhanced global connectivity, burgeoning wealth management, and pioneering green finance initiatives.

Mr. Hui emphasised Hong Kong’s unwavering commitment to globalisation despite current geopolitical challenges. With the 10th anniversary of the groundbreaking Stock Connect program, which has significantly boosted capital flows between Mainland China and international markets, Hong Kong continues to fortify its position as a crucial global financial hub.

Turning to wealth management, Mr. Hui highlighted Hong Kong’s strategic geographic position, which has established it as a prime location for managing international capital. With assets under management ballooning to HK$30.5 trillion in 2022, Hong Kong is poised to become the leading capital management hub in Asia. The introduction of the Capital Investment Entrant Scheme is set to attract further international wealth, bolstering Hong Kong’s status as a global nexus for financial services.

In the realm of green finance, Hong Kong is taking bold strides to align with global climate commitments. As the leading green bond center in Asia, the city is leveraging its financial expertise to support sustainable projects and companies. Initiatives like Core Climate, a voluntary carbon trading platform, exemplify Hong Kong’s innovative approach to funding green transitions, aligning with the broader goals of carbon neutrality.

Mr. Hui also shed light on the rapid advancements in fintech and artificial intelligence (AI), areas where Hong Kong has made significant headway. Home to a vibrant ecosystem of approximately 1,000 fintech entities, the city is at the forefront of innovations in electronic payments, regulatory technology, and wealth technology. Recognising the transformative potential of AI in finance, the government is poised to release a policy statement later this year that will outline strategic directions for AI application in the financial sector, ensuring that Hong Kong remains at the cutting edge of technological advancements.

Concluding his address, Mr. Hui reaffirmed Hong Kong’s dedication to maintaining its competitive edge in the global financial landscape. By fostering an environment conducive to innovation and international collaboration, and by adapting proactively to emerging global trends, Hong Kong is set to continue its legacy as a robust, dynamic financial centre. The policies and measures laid out by Mr. Hui at the HKVCA summit not only promise to enhance the city’s financial services sector but also aim to secure a sustainable and prosperous future for Hong Kong in the ever-evolving global economy.