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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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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Government Passes Companies (Amendment) Bill 2024 to Enhance Hong Kong’s Corporate Landscape The Government has announced the Legislative Council’s approval of the Companies (Amendment) Bill 2024, a landmark initiative aimed at modernizing corporate practices in Hong Kong. The amendments will enable listed companies incorporated in Hong Kong to hold repurchased shares in treasury and dispose…
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Half of Hong Kong Residents See Crypto as Key to Finance’s Future, Yet Adoption Lags Behind Half of respondents in Hong Kong view cryptocurrencies as pivotal to the future of finance, mirroring the optimism seen across the region. However, actual adoption in the city tells a different story. Hong Kong’s crypto adoption rate stands at…
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The number of startups and companies in Hong Kong SAR with overseas or Mainland China parent companies has reached record highs this year, highlighting the region’s growing appeal for business expansion, according to recent surveys. Key Findings:Increase in Companies with Overseas or Mainland China Parent CompaniesThe 2024 Annual Survey of Companies in Hong Kong with…
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The Office for Attracting Strategic Enterprises (OASES) has successfully facilitated the entry or expansion of 66 strategic enterprises in Hong Kong, reinforcing the city’s reputation as a global hub for innovation and business. Key Highlights:New and Expanded Operations: About 60% of these enterprises have established new operations in Hong Kong, while the remaining 40% have…
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Bank of China (Hong Kong) Ltd (BoC HK) Envisions Greater Use of Renminbi in Cross-Border Deals. Bank of China (Hong Kong) Limited, the second-largest bank in Hong Kong by assets, anticipates a rise in the use of the renminbi (RMB) for cross-border transactions. The bank plans to expand RMB-related services next year, driven by growing…
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The sector’s Assets Under Management (AUM) nearly tripled in 2023 compared to 2022, reflecting robust growth. Despite ongoing global uncertainties, including geopolitical tensions, interest rate fluctuations, and digital disruptions, most AUM firms in the sector remain optimistic about the market’s future. Industry leaders are particularly confident about the next five years, driven by significant wealth…
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