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With projects such as the Zero-carbon Building in Kowloon Bay (main picture), Hong Kong is rapidly taking a more sustainable route – and Mainland China provides much of the hardware for the renewable energy revolution.

HSBC is offering finance options to drive sustainable business practices across the Greater Bay Area

Finance rides the green wave

As the centre of gravity for global finance shifts towards Asia-Pacific (APAC), cities in the APAC region in general and China in particular are performing strongly as financial hubs.

Financial centres in China in particular have a strong showing in a global survey, with four in the top 10 – more than any other country.

Asian financial hubs show strength

The rollout of the giant Regional Comprehensive Economic Partnership (RCEP), a new trade grouping that stretches from Japan on the fringes of the Arctic to New Zealand on the edge of the Antarctic, is driving optimism on long-term business prospects among enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

The quarterly survey of business sentiment in the Greater Bay Areas shows hope that the recently launched RCEP will brighten prospects.

New trade pact draws bullish response

Banks in Hong Kong are optimistic on their financial performance in 2022 with higher interest rates likely to improve margins, global business consultancy KPMG said in its latest report. Non-interest revenue should also increase as initiatives such as the Cross-Boundary Wealth Management Connect scheme offer new growth opportunities. Paul McSheaffrey, Partner, Financial Services for KPMG China, extracts the key trends, opportunities and challenges identified in the KPMG Hong Kong Banking Outlook 2022 report.

A business consultancy’s report shows that lenders in Hong Kong expect business to improve over the course of the year.

Banks see bright prospects

As fintech transforms traditional banking, with all financial institutions becoming fintechs and the metaverse becoming a venue for a parallel banking system, the industry’s talent transformation will need to go beyond swapping pinstripe suits for denim.

New skillsets will be in demand as a transformation sweeps through the financial industry.

Fintech sparks talent rush

The fast-growing and densely populated Asian region is home to half the world’s population and the source of 50% of greenhouse gas emissions, making centrally located Hong Kong a natural base for efforts to counter global warming.

The Greater Bay Area lies at the heart of the world’s sustainable-development hotspot and Hong Kong has a key role to play.

HK grows as green finance hub

The productivity paradox has long mystified economists, who wonder why the heavy investment in digital technologies has brought relatively scant increases in output.

The former head of the European Central Bank believes the world economy is at an inflection point and sees strengthening inflation and rising credit costs.

Digital dividend accelerates shift

Going green evokes images of shutting smokestack power stations, switching to electric motor fleets or putting solar panels on factory roofs. Bankers, insurers and fund managers do not usually spring to mind.

The financial industry has a critical role to play in the transition to a zero-carbon world, the UN’s climate change chief told the Asian Financial Forum.

A window for environmental change

Innovation and technology is taking the world into a new era, opening up fresh opportunities in the upcoming economic powerhouse: Guangdong-Hong Kong-Macao Greater Bay Area (GBA). For companies setting their sights on this vibrant region, a range of support is at hand in Hong Kong. Among them is global banking giant HSBC’s US$1.13 billion “GBA+ Technology Fund”, and US$700 million “GBA+ Healthcare Fund”, which provide flexible financing support for new-economy companies in the region.

This leading bank is in prime position to help firms tap into the Greater Bay Area.

Opening up new opportunities for SMEs

When asking what comes next, it is always a good idea to look at what came before. This year’s Asian Financial Forum (AFF) began on Monday, 10 January under the theme “Navigating the Next Normal Towards a Sustainable Future” and began with a plenary session where business leaders from across the world laid out their vision.

The 2022 Asian Financial Forum addresses critical questions on sustainability and global integration as economies recover from the pandemic.

Globalisation at pivot point

Under the “dual circulation” economic strategy of Mainland China, first announced in May last year, policy makers place more emphasis on the domestic market as momentum supports exports.

Many businesses operating in the GBA expect the new economic strategy to expand their returns.

‘Dual circulation’ boosts outlook

Start-ups come in all shapes and sizes and operate across every conceivable industry, and so have a plethora of needs to take themselves forward. Surveys conducted among entrepreneurs show they do indeed have some common needs, including streamlined financing and business management consulting services.

Hang Seng Bank and the HKTDC are co-creating InnoClub to build a sustainable ecosystem for start-ups and SMEs.

Banking on innovation

As financial technology (fintech) grows and matures, this creates fertile ground for cooperation between vibrant, tech-savvy economies such as Hong Kong and Korea.

Collaboration opportunities abound between two major Asian economies as innovation transforms the financial industry.

Hong Kong fintech prospects beckon Korea

Credit and talent are priorities for enterprises in the rapidly growing Guangdong-Hong Kong-Macao Greater Bay Area (GBA), according to a recent survey.

The region’s business confidence index shows sound finances boosting sentiment, while talent remains a key priority.

Cash is king in GBA

Incumbent banks are adopting fintech innovations and seeking to fill their talent pools with innovators, as they embrace this new wave of transformation.

Demand for innovative solutions and need for profitability and regulatory compliance are pushing fintech firms and incumbents together.

Closing the fintech gap

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<p>One of the inspiring discussions at the Asian Financial Forum 2024 was led by Nobel Laureate Professor Douglas W. Diamond, who delivered an insightful discourse on preserving financial stability. He highlighted the necessity of robust bank capitalisation and swift implementation of deposit insurance to avert potential crisis.</p>
<p>Professor Diamond also emphasised the importance of a sound regulatory regime, diligent supervision, and a skilled workforce for economies to maintain their competitive edges. Explore more of his perspectives in this engaging video.</p>

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