Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Friday, Jun 21, 2024

Friday Beyond Spotlights – Joseph Chan: The Fintech Capital

Friday Beyond Spotlights is an informative yet light-hearted talk show airing every Friday at 8:30pm on Hong Kong International Business Channel (#76). The English language program features the most prominent guests who share their insights into current affairs, business, innovation and culture, as well as their ingenuity, passion and grit which forge their Lion Rock Spirit. The show is hosted by businessman and philanthropist Patrick Tsang On-yip, lawyer and lawmaker Nick Chan Hiu-fung, and seasoned business maverick Herman Hu Shao-ming.

Hosted by Nick Chan, episode 15 of Season 2 presents Joseph Chan Ho-lim, the Under Secretary for Financial Services and the Treasury of the Hong Kong SAR. Hong Kong has long been globally recognised as one of the world’s leading international financial centres. According to Chan, in the equity market Hong Kong raised over HK$100 billion through IPOs in 2022, ranking 4th in the world; in the bond market it ranks No.1 for six consecutive years as the largest arranging centre for international bond (issuance) in Asia; and in risk management it ranks No.2 in the world and No.1 in Asia in terms of both insurance density and insurance penetration. The latest report also shows that the city’s AUM (assets under management) reached US$4.6 trillion at the end of 2021, making it the largest centre by AUM of the asset and wealth management business, up 48 per cent during 2019-2021.


“If you look at the cross-border wealth management business, Hong Kong ranks No.2 in the world and No.1 in Asia; and the same industry report forecasts that Hong Kong would overtake Switzerland as No.1 within the next few years,” adds Chan, “And as China’s international financial centre, Hong Kong is the biggest offshore renminbi centre. We have around RMB 1 trillion in our liquidity pool in offshore renminbi, and also we handle around 75 per cent of offshore renminbi global payments, making us the world’s largest offshore renminbi centre.”

According to Chan, the fact that Hong Kong is already Asia’s leading international financial centre puts the city in an excellent position to become the FinTech capital of the Asia-Pacific region. Currently, there are over 800 FinTech companies in Hong Kong, having grown by about 60 per cent over the past few years. These include eight licensed virtual banks and four licensed virtual insurers. “For FinTech companies, as they develop, they would be looking for access to investors, potential customers, and potential business partners; and Hong Kong provides them tremendous access because most multinational financial institutions have set up their Asian regional headquarters or major offices in the city.”

Chan says Hong Kong is the perfect place for FinTech companies to grow because many FinTech companies from Mainland China have set up their offices in Hong Kong to attract foreign investment and also use Hong Kong as a springboard to develop their overseas business; and on the other hand, many FinTech companies from Europe or Americas use the city as the hub to develop business in Asia, especially for attracting funds from Mainland China and entering the Mainland market. And for FinTech startups, Hong Kong is also an ideal place to develop because it is the second largest private equity hub (after Mainland China) in Asia, hence is the best place to get access to private equity with a free flow of capital regime.

“The uniqueness and the strength of Hong Kong as a leading international financial centre is the ‘One Country, Two Systems’. Under ‘One Country’, we offer preferential access to the Mainland China market, which is the second largest economy in the world and is still growing very strongly. And under ‘Two Systems’, in Hong Kong we offer free flow of capital and information, a Common Law system, a simple and low tax regime, and also a regulatory framework which is compatible with those of the global major markets,” says Chan.

In the program, Chan shows audiences an ABRSM (Associated Board of the Royal Schools of Music) Grade 8 Piano Certificate as the item which symbolizes his can-do Lion Rock Spirit. When Chan was a boy, he told his parents that he liked music and wanted to learn piano. Coming from a grassroot background, his family could not afford but a few years later managed to save enough money to buy him a piano. He started learning piano at the age of 10, but was not able to complete the Grade 8 exam before he left for his study at the University of Michigan. During his first-year study in the US, Chan struggled to continue practicing piano despites all the challenges, and eventually managed to pass the exam when he returned to Hong Kong during the summer break in 1996. To Chan, this certificate represents the persistent efforts he has made to overcome the challenges not only to complete his incomplete childhood dream, but also to pay back the sacrifices made by his parents in fulfilling his dream. “I reckon that as long as you are determined to do something, no matter how difficult and challenging the environment is, you can be creative and find a way to get it done with your perseverance. I would call this the can-do spirit.”

Chan believes as an international financial centre, Hong Kong will continue to prosper. “I think the best is yet to come and there are a lot of opportunities coming along. Hong Kong will always serve as a conduit to connect the foreign investors and foreign companies to the Mainland market, and will continue to play a crucial role to facilitate the flow of funds.”

To watch the video, visit Friday Everyday YouTube Channel – Friday Beyond Spotlights Season 2 Episode 15 l Joseph Chan

Episode 15: https://youtu.be/GY8YKN5J8sg

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×