The Office of the Privacy Commissioner for Personal Data (PCPD) has found no evidence that the “additional” personal data of over 100,000 individuals affected by a Companies Registry data breach was accessed without authorization or by accident. The breach compromised the Hong Kong Identity Card (HKID) and passport numbers or addresses of 108,575 company directors.…
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Wise has introduced its international business account in Hong Kong, designed to help small and medium enterprises (SMEs) manage global transactions seamlessly. The account allows businesses to send, receive, and hold over 40 currencies without the burden of minimum balance requirements or monthly subscription fees. According to a press release, SMEs can receive payments globally…
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The Hong Kong government is actively expanding its trade network and attracting investment from Global South markets through a series of strategic initiatives. Ongoing discussions with Malaysia and Saudi Arabia aim to establish new Economic and Trade Offices in both countries, strengthening Hong Kong’s presence in these key markets. Additionally, InvestHK has launched consultant offices…
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The Hong Kong Trade Development Council (HKTDC) has announced its strategic focus for FY 2025-2026, reinforcing Hong Kong’s position as a resilient and globally connected business hub while deepening its integration into national development. The council will prioritize innovation, sustainability, and SME growth to enhance the city’s competitive edge. Key Initiatives Strengthening Hong Kong’s Role…
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On 8 January 2025, the Hong Kong Monetary Authority (HKMA) introduced the Supervisory Incubator for Distributed Ledger Technology (the Incubator) to support banks in responsibly harnessing the transformative potential of distributed ledger technology (DLT). A New Supervisory Framework for DLT AdoptionThe Incubator is designed to help banks maximize the benefits of DLT adoption while effectively…
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A new policy requiring mediation clauses in government contracts has officially come into effect. According to the Department of Justice (DoJ), these clauses mandate that contracting parties must first attempt mediation to resolve disputes before turning to arbitration or litigation. To support this initiative, the DoJ has introduced The Government of the Hong Kong Special…
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The overall office prices in Hong Kong declined by 7.8% between Q4 2022 and Q4 2023, with Grade A, B, and C offices decreasing by 2%, 11.5%, and 7.9%, respectively, according to the Hong Kong Property Review 2024. Grade A office prices saw modest growth in early 2023 but fell 2% year-over-year (YoY) in Q4.…
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FTAHK Launches AI Strategic Advisory Council to Promote Responsible AI in Hong Kong’s Financial Sector The Fintech Association of Hong Kong (FTAHK) has announced the formation of the FTAHK AI Strategic Advisory Council, a dedicated committee designed to promote the exploration and adoption of responsible AI practices within Hong Kong’s financial sector. The council, consisting…
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A consolidated budget deficit of $94.8 billion is projected for 2025, prompting calls for strategic measures to guide the government’s upcoming budget planning. Leveraging the Greater Bay Area (GBA) Experts emphasize leveraging Hong Kong’s strategic location within the Greater Bay Area to maintain its role as a critical connector between mainland China and the world.…
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