Hong Kong is carving out a place for itself as a vibrant hub of innovation and technology, especially as fintech companies from mainland China move in to access booming markets like Hong Kong. ASEAN. This dynamic, fueled by government strategic initiatives, is reshaping not only the local economy but also broader regional trade dynamics.
According to Jiang Xuan, senior vice president of KN Group, the growing support from the Hong Kong government has been essential for their operations. “We will transfer some of our national risk management and research and development teams from the mainland to Hong Kong, but we want to source more talent locally,” he said, emphasizing collaboration with local universities for data research projects.
This new influx of companies is supported by the Office for Attracting Strategic Enterprises (OASES), which aims to attract companies specializing in crucial areas such as health technology, artificial intelligence, financial technology and manufacturing cutting edge. In early October, Hong Kong’s chief financial officer announced plans to open offices for more than 10 companies in these sectors, clearly highlighting the city’s strategic appeal.
Hong Kong’s appeal lies not only in its geographical advantage, but also in its reputation for capital and technology. Jiang remarked: “Before setting up our headquarters here, we studied many places in Southeast Asia, such as Bangkok and Singapore. Mainland Chinese companies are very competitive and we are able to connect our technology to the Southeast Asian market thanks to the many investment opportunities here.
In a smooth transition within this narrative, it is clear that Hong Kong is not resting on its laurels. The city is also preparing for future economic landscapes, especially with impending global dynamics related to the upcoming U.S. presidential election. Finance Secretary Paul Chan highlighted this need, calling for preparation for changing global economic conditions.
Chan recently revealed plans to see 17 more companies establish offices in Hong Kong, attributing the momentum to the government’s efforts to develop the innovation and technology sector. His statements reflect optimism, highlighting the substantial investments expected from these new companies. Chan said: “90% of new companies plan to establish their international or regional headquarters here,” highlighting the significant shift towards establishing Hong Kong as a major international business hub.
The newly signed businesses are expected to bring about HK$42 billion (about US$5.4 billion) to the city, generating more than 17,000 job opportunities. This achievement, Chan said, is a direct influence of the proactive efforts of OASES, which now has more than 60 companies.
But it’s not just government that drives this economic engine. According to Xia Baolong, director of the Hong Kong and Macau Affairs Office, local business leaders have an important role to play. Speaking to influential tycoons, he acknowledged the shift from traditional business paradigms, saying: “Today’s world is not yesterday’s world, and Hong Kong cannot rely solely on its traditional advantages. »
His remarks highlighted the need for local business tycoons to embrace reform and innovation to rejuvenate the city’s economic footprint. “One must be determined to reform and take the initiative to open new paths,” Xia advised, emphasizing how technology is becoming a driver of economic growth.
Xia’s focus on science and technology marks a pivotal moment for Hong Kong’s business culture. He urged business leaders to take concrete steps to support the city, such as engaging more deeply with government initiatives and increasing land sale offerings to spur development.
Hailing from fields generally considered traditional, Xia’s speech at the business meeting served not only as advice but also as a clarion call. The future, he stressed, will require major transformations to remain globally relevant and competitive, challenging local businesses to think beyond the confines of their latest successes.
With these developments, Hong Kong finds itself on the precipice of significant economic transformation. The combination of government support and accountability from the local business sector is poised to create more than just economic numbers: it’s about making Hong Kong the dynamic and competitive hub it aims to become. Fintech and technology companies form the backbone of this ambition as they venture out, bridging the gap between local innovation and international markets.
This strategic realignment, sparked by both the energy of the government and local businesses, positions Hong Kong not only as a prime location for business, but also as an example of what modern economic resilience can look like. The interplay between engaging local talent and accessing international markets could very well define Hong Kong’s next chapter, one where innovation takes center stage, potentially allowing it to reclaim its title, not just global city of Asia, but also a beacon of global innovation.