FS VISITS SAUDI ARABIA

Financial Secretary Paul Chan led a delegation from the financial and innovation sectors on a visit to Saudi Arabia and attended the Future Investment Initiative in Riyadh.

While participating in a panel discussion during the conference, Mr Chan stated that Hong Kong is actively promoting the development of green finance and green technology.

He emphasised that the city could provide capital support for infrastructure and green projects in the Global South and guide funding to new projects through innovative financial products, such as securitised loans.

In response to questions raised at the panel discussion, Mr Chan highlighted that Hong Kong is collaborating with multiple central banks to launch Project mBridge, aiming for faster, more cost effective, and more secure cross-border payments and settlements.

He also witnessed the signing of a strategic co-operation agreement between the Hong Kong Science & Technology Parks Corporation and a venture capital firm there. The signatory parties will share resources, recommend startups to each other, facilitate connections within their startup networks, and jointly engage in market promotion and events.

In the evening, the Financial Secretary attended two receptions. One such function was hosted by Cathay Pacific.

Mr Chan noted that the goal of his visit is to expand ties between Hong Kong and Saudi Arabia, adding that the resumption of flights between the two places yields huge potential.

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