Hong Kong to champion multilateral cooperation during Asian Financial Forum

The event, being held from January 24 to 25, is expected to bring together more than 100 global policymakers and business leaders as speakers, with more than 3,000 participants from around the world, according to the organiser, the Hong Kong Trade Development Council (HKTDC).

The keynote speakers will include Professor Douglas Diamond, the Nobel laureate in Economic Sciences for 2022, from the University of Chicago, and Prof Jeffrey Sachs, the president of the United Nations Sustainable Development Solutions Network.

Other notable figures such as Bob Price, co-chief investment officer for Bridgewater Associates, Rene Buehlmann, CEO of investments at Abrdn, and Janet Perumal, director of investments, Asia at Wellington Management, will be among the speakers at “CIO Insights”, a newly introduced session at the AFF, together with Chinese financier Fang Fenglei, the founder of private equity firm Hopu Investment. Fang will speak at the China’s New Chapter session.

The AFF aims to provide industry professionals with opportunities to seize potential business and foster cooperation. The event will feature a deal-making session, giving investors and project owners ample time to connect and explore potential collaborations, according to Patrick Lau, the HKTDC’s deputy executive director.

Luanne Lim, CEO of HSBC Hong Kong and the chairperson of the AFF steering committee, emphasised the importance of multilateral cooperation in the financial services industry.

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“The importance of fostering multilateral cooperation cannot be overstated, as it paves the way for speakers and thought leaders from across the globe to facilitate exchanges between nations and regions,” she said.

The event’s theme, “Multilateral Cooperation for Shared Tomorrow”, will set the tone for the finance world’s development direction in the coming year, Lim said. “Together, we will explore the challenges and opportunities faced by the financial industry in supporting economic development.”

She also highlighted Hong Kong’s legal system and its role as a global offshore yuan business hub, which contribute to its status as an international financial centre.

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A major topic of discussion at the event will be the development of family offices, as Hong Kong aims to establish itself as a family office hub.

The AFF will be followed by key financial summits, such as one called “Wealth for Good”, in March.

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Elsewhere, Financial Secretary Paul Chan Mo-po expressed his confidence in the future of Hong Kong as an international finance centre and highlighted the significance of positioning the city as a green finance hub.

“Hong Kong is already playing a leading role in Asia, in terms of green financing,” he said during a speech at a Chinese Financial Association of Hong Kong event on Tuesday. “There were over US$80 billion in green and sustainable debt issued in Hong Kong last year.”

Moreover, demand for green finance in mainland China is expected to be substantial over the next two decades, and this presents numerous opportunities for Hong Kong to capitalise on, Chan said.

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In addition to green finance, Hong Kong also aims to drive the development of fintech and Web3 technologies. Chan, however, highlighted the importance of establishing a robust regulatory framework before further advancing these sectors.

“A well regulated environment is crucial to ensuring the stability and integrity of the financial industry in Hong Kong,” he said.