The Hong Kong Government has signed an agreement introducing various liberalization measures across service sectors where Hong Kong holds a competitive edge, such as financial services, construction, testing and certification, telecommunications, film, television, and tourism. The Trade and Industry Department stated that these new measures aim to relax restrictions on equity shareholding, business scope, and…
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Banks in Hong Kong are exceeding expectations in taking full responsibility and reimbursing lost funds after fraud incidents related to online banking and financial apps, according to a survey by financial technology company FIS. The survey found that 53% of respondents reported their banks assumed full responsibility and fully reimbursed funds lost in cases of…
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The city rose to 30th place, up from the No 47 spot last year, in this year’s Global Cryptocurrency Adoption Index rankings by Chainalysis. Hong Kong has seen the biggest uptick in cryptocurrency activity in East Asia amid the city’s efforts to become a virtual-asset hub, according to new research, while mainland Chinese use digital…
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The APAC region is a powerhouse of economic activity, offering diverse investment opportunities across traditional sectors such as residential, commercial, industrial, and logistics, as well as emerging specialised sectors like data centres and cold storage. Singapore ranked highest among Asian countries and second overall, after the US. Other Asian nations in the top 10 include…
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The Hong Kong Monetary Authority (HKMA) has launched Project Ensemble Sandbox, introducing four key themes of asset tokenisation use cases for its initial round of experimentation. The Sandbox aims to explore innovative financial market infrastructure (FMI) designed to enable seamless interbank settlement of tokenised money through wholesale central bank digital currency (wCBDC). With the Sandbox…
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Hong Kong, long heralded as a global financial hub, stands at a pivotal juncture marked by both opportunities and significant challenges. The city’s unique position as a gateway between the East and West offers unparalleled advantages for businesses aiming to tap into Mainland China’s vast markets. However, this role also comes with complexities, including navigating…
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On August 2, 2024, the People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) signed a Memorandum of Understanding (MOU) to establish a framework for connecting payment systems between mainland China and Hong Kong. The agreement was signed by PBOC Deputy Governor Lu Lei and HKMA Deputy Chief Executive Howard Lee. During…
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Hong Kong has been recognized as a “pivotal global financial hub” and international asset management center, joining Shanghai, Singapore, Sydney, and Dubai as one of the five new wealth hubs. The city stands out for its regulatory frameworks, capital markets, and connectivity to the Chinese mainland. This designation is based on six core areas that…
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According to recent research within the business community, approximately 63% of Hong Kong employers plan to hire contractors this year. Hong Kong is currently undergoing numerous transformation projects, which demand immediate talent. Employers face challenges in securing headcount approval for permanent roles, making contracting an attractive option for quickly and efficiently bringing in staff. The…
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