Rethinking Hong Kong's playbook
Some 60 members of New York's business and financial sectors gained further insights on how Hong Kong was adapting to the evolving global financial landscape from Benjamin Hung, President (International) of Standard Chartered Bank and Chairman of the Hong Kong Financial Services Development Council at the "Rethinking Hong Kong's Playbook" luncheon session on May 19.
Welcoming guests to the event, Director of Hong Kong Economic and Trade Office, New York (HKETONY) Maisie Ho said Hong Kong's fundamentals remained strong, ranking as the world's largest offshore renminbi business hub; the world's 7th largest merchandise trading entity; 4th in IPO fundraising internationally; and third in the latest Global Financial Centres Index.
Offering his insights, Mr Hung noted that in today's age of transition from a multilateral rule-based world order, the US and China remained the two largest economies of the world, and will continue to trade although the form of the trade will change. And New York and Hong Kong will play pivotal roles in facilitating connectivities amid this rewiring of trade routes, financial system connectivities, supply chains etc.
He also said Hong Kong has a big advantage to pivot its regional treasury centre towards the Global South as that's where the supply chain is growing. At the same time, Hong Kong can continue to leverage its international financial hub role and unique advantages as the dominant gateway to Mainland China for global investors and for Chinese investors to seek new overseas investment opportunities. He said with 30% of China's global trade now denominated in renminbi (RMB), Hong Kong, as the largest offshore RMB hub, is a unique place for companies to diversify its portfolio. Hong Kong also remains the only place to conduct interest rate swaps through Swap Connect programme.
In the area of digital assets, Mr Hung said Hong Kong is adopting a regulatory approach in digital assets, adding that the Securities and Futures Commission (SFC) issuing rules for Virtual Asset Service Provider, with around 10 such licenses issued to date. The SFC was also looking at setting up new rules to segregate trading and custodian of virtual assets. He also highlighted initiatives by the Hong Kong Monetary Authority (HKMA) in tokenisation.
The luncheon event was co-hosted by HKETONY, the Hong Kong Association of New York, Invest Hong Kong and supported by the HKMA.
Benjamin Hung, President (International) of Standard Chartered Bank and Chairman of the Hong Kong Financial Services Development Council, shared insights on how Hong Kong was adapting to the evolving global financial landscape at a May 19 luncheon event.
Welcoming guests to the May 19 luncheon event, Director of HKETONY Maisie Ho said Hong Kong's fundamentals remained strong, ranking as the world's largest offshore renminbi business hub; the world's 7th largest merchandise trading entity; 4th in IPO fundraising internationally; and third in the latest Global Financial Centres Index.
(From left to right): Director of HKETONY Maisie Ho, President (International) of Standard Chartered Bank and Chairman of the Hong Kong Financial Services Development Council Benjamin Hung, and Head of Business and Talent Attraction / Investment Promotion of Invest Hong Kong Ranjit Unnithan at the "Rethinking Hong Kong's Playbook" luncheon event on May 19. 
Director of HKETONY Maisie Ho (left) in conversation with President (International) of Standard Chartered Bank and Chairman of the Hong Kong Financial Services Development Council Benjamin Hung (centre) and Regional Director, Americas of Hong Kong Trade Development Council Regina Lai (right) at the May 19 luncheon event.
