Hong Kong's Status as an International Financial Centre Remains Steadfast

Cover Story

Hong Kong's Status as an International Financial Centre Remains Steadfast 

While sceptics may speculate about Hong Kong's enduring status as a leading international financial centre (IFC), there are plenty of tangible fundamentals that underpin why the city will continue to maintain its widely recognised prominence on the world's financial stage. Despite the challenges faced over the last 18 months, which include social discord, the devastating impact of the COVID-19 pandemic and China-US tensions, Hong Kong's financial systems have remained notably stable.

Thought leaders

Rising up to the Challenges with Consistency and Continuity

As Hong Kong moves into a new era of technology-driven smart banking, Mr Eddie YUE JP, Chief Executive, Hong Kong Monetary Authority (HKMA) outlines the HKMA’s on-going initiatives and sets out  his view of the macro landscape the banking sector is likely to face in the next few years. Noting how the past year had been a testing time for Hong Kong, Mr YUE explains that due to Hong Kong's strong fundamentals and a robust financial system, the city had been able to rise to the challenges with resilience and resolve.

China World

The Greater Bay Area Remains a Key Growth Driver for the Banking Sector in Hong Kong 

The Greater Bay Area (GBA) represents a key strategic component of China’s national development blueprint, with the aim of promoting close cooperation between Hong Kong, Macau and nine cities in Guangdong Province to create a globally competitive and world-class business hub. As the path to recovery from the disruption and challenges caused by COVID-19 continues, renewed interest can be expected from both international and domestic banks in Hong Kong in expanding into Mainland China, with the GBA offering key opportunities.

Fintech 

Up and Running, Hong Kong's Virtual Banks Mark a New Chapter in the City's Banking Sector

It is almost a year since the first of Hong Kong's eight virtual banks made its official debut, marking the dawn of a new era in Hong Kong's banking sector. In spite of a challenging business environment, the city's virtual banking sector looks to be making headway with strong public awareness and a willingness among consumers to open accounts. As of early November last year, Hong Kong's licensed virtual banks had on-boarded about 300,000 retail customers and taken in over USD1 billion in deposits. In an interview with four of the CEOs of the licensed virtual banks  the executives offer insights about their operating models and philosophies and their business objectives for the year ahead.

Knowledge Plus

Future Ready, Subsidised Talent Programmes Unlock Potential in Hong Kong's Banking Sector 

Skills and knowledge together comprise human capital on which Hong Kong's economy and society depend. In an increasingly digitised, automated, compliance and regulatory-conscious operating environment, by encouraging employees to upskill and reskill. The COVID-19 pandemic, which has accentuated and accelerated the need for digital transformation and upskilling initiatives, has also underlined the importance of ensuring that employees have the right skills and the willingness to continually learn and embrace change.

Special Article

Ground-breaking Hong Kong Fintech Firms Have Their Day in the Spotlight 

For the past 14 years, the Hong Kong ICT Awards have served as a prestigious platform for local information and communications technology (ICT) talents and enterprises to showcase their innovations and excellence. As part of the awards programme, the ICT FinTech Award is composed of three streams: Regulatory Technology and Risk Management; Banking, Insurance and Capital Markets; and Emerging Solutions. In this edition of Banking Today, the Special Article features interviews with the winners in the three streams.