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Monday, Mar 04, 2024

Friday Beyond Spotlights – Joseph Chan: The Fintech Capital

Friday Beyond Spotlights – Joseph Chan: The Fintech Capital

Friday Beyond Spotlights, an informative yet light-hearted talk show airing tonight on the Hong Kong International Business Channel (#76), is where prominent guests 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 program 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 insurance density and insurance penetration. The city is also among the world leaders in terms of asset and wealth management business, cross-border wealth management, and offshore renminbi payments.

Chan says Hong Kong is 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 60 per cent over the past few years. These include eight licensed virtual banks and four licensed virtual insurers. He says the city 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 in the Mainland market. And for FinTech startups, Hong Kong is also an ideal place to develop because of easy access to private equity in a free flow of capital regime.

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. Obtained in 1996 in Hong Kong during the summer break of his university education in the US, this certificate represents the persistent efforts he has made to overcome the challenging circumstances to complete his incomplete childhood dream, and also to pay back the sacrifices made by his parents in fulfilling his dream.

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 find out more, watch Season 2, Episode 15 of Friday Beyond Spotlights tonight at 8:30pm on the HKIBC channel (#76).

Watch the trailer of Episode 15 on https://youtu.be/HJpbnMZHPvY


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