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Hong Kong ranks first in Asia for high-potential start-ups

Hong Kong ranks first in Asia and fifth globally, for high-potential start-up ventures and future unicorns, according to a study by the Hong Kong Science and Technology Park (HKSTP) and leading technology intelligence firm CB Insights. The report, “Inside Asia’s Fast-Track to Global Tech Scale,” gives Hong Kong a Mosaic score of 370, measuring momentum, financing, market opportunity and leadership quality. Hong Kong’s top ranking among Asian markets reflects a concentrated pool of scale-ready ventures and highly-investable innovation. The findings were released as HKSTP launched a year-long campaign marking its 25th anniversary under the theme “Innovation. Next by Nature.” The HKSTP aims to evolve from an ecosystem enabler to orchestrator of the next era of global innovation, connecting talent, capital, technology and global markets.

Hong Kong remains Asia’s most international city

Hong Kong has retained its position as Asia’s most international city according to the latest Asian Cities Internationality Index released by the Hong Kong General Chamber of Commerce (HKGCC). Hong Kong secured the top spot among 11 evaluated cities, scoring 74.6, ahead of second-place Singapore’s 72.6. Hong Kong improved across all seven areas assessed by the Index, demonstrating strength in Business and Economy and notably rising from fourth to third in Innovation and Ideas. Survey respondents also rated Hong Kong as Asia’s most international city. Commissioned by HKGCC and conducted by Ipsos, the Index evaluates cities’ international competitiveness through quantitative and qualitative measures, covering business and economy, quality of life, infrastructure and connectivity, innovation and ideas, human capital, culture, and governance.

New York ETO builds fintech synergy between Hong Kong and Atlanta

The Hong Kong Economic and Trade Office in New York (New York ETO) supported the Fintech Summit, themed “Two Cities, One Future: When Hong Kong Meets Atlanta”, hosted by the Hong Kong-US Business Association of Atlanta, on August 17 in Atlanta. In her opening remarks, Director of New York ETO, Maisie Ho, highlighted Hong Kong’s vibrant fintech ecosystem, with more than 1,200 fintech and Web3 companies and a global No. 1 ranking for fintech in the latest Global Financial Centres Index. She emphasised that as AI drives the next wave of financial innovation, Hong Kong is well positioned to connect US fintech companies with markets, talent, capital and opportunities across Asia. The summit brought together over 100 business and investment leaders for three engaging panel discussions on the future of cross-border payments, the growing US–Hong Kong fintech ecosystem, and AI-driven fintech innovations. Speakers exchanged insights and explored new opportunities for collaboration between two dynamic fintech hubs. The New York Offices of Invest Hong Kong and Hong Kong Trade Development Council also supported the Summit. The Summit also highlighted the opportunity for fintech companies to join the upcoming US business delegation to Hong Kong (Nov 2 – 6), anchored around Hong Kong FinTech Week x StartmeupHK. The programme offers US fintech, financial services and technology companies business connections, site visits, networking and opportunities to explore investment and partnerships across Hong Kong, the Greater Bay Area and Asia. Those interested are welcome to connect with Invest Hong Kong for more information.

On August 18, Ms Ho continued her duty visit in Atlanta with a breakfast meeting with business executives and academic partners, sharing updates on Hong Kong’s latest developments, including the city’s strong rebound from COVID-19, the development of the Northern Metropolis and advances in AI development and application. She also highlighted opportunities to deepen Hong Kong-Atlanta collaboration in areas including cross-border investment, talent incubation, and academic and business exchanges.

Mainland insurers to gain access to Hong Kong ETFs

The National Financial Regulatory Administration announced measures (Aug 18) to allow Mainland insurance funds to invest in Hong Kong-listed exchange-traded funds (ETFs) through the Southbound trading of Stock Connect, furthering deepening financial connectivity between Hong Kong and the Mainland. Chief Executive John Lee said this was a significant support for Hong Kong’s capital markets and asset-management industry. The policy measures will also facilitate Mainland insurance companies in diversifying their asset allocation via Hong Kong, while promoting the development of the local ETF market and strengthening its ecosystem. Financial Secretary Paul Chan said that enabling Mainland insurance funds to invest in ETFs in Hong Kong through Stock Connect is a win-win initiative, providing Mainland insurance companies with broader and more diversified investment channels, and driving the development of the market of exchange-traded products in Hong Kong.

Hong Kong GenAI sandbox picks 36 finance projects

Hong Kong financial regulators have selected the first cohort of 36 use cases of the Generative Artificial Intelligence (GenAI) Sandbox++, involving 30 financial institutions and 27 technology partners and focusing on agentic AI applications. The selected use cases go beyond content generation, further exploring how AI can responsibly take on greater autonomy. The testing will cover end-to-end processes such as customer onboarding, payments, insurance claims and customer interactions. Building on the “AI vs. AI” theme in previous GenAI Sandbox cohort, the latest pilots will further examine how AI can provide dynamic oversight of the actions taken by other AI applications. The initiative, announced on August 27 by the Hong Kong Monetary Authority, Securities and Futures Commission, Insurance Authority and Mandatory Provident Fund Schemes Authority, is being conducted with Cyberport.

Hong Kong-Peru trade pact effective September 1

The Free Trade Agreement (FTA) between Hong Kong and Peru will enter into force on September 1, strengthening trade and investment ties and opening opportunities for Hong Kong businesses in Peru and wider Latin American markets. The FTA encompasses trade in goods, trade in services, investment, electronic commerce, and other areas, with commitments exceeding both economies’ World Trade Organization obligation. Under the agreement, Peru will eliminate tariffs on approximately 98.3% of its tariff lines for Hong Kong-origin exports, with 91.3% eliminated immediately and the remaining 7% phased out gradually. Businesses will also benefit from enhanced trade facilitation measures and fewer trade barriers. Hong Kong service providers will gain access to more than 150 Peruvian services sectors. Peru will accord Hong Kong investors national treatment while a separate Investment Promotion & Protection Agreement is planned. This is Hong Kong’s second FTA with a Latin American economy and its ninth overall.

Ride-hailing licence applications open

Hong Kong’s Transport Department is inviting interested Hong Kong-registered ride-hailing platform companies to apply for ride-hailing service licences, which will be valid for up to five years, with an annual licence fee of US$153,846 (HK$1.2 million). The ride-hailing platforms are required to demonstrate operational capability, financial capability and capital investment. They must maintain a permanent establishment of executive personnel and an office in Hong Kong and have experience operating lawful in a city with a population of 7.5 million or more. They must also process at least 100,000 daily average orders in at least two other cities. Additionally, applicant companies must demonstrate their financial capability to support the stable operation of their platforms in Hong Kong to provide proper and efficient services continuously. These include three years of audited financial reports, at least US$6.4 million (HK$50 million) in company paid-up capital, and at least US$3.8 million (HK$30 million) each in bank deposits and credit facilities. Applicant companies must also submit a proposal detailing their service plans, such as corporate management, customer service, and due diligence to ensure compliance with owner-driver binding requirements. Applications through the Transport Department’s website close at noon on October 30.

Coleman Wong and Eudice Chong represent Hong Kong at US Open

Hong Kong’s highest-ranked tennis player, Coleman Wong, made his second consecutive US Open main-draw appearance on August 30, facing 20th-seeded American Tommy Paul, taking the opening set in a tie break, before falling 7(3)-6, 1-6, 3-6 and 3-6. The world 94th-ranked Wong had earlier battled three qualifying rounds to reach the main-draw, defeating Denmark’s Elmer Møller; Austria’s Lukas Neumayer and Serbia’s Dušan Lajović consecutively. On August 26, the Director of the New York ETO, Maisie Ho, attended Wong’s second round qualifying match against Neumayer to support and cheer for him. She also extended her best wishes as he continues to represent Hong Kong on the global sporting stage. Hong Kong is also represented in the women’s doubles, with Eudice Chong set to make her US Open women’s doubles debut, alongside China’s Yang Zhaoxuan. This marks the first time in nearly 40 years that a female player from Hong Kong has featured in the women’s doubles draw at Flushing Meadows, since Patricia Hy in 1987. The women’s doubles draw is scheduled to be released on September 1.

Hong Kong students triumph at 38th International Olympiad in Informatics

A team of four Hong Kong students achieved the city’s best-ever results at the 38th International Olympiad in Informatics (IOI), held in Uzbekistan, winning two gold medals, one silver medal and one honorable mention among competitors from 92 countries and regions. Secretary for Education Choi Yuk-lin congratulated the team on their excellent performance, highlighting the Education Bureau’s efforts to promote digital education and STEAM (science, technology, engineering, arts and mathematics) education in primary and secondary schools. She said the Blueprint for Digital Education Development in Primary and Secondary Schools aims to holistically cultivate students’ digital literacy, innovative thinking and ability to adapt to future society. Organised under the United Nations Educational, Scientific and Cultural Organization, the IOI is the world’s leading computer science competition for secondary students aged 20 or below.

Five-Year Plan to be released in September

The Hong Kong Special Administrative Region (HKSAR)’s First Five-Year Plan for Economic and Social Development (2026-2030) and the 2026 Policy Address will be released on September 16. The Five-Year Plan sets out the city’s economic and social development blueprint for the next five years, while the annual Policy Address serves as an annual report on the Chief Executive's implementation of the Five-Year Plan and sets out the key policy priorities for the year in response to the prevailing circumstances. Chief Executive John Lee said releasing both documents together will help the public better understand how annual policies support the broader five-year strategy. Mr Lee will announce Hong Kong’s First Five-Year Plan at a Legislative Council meeting, immediately followed by the release of the Policy Address.

Subversion convictions defended

The HKSAR Government strongly condemned (Aug 22) and opposed baseless slanders against Hong Kong by Western countries, anti-China media, organisations and politicians regarding the court verdict on the “Hong Kong Alliance” subversion case. It said Hong Kong’s constitutional order is based on China’s Constitution, under which the Communist Party of China is central to the People’s Republic of China’s constitutional system. It reiterated that no country allows citizens to subvert its constitutionally established order. The court’s verdict clearly emphasised that the defendants were tried based strictly on law and evidence, not for their political views, adding that their actions crossed the limits of lawful free speech. The HKSAR Government said many rights and freedoms are not absolute and may be restricted for national security and public order. The Government maintained that Hong Kong courts provide fair trials under the Basic Law and the Hong Kong Bill of Rights, and defended the verdict as carefully reasoned.

The Basic Law (BL) is the constitutional document of the HKSAR. It provides the guarantees to maintain our existing way of life, including socio-economic development, the rights and duties of Hong Kong people, the rule of law and other areas. The Basic Law was put into effect on July 1, 1997.

Q: Is the HKSAR still responsible for forming its own policies on culture and protecting the intellectual properties in Hong Kong?

A: Yes, the Basic Law provides that the Government of the HKSAR shall, on its own, formulate policies on culture and protect by law the achievements and the lawful rights and interests of authors in their literary and artistic creation. (BL Article 140)