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AUGUST 22 - 28, 2023

BUSINESS AND FINANCE

The Hong Kong Monetary Authority (HKMA) published (Aug 25) a new Fintech Promotion Roadmap (Roadmap), outlining the key initiatives that it will undertake over the next 12 months to promote fintech adoption and innovation in the financial services industry. The Roadmap focuses on key areas such as Wealthtech, Insurtech and Greentech as well as technologies like Artificial Intelligence and Distributed Ledger Technology. The new Roadmap was formulated by the HKMA, in close collaboration with the Securities and Futures Commission and the Insurance Authority as well as key stakeholders across different financial sectors.

Hong Kong will set up a task force, to be led by Financial Secretary Paul Chan, to look at improving liquidity in the stock market, said Chief Executive John Lee (Aug 27). “I think one of the (factors) of the strong competitiveness (of Hong Kong) is our position as an international financial center,” he said, adding that this will help Hong Kong as a whole in regard to strengthening the city’s economy.

Hong Kong is committed to nurture a vibrant Web3 ecosystem, which will become an important force of the city’s economic growth, said Financial Secretary Paul Chan at the Digital Entertainment Leadership Forum 2023 (Aug 25). Encouraging results are seen following the allocation of US$6.4 million in the 2023-24 Budget to build the Web3 ecosystem in Cyberport, with more than 170 companies from more than 20 countries and regions setting up shop there. 

EDUCATION

Candidates interested in pursuing new full-time PhD degrees in Hong Kong, irrespective of their country of origin, prior work experience and ethnic background, are eligible to apply for the Hong Kong PhD Fellowship Scheme at eight of the city’s universities. The Fellowship provides an annual stipend of US$42,460 and a conference and research-related travel allowance of US$1,760 per year for each awardee for a period up to three years. Interested candidates can submit their applications for the 2023/24 Hong Kong PhD Fellowship Scheme between Sep 1 and Dec 1.

A total of 70 students have been selected as the ninth cohort of the Hong Kong Scholarship for Excellence Scheme. Among the awardees, 23 will be pursuing their studies in the US, with 20 in undergraduate programs and 3 in graduate programs. They will pursue studies in a wide spectrum of disciplines, with almost half of them studying STEM- related programs, along with law, arts, culture and performing arts, medical and health sciences, and social sciences.

ADMINISTRATION AND CIVIC AFFAIRS

The Hong Kong Special Administrative Region (HKSAR) Government strongly opposes (Aug 26) and condemns the Department of State of the United States for attempting to demonize the actions taken by the National Security Department of the Hong Kong Police Force in accordance with the law. The HKSAR Government stressed that endangering national security is a very serious offence, and that no country will watch with folded arms when acts that endanger national security are committed. Hong Kong law enforcement agencies have been taking action based on evidence and strictly in accordance with the law, and that these actions have nothing to do with the political views, backgrounds or occupations of the people and entities concerned.

BASIC LAW

The Basic Law (BL) is the constitutional document of the Hong Kong Special Administrative Region (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 Hong Kong a free port and a separate customs territory?

A: Yes. The HKSAR is a separate customs territory. The HKSAR, using the name “Hong Kong, China”, is a member in its own right of the World Trade Organization and the World Customs Organization. Ships of all nations enjoy access to the ports of the HKSAR, which is a free port, in accordance with the laws of the Region. Export quotas, tariff preferences and other similar arrangements, which are obtained or made by the HKSAR or which were obtained or made and remain valid, shall be enjoyed exclusively by Hong Kong. (BL Articles 114; 116; 126)