Philanthropic hub vision promoted

Secretary for Financial Services & the Treasury Christopher Hui promoted Hong Kong’s goal of turning the city into a major international philanthropic centre on day two of his trip to the US city of New York on April 9.

In the morning, he met Founder of Bloomberg LP & Bloomberg Philanthropies Michael Bloomberg to discuss Hong Kong’s policy initiatives to turn the city into a global centre for philanthropy, and the financial means to resolve the challenges brought about by climate change.

While addressing those gathered at a luncheon co-organised by the Hong Kong Economic & Trade Office, New York and the Asia Society, Mr Hui shared Hong Kong’s vision and strategies on strengthening its positions as a global financial hub and a gateway to Asia in three simple letters - A for anchor, B for buffer and C for capstan.

He emphasised that Hong Kong’s stability is backed by the “one country, two systems” principle.

He noted that despite the hit by COVID-19 on Hong Kong’s economy, the city remains Asia’s largest hub for hedge funds and the second largest for private equity, behind only Mainland China.

Apart from pointing out that Hong Kong has long positioned itself as an international risk management centre, Mr Hui stressed that the city strives to diversify its financial services offerings, such as developing renminbi businesses, as it seeks to provide a buffer against external economic challenges and uncertainties.

Moreover, he highlighted that Hong Kong’s strategic location as a gateway to Asia and beyond makes it an ideal place for global businesses and investors.

Mr Hui also attended a roundtable discussion on Hong Kong’s fintech development, which was joined by leaders of companies engaging in fintech business.

In addition to highlighting the city’s vibrant fintech scene, Mr Hui introduced government efforts to build a holistic Web3 ecosystem, including the provision of an enabling environment and support measures to help the sector flourish.

His agenda also included meeting the founder and owner of a family office in New York, Accathon Capital’s Founder and Managing Partner Michael Zhu, and a number of JP Morgan investment fund clients

Participants of such meetings discussed the challenges and opportunities amid the current global financial landscape.

Mr Hui concluded the day by paying a courtesy call on Chinese Consul General in New York Huang Ping.