As global financial woes blunt overseas markets, Hong Kong firms are looking to Mainland China, and especially the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), but are faced with several challenges, a survey shows.
Companies in Thailand, one of the largest Association of Southeast Asian Nations (ASEAN) economies, hope to expand both within ASEAN markets and across the world – and could turn to the active financial markets of Hong Kong to raise funds.
The work-from-home trend and a desire to shrink their carbon footprints has led many Hong Kong firms to switch to paperless workflow management and adopt a digital transformation. For example, since July the Hong Kong Stock Exchange has required that initial public offerings must be paperless, while AS Watson has spent HK$900 million (US$115 million) on technology this year to accelerate its digital transformation and deliver an online-to-offline (O2O) platform strategy.
From buy-one-get-one-free Michelin-starred meals to 30% discounts at top retail outlets, credit cards offer plenty of attractive deals – yet many consumers remain unaware of them. Realising that many deals go unnoticed by consumers, former investment banker turned entrepreneur David B. Wang was inspired to set up krip, a personalised credit card deal platform, which launched this May.
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.
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.
Many insurance technology (insurtech) firms are putting a premium on the Mainland China market, where an increasingly affluent and tech-savvy population looks likely to fuel strong demand for online insurance products and services. Just ask OneDegree group, an insurtech headquartered in Hong Kong.
Stocks, bonds and futures in everything from financial instruments, coffee to gold and hydrocarbons used to be traded in open-outcry exchanges – an apt name considering the organised chaos in the pits. Scenes of traders clad in bright jackets yelling bids amid a blizzard of ticker tape and order slips made for good news footage, but the business model was ill-suited to the digital age.
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 Asian Financial Forum (AFF) is Asia’s premier platform for global leaders in government, finance and business to exchange insights, intelligence and explore business and investment opportunities. A key part of the forum, the AFF Deal Flow Matchmaking Session connects sources of funds with sources of deals from around the world via one-to-one meetings.
As financial technology (fintech) grows and matures, this creates fertile ground for cooperation between vibrant, tech-savvy economies such as Hong Kong and Korea.