logo
Hong Kong - World No.3 Global Financial Centre

Hong Kong - World No.3 Global Financial Centre

HONG KONG SAR - Media OutReach Neswire - 20 March 2025 - Hong Kong has maintained its World No.3 ranking in the latest Global Financial Centres Index (GFCI) after New York (No.1) and London (No.2). Hong Kong's overall rating increased by 11 points to 760, remaining top in the Asia-Pacific region.
The biannual GFCI, published today (March 20) by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, also rated Hong Kong No.4 globally for fintech offerings, a leap of five places compared to the previous report.
The Hong Kong Special Administrative Region (HKSAR) Government welcomed the report, saying the positive assessment fully recognises Hong Kong's leading status and strengths as an international financial centre.
Among the various areas of competitiveness of the GFCI, Hong Kong rose to second place for 'human capital', 'infrastructure' and 'financial sector development' and third in the 'business environment' and 'reputational and general'.
'The ratings reflect that our continued efforts to enhance the diversity and the competitiveness of Hong Kong as an international financial centre have fully received international recognition,' said the Financial Secretary of the HKSAR, Mr Paul Chan. 'I have full confidence that as long as we adhere to fundamental principles while breaking new ground, stay bold in reform, flexible in our responses and strive to seize the opportunities presented by the new era and new landscape, Hong Kong's status as an international financial centre will surely reach new heights.'
Among financial industry sectors, the latest GFCI ranked Hong Kong first in 'investment management', 'insurance' and 'finance', and third globally in 'banking'.
This reflects positively on the various government initiatives, including those announced in the 2025-26 Budget, to promote development of the financial market and create more new growth areas.
Some recent strategies include enhancing the timeframe for listing application process and listing requirements for specialist technology companies, which have injected new impetus into the Hong Kong market and improved its liquidity.
To deepen the financial mutual access between the Mainland and Hong Kong, a number of measures have been implemented to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as collateral.
The Government has also implemented measures to promote development of asset and wealth management business over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement.
Also looking ahead, Chief Executive of the HKSAR, John Lee, in his 2024 Policy Address, proposed developing Hong Kong into becoming a gold trading centre. The Working Group on Promoting Gold Market Development will formulate a plan this year, covering measures to enhance storage facilities, optimise trading and regulatory mechanisms, expand exchange products, and conduct market promotion.
In terms of promoting fintech, the Government's multi-pronged approach includes enhancing relevant infrastructure; building a more active fintech ecosystem; nurturing fintech talent; as well as strengthening co-operation with the Mainland and overseas. The Government will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual assets.
In October 2024, the Government issued a policy statement, setting out its stance and approach towards the responsible application of Artificial Intelligence (AI) in the financial market. In addition, the Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport have launched a new Generative AI Sandbox to foster innovation in the banking industry.
The HKMA has also launched a stablecoin issuer sandbox to allow institutions with plans to issue stablecoins in Hong Kong to conduct testing on their operational plans.
The Government will continue to leverage our distinctive strengths to accelerate the cultivation of new quality productive forces and create more new growth areas, so as to sustain the high-quality development of Hong Kong's financial market.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Huize Holding Ltd (HUIZ) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic ...
Huize Holding Ltd (HUIZ) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic ...

Yahoo

time2 days ago

  • Yahoo

Huize Holding Ltd (HUIZ) Q1 2025 Earnings Call Highlights: Strong Revenue Growth and Strategic ...

Operating Revenue: Exceeded RMB280 million in Q1 2025. Gross Written Premiums (GWP): Increased 38% sequentially to RMB1.4 billion. First Year Premiums (FYP): Increased 31% sequentially to RMB730 million. Renewal Premiums: Grew 46% sequentially to approximately RMB710 million. Total Operating Expenses: Fell by 29% sequentially. Cash and Liquidity Balance: Around RMB202 million (USD $28 million) as of the end of March 2025. Customer Base: Surpassed 11 million users with 390,000 new clients added in Q1 2025. Average Ticket Size for Long-term Products: Rose 58% to over RMB5,400. Repeat Purchase Ratio for Long-term Insurance Products: Stood at 38%. Expense to Income Ratio: Improved by 11.5 percentage points to 29% in Q1 2025. International Expansion: Poni Insurtech's policy count grew by 29% year-over-year. International Revenue Growth: Gross written premiums and revenue increased by 35% and 34% year-over-year, respectively. Warning! GuruFocus has detected 3 Warning Signs with HUIZ. Release Date: June 06, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Huize Holding Ltd (NASDAQ:HUIZ) reported a significant increase in operating revenue, exceeding RMB280 million, with gross written premiums and first-year premiums facilitated on their platform increasing by 38% and 31% sequentially. The company added 390,000 new clients during the quarter, bringing the cumulative number of users to over 11 million. Huize Holding Ltd (NASDAQ:HUIZ) has strong partnerships with 143 insurance companies and continues to develop and launch differentiated customized products with insurer partners. The company is leveraging AI to enhance operational efficiency, reduce operating expenses by 29% sequentially, and improve customer service through AI-powered smart portals and automated claims processing. International expansion is progressing well, with strong growth in Vietnam and plans to enter Singapore and other overseas markets, aiming for 30% of total revenue contribution from international markets by 2026. Despite the increase in gross written premiums, there was a year-over-year decline in first-year premiums facilitated, attributed to a high base effect from the previous year. The international business has relatively lower gross margins compared to the domestic business, impacting overall profitability. The company faces challenges from ongoing macroeconomic and geopolitical volatility, which could impact future performance. There is a potential risk of further pricing rate cuts in the insurance industry, which could affect sales momentum in the third quarter. The enforcement of regulatory changes affecting commission structures could impact the company's distribution channels and overall industry landscape. Q: Hi, this is Amy from Citi. The first question is regarding selling expenses. We noted a 15% year-over-year decline in first-year premiums facilitated in the first quarter, but selling expenses were up by 7%. What's the reason for this gap? Also, could you provide insights on sales momentum for the second quarter and your outlook for the rest of 2025? A: Thank you, Amy. The decline in first-year premiums (FYP) is due to a high base effect from the first quarter of 2024, which saw a pricing cut that boosted sales. The increase in selling expenses is attributed to lower gross margins in our international business compared to domestic operations. For the second quarter, we are seeing decent momentum, especially in international markets. We expect a strong third quarter, particularly in July and August, despite anticipated pricing rate cuts. However, the impact of these cuts is expected to be muted compared to previous years. Ronald Tam, Co-Chief Financial Officer. Q: Good evening, Ron. I'm Kenny from UOB. How do you expect the enforcement of Power across the DC channels to affect your business? And what is the latest progress on your international expansion plans in Singapore and the Philippines? A: The enforcement of Power, which impacts commission structures, is expected to positively affect our business by leveling the playing field among different channels. This could lead to an influx of agents moving to independent platforms like ours. Regarding international expansion, we are on track with our plans in Singapore and expect to provide a material update by the next earnings call. We aim to be operational in Singapore by the third quarter of this year, while the Philippines expansion is prioritized for the second half of the year. Ronald Tam, Co-Chief Financial Officer. Q: Could you elaborate on the impact of AI on your operations and cost structure? A: AI has significantly enhanced our operational efficiency and cost structure. We have deployed AI across various functions, including customer service and claims processing, which has reduced manual workloads and improved productivity. Our AI-powered smart portal and Xiao Ma Claim's AI agents have automated key processes, reducing processing times and operating expenses by 29% sequentially. This AI-driven approach is central to our strategy for long-term value creation. Cunjun Ma, Chairman and CEO. Q: What are the key drivers behind your international growth, particularly in Southeast Asia? A: Our international growth is driven by strong performance in markets like Vietnam, where we have seen a 35% increase in gross written premiums year-over-year. We are leveraging our proprietary AI tools to streamline operations and enhance customer experiences. Our expansion into Singapore and other Southeast Asian markets is on track, with a goal to achieve 30% of total revenue from international markets by 2026. Ronald Tam, Co-Chief Financial Officer. Q: How is Huize adapting to the evolving insurance landscape in China and Asia? A: We are adapting by focusing on product innovation, customer experience, and AI enablement. Our partnerships with leading insurers and the development of customized products cater to the shift from fixed to floating returns. We are also expanding our range of savings and health products for high-value clients and embedding AI across our service chain to enhance efficiency and customer experience. Cunjun Ma, Chairman and CEO. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

US declines to label China a currency manipulator, but blasts its transparency policies

time4 days ago

US declines to label China a currency manipulator, but blasts its transparency policies

WASHINGTON -- The U.S. declined to label China a currency manipulator in a new Treasury report released Thursday, but accuses Beijing of standing out among America's major trading partners for lacking transparency in its exchange rate policies. Treasury's semi-annual report to Congress — called Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States— comes as the Trump administration seeks to strike a trade deal with China, averting a trade war that has been brewing between the two nations. A Treasury official told reporters previewing the report that the U.S. could in the future find evidence that China is manipulating its currency and will make a determination in the fall whether China has been manipulating the renminbi, also known as RMB. During President Donald Trump 's first term, the Treasury, which was then led by Secretary Steve Mnuchin, labeled China a currency manipulator in 2019 — before then the U.S. had not put China on the currency blacklist since 1994. Treasury Secretary Scott Bessent said the administration 'has put our trading partners on notice that macroeconomic policies that incentivize an unbalanced trading relationship with the United States will no longer be accepted.' 'Moving forward, Treasury will use all available tools at its disposal to implement strong countermeasures against unfair currency practices,' he said. The decision not to sanction China for currency manipulation comes after Trump said Thursday that his first call with China's Xi Jinping since returning to office was 'very positive,' announcing that the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals. 'Our respective teams will be meeting shortly at a location to be determined,' Trump wrote on his social media platform after the call, which he said lasted an hour and a half. Trump has lowered his 145% tariffs on Chinese goods to 30% for 90 days to allow for talks. China also reduced its taxes on U.S. goods from 125% to 10%. The back and forth has caused sharp swings in global markets and threatens to hamper trade between the two countries.

US declines to label China a currency manipulator, but blasts its transparency policies
US declines to label China a currency manipulator, but blasts its transparency policies

Yahoo

time4 days ago

  • Yahoo

US declines to label China a currency manipulator, but blasts its transparency policies

WASHINGTON (AP) — The U.S. declined to label China a currency manipulator in a new Treasury report released Thursday, but accuses Beijing of standing out among America's major trading partners for lacking transparency in its exchange rate policies. Treasury's semi-annual report to Congress — called Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States— comes as the Trump administration seeks to strike a trade deal with China, averting a trade war that has been brewing between the two nations. A Treasury official told reporters previewing the report that the U.S. could in the future find evidence that China is manipulating its currency and will make a determination in the fall whether China has been manipulating the renminbi, also known as RMB. During President Donald Trump 's first term, the Treasury, which was then led by Secretary Steve Mnuchin, labeled China a currency manipulator in 2019 — before then the U.S. had not put China on the currency blacklist since 1994. Treasury Secretary Scott Bessent said the administration 'has put our trading partners on notice that macroeconomic policies that incentivize an unbalanced trading relationship with the United States will no longer be accepted.' 'Moving forward, Treasury will use all available tools at its disposal to implement strong countermeasures against unfair currency practices,' he said. The decision not to sanction China for currency manipulation comes after Trump said Thursday that his first call with China's Xi Jinping since returning to office was 'very positive,' announcing that the two countries will hold trade talks in hopes of breaking an impasse over tariffs and global supplies of rare earth minerals. 'Our respective teams will be meeting shortly at a location to be determined,' Trump wrote on his social media platform after the call, which he said lasted an hour and a half. Trump has lowered his 145% tariffs on Chinese goods to 30% for 90 days to allow for talks. China also reduced its taxes on U.S. goods from 125% to 10%. The back and forth has caused sharp swings in global markets and threatens to hamper trade between the two countries.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store