Strengthening fintech capabilities to leverage opportunities |
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The Hong Kong Special Administrative Region (HKSAR) Government is actively working with Mainland authorities to help the fintech industry to seize the far-reaching opportunities emerging in the Greater Bay Area, said Financial Secretary Paul Chan at the Hong Kong FinTech Week 2021 (Nov 3). He highlighted the continuing expansion of connections between the financial markets of Hong Kong and the Mainland through channels such as the newly launched cross-boundary Wealth Management Connect, and cooperation in cross-border fintech products and payment systems. At the flagship fintech annual event, Hong Kong Monetary Authority announced two new initiatives to further strengthen Hong Kong's fintech capabilities. They include the exploration into the feasibility of piloting the issuance of tokenized green bonds under the Government Green Bond Programme and the launch of the AML Regtech Lab series to encourage Regtech adoption.
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Support for green finance initiatives |
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The Hong Kong Monetary Authority (HKMA) pledged to support (Nov 3) the Central Banks and Supervisors Network for Greening the Financial System Glasgow Declaration to help achieve the goal of the Paris Agreement, and affirmed its commitment to expand and strengthen collective efforts towards greening the financial system. The HKMA will also partner with the International Finance Corporation and another institutional investor to create a new US$3 billion global platform for climate-smart investment aligned with the Paris Agreement, scaling up climate-responsible financing for private companies in emerging markets.
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Prospects for North Carolina tech firms in Hong Kong |
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Pointing out that Hong Kong is one of the busiest research clusters and technology marketplaces in Asia, Director of Hong Kong Economic and Trade Office, New York (HKETONY), Candy Nip, encouraged innovation and technology companies in North Carolina to tap into the abundant opportunities Hong Kong offer. She spoke at the North Carolina Tech Awards Gala (Nov 3), organized by North Carolina Technology Association, where she presented the “Tech CEO of the Year”. During her visit to Raleigh, Ms Nip also met with Executive Director of Research Triangle Regional Partnership Ryan Combs; Head of Capital, Council for Entrepreneurial Development Hunter Young, and Director of International Trade at Economic Development Partnership of North Carolina (EDPNC) Mike Hubbard and Director of Partnership of EDPNC Amber Cobb. Ms Nip provided the latest updates on Hong Kong and discussed issues of mutual interests and possibility for collaborations. |
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Opportunities for US healthtechs |
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Hong Kong is the best place to develop bio-tech business in Asia, said HKETONY Director Candy Nip at the “Opportunities for US healthtechs in Asia” webinar (Nov 4). In her welcome remarks, she highlighted Hong Kong’s market-oriented economy, comprehensive intellectual property rights protection, business-friendly environment for start-ups, and world-class universities with strong research capabilities. “Research institutes and companies could leverage the competitive advantages of the cities and accelerate their access to the Mainland market,” she said. Organized by Hong Kong Trade Development Council, the webinar also featured a panel of experts from the US and Hong Kong who discussed the dynamics of the healthcare sector, and shared proven strategies and available resources for US companies. |
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Legal hub status enhanced |
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A ceremonial opening (Nov 5) of the hot-desking of LAWASIA was held at the close of Hong Kong Legal Week to celebrate the first organization joining the hot-desking offices of Hong Kong’s Department of Justice. The Department will provide administrative support to the international legal professional and related organizations in arranging training, conferences or other events of mutual interest in Hong Kong. Speaking at the event, Secretary for Justice Teresa Cheng said Hong Kong will continue to explore new possibilities as the city continues to develop as an international legal and dispute resolution services hub. The development of the Hong Kong Legal Cloud is also well under way with a view to providing safe, secure and affordable data storage services for the local legal and dispute resolution sector to keep pace with the digital transformation.
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ADMINISTRATION & CIVIC AFFAIRS |
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Smart ID replacement set for residents born in 1980 – 1982 |
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Hong Kong residents born in 1980, 1981 or 1982 should apply for a new smart identity card at a Smart Identity Card Replacement Centre from Nov 19, 2021 to Jan 18, 2022. Bookings can be made online, on the Immigration Department’s mobile application or by calling the 24-hour hotline at +852-2121-1234. Residents who are absent from Hong Kong during their call-up period can apply within 30 days of their return to the city.
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“Winter Sanctuary” heralds the beginning of winter |
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Hong Kong Chinese Orchestra celebrates the Beginning of Winter, one of the 24 Solar Terms in the Chinese lunar calendar, with its latest music video, “Winter Sanctuary”. The Beginning of Winter is a time when man and nature go into dormancy, with latent life forces readying for spring to arrive. The centerpiece of this contemporary music is an art installation tailor-made to express the collection and conservation of foods for winter. Hanging above are artistically carved calligraphic displays resembling ancient musical scores.
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Total retail sales value in September, provisionally estimated at US$3.5 billion, rose 7.3% year-on-year. Online sales account for 8% of the total retail sales value. After netting out the effect of price changes over the same period, the provisional estimate of the volume of total retail sales for the month increased 4.7% compared with a year earlier.
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The official foreign currency reserves of Hong Kong amounted to US$498.1 billion as at the end of October. There were no unsettled foreign exchange contracts at end-October 2021. The total foreign currency reserve assets of US$498.1 billion represent about seven times the currency in circulation or 48% of Hong Kong dollar M3.
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Hong Kong and its Basic Law |
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The Basic Law (BL) is the constitutional document of the HKSAR. Put into effect on July 1, 1997, it enshrines within a legal document the important concept of “One Country, Two Systems”.
Q: Does the Hong Kong National Security Law affect the rights and freedoms of Hong Kong residents?
A: The fundamental rights and freedoms of Hong Kong residents are guaranteed at the constitutional level in Chapter III of the Basic Law. The Hong Kong National Security Law also clearly stipulates that human rights shall be respected and protected in safeguarding national security in the HKSAR; the rights and freedoms, (including the freedoms of speech, of the press, of publication, of association, of assembly, of procession and of demonstration) which HKSAR residents enjoy under the Basic Law and the provisions of the International Covenant on Civil and Political Rights and the International Covenant on Economic, Social and Cultural Rights as applied to Hong Kong, shall be protected in accordance with the law. Any measures or enforcement actions taken under the Hong Kong National Security Law must observe the above principle. (Article 4 of the Hong Kong National Security Law)
The Hong Kong National Security Law does not affect the legitimate rights of Hong Kong residents to exercise freedom of speech, including criticizing government policies or policies and decisions made by officials. Neither will freedom of information, academic freedom, policy studies, personal data privacy, arts and culture, freedom to travel and general business activities be compromised. Nevertheless, such rights and freedoms are not absolute. If illegal acts are involved, they can be restricted by the law.
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