Hong Kong: Prominent business personalities have said that Hong Kong has a wealth of talent and infrastructure that will support its endeavor to become a global leader in the fintech industry thanks to the Global Financial Leaders Investment Summit, which will be held here. Hong Kong Monetary Authority (HKMA).

According to Mary Callahan Erdow, CEO of JPMorgan Asset Wealth & Management, exceptional talent can be found in the city.
"Innovation, drive, and talent ... in any specific place, I haven't seen it in a very long time," Erdo said in an interview with the Post.

Prior to the summit, the CEO traveled to Hong Kong, where COO Daniel Pinto will represent the investment company.

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This is really exciting because some of the apps built here in Hong Kong will serve as the main technology base that we do globally, according to Erdo, who called the technology being built by JPMorgan in Hong Kong "simply breathtaking." .

However, the strict Covid-19 quarantine rules enforced by the government led to a mass exodus of top talent during the pandemic. Chief Executive John Lee Ka-chiu called "more proactive and aggressive" competition for businesses and talent a key component of his first policy address as a result.

The government announced that it will implement enticing policies through the Office for Attracting Strategic Enterprises program to lure high-potential fintech and artificial intelligence businesses to the city.

According to Lee, this would include providing land, tax breaks and financial assistance to businesses in these areas, as well as helping with the visa needs of their employees and the educational needs of their children.

The two-year visa is granted to anyone who earns at least HK$2.5 million (US$318,480) annually or who has graduated from one of the world's top 100 universities and has at least one year under the new Top Talent Pass scheme. Three years work experience. , aimed at attracting high potential individuals.

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Hong Kong's strategic location as a gateway to mainland China and its vibrant city lifestyle, according to Singapore's digital wealth platform Endowus, which opened an office there earlier this year, makes it a hotbed for top talent from around the world. Desirable position continues to be created.

The company's Hong Kong manager Stephanie Yuen told the Post that "Hong Kong's market depth and strong capital markets allow fintech firms better access to funding and network resources."

According to the UN, the city is currently facing challenges such as shortage and leakage of talent, especially in the field of software engineering. However, the government's HK$30 billion co-investment fund is a positive step.

Hong Kong has an "advantageous location in the Greater Bay Area" due to its prominent position as a global financial center and extensive knowledge of the region, according to Bloomberg Head of Asia-Pacific, Bing Lee.

Lee believes that one industry that could benefit from fintech innovation in Hong Kong is the carbon market. He cited the use of blockchain technology as an example to increase the transparency of transactions in the carbon market.

Li told the Post that no other financial center in the world is better equipped to connect investors to China's developing carbon emissions trading market.

Financial Secretary Paul Chan Mo-po has expressed his desire to promote Hong Kong as a hub for virtual assets around the world.
The proliferation of non-fungible tokens and cryptocurrency trading has resulted in a massive increase in the popularity of digital assets in recent years.

According to a joint survey conducted by KPMG and Aspen Digital, family offices and ultra-rich individuals in Hong Kong and Singapore allocated nearly 60% of their portfolios to digital asset investments.

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According to Paul McShefrey, senior banking partner at KPMG China, regulators should change their rules to make investing in digital assets more suitable for family offices.

According to the survey, the biggest concern of investors is the current lack of regulatory standards, safeguards and tax breaks. David Wang, China's chief economist at Credit Suisse, echoed these concerns, arguing that Hong Kong needs to establish a "transparent and stable regulatory framework" to encourage the use of digital assets.

To prevent unauthorized access to digital assets, the government should implement low convertibility restrictions between digital assets and more liquid assets, as well as a stronger institutional framework, Wang said.