Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Sunday, Apr 02, 2023

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


Related Articles

Hong Kong News
The G-7 aims to make global crypto regulations tougher
Don’t Dismiss China’s Peacemaking Bid
Austrian Parliament members walk out when Volodymyr Zelensky begins speaking.
Father obliterates council members following viral TikTok of biological male masturbating in women’s bathroom..
Tsai Ing-wen received a "warm welcome" from the Chinese people in the US.
EU's von der Leyen: "We know this is an era where we rely on one single supplier. China. 98% of our rare earth supply."
China and Brazil have signed a new deal that will allow them to trade in their own currencies, bypassing the US dollar as an intermediary
Elon Musk and Others Call for Pause on A.I., Citing ‘Profound Risks to Society’
“We've had evidence prior to the pandemic that masks were largely ineffective at preventing community transmission of influenza “
Former Starbucks CEO Howard Schultz:
Former Starbucks CEO Howard Schultz rejects being labeled a "billionaire"
Jamie Dimon is being deposed over JPMorgan Chase role in Epstein lawsuits
Brand new security footage has just been released to the public showing the Active shooter Audrey Elizabeth Hale drove to Covenant Church School in her Honda Fit this morning, parked, and shot her way into the building
Social Media censoring users for saying the true
Smart Iranian fashion designer teaching dummy TV anchors lesson about reality
U.S. charges FTX's Bankman-Fried with paying $40 million bribe
Fallen 'Crypto King' Who Owes Millions to Investors Was Kidnapped and Tortured
Regulators blame social media for SVB's rapid collapse: 'Complete game changer'
AOC explains why she opposes banning TikTok
Singapore’s Prime Minister says China and US need to stabilize relations because world can't afford a confict between the two superpowers
In a dramatic U-turn against His Government: Judicial Reform Legislation Must Be Halted, Says Israeli Defense Minister Yoav Gallant
Gordon Moore, a co-founder of Intel Corporation, died at 94
Powell: Silicon Valley Bank was an 'outlier'
Bordeaux town hall set on fire in France pro democracy protest
Police violence in Paris
Paris: Some of the police are stepping down and showing solidarity with the protesters.
Donald Trump arrested – Twitter goes wild with doctored pictures
NYPD is setting up barricades outside Manhattan Criminal Court ahead of Trump arrest.
Credit Suisse's Scandalous History Resulted in an Obvious Collapse - It's time for regulators who fail to do their job to be held accountable and serve as an example by being behind bars.
Goldman Sachs cuts outlook for European bank debt over Credit Suisse crisis
Paris Rioting vs Macron anti democratic law
'Sexual Fantasy' Assignment At US School Outrages Parents
The US government has charged Chinese businessman Guo Wengui with leading a $1 billion fraud scheme that cheated thousands of followers out of their money.
Credit Suisse to borrow $54 billion from Swiss central bank
The BBC problem about China
Russian Hackers Preparing New Cyber Assault Against Ukraine
"Will Fly Wherever International Law Allows": US Warns Russia After Drone Incident
If this was in Tehran, Moscow or Hong Kong
Announcing GPT-4
TRUMP: "Standing before you today, I am the only candidate who can make this promise: I will prevent World War III."
China is calling out the US, UK, and Australia on their submarine pact, claiming they are going further down a dangerous road
A brief banking situation report
We are witnessing widespread bank fails and the president just gave a 5 min speech then walked off camera.
Donald Trump's asked by Tucker Carlson question on if the U.S. should support regime change in Russia?.
'No relation to the American SVB': India's SVC Bank acts to calm depositors amid brand name confusion.
Good news: The U.S. government is now guaranteeing all deposits, held by, Silicon Valley Bank, and the funds are available as of today
Silicon Valley Bank exec was Lehman Brothers CFO
In a potential last-ditch effort, HSBC is considering a rescue deal to save Silicon Valley Bank UK from insolvency
Saudi Arabia has announced a major breakthrough in diplomacy with Iran after two years of intense talks