Latest news with #ChristopherHui
Middle East
3 days ago
- Business
- Middle East
Egypt consul mulls bolstering financial service coop. with Hong Kong
CAIRO, Aug 9 (MENA) - Consul-General of Egypt in Hong Kong Baher Sheweikhi reviewed with Christopher Hui, secretary for Financial Services and the Treasury of the HKSAR Government, ways to promote financial service cooperation. During a meeting on Saturday, the two sides discussed how to benefit from Hong Kong's expertise in financial services, given its position as a global financial hub. Highlighting the economic, financial, and monetary developments in Egypt, as well as the Egyptian government's vision for strengthening governance and digital transformation, Sheweikhi said Egypt is looking forward to luring more foreign direct investment (FDI). On that score, the Egyptian diplomat touched on the economic incentives and promising investment opportunities in Egypt. The meeting also addressed the upcoming visit of Hong Kong Trade Development Council as the Textile Council of Hong Kong to Egypt early next year to explore investment opportunities. Meanwhile, Christopher said he is looking forward to fostering bilateral cooperation and following up on the results of his contacts with senior Egyptian officials during his visit to Egypt in September 2023. He expressed hopes to conclude some agreements that would pave the way for greater investment and economic cooperation, including a double tax agreement. The two sides also discussed opportunities for opening representative offices for Egyptian banks in Hong Kong to support businessmen wishing to invest in Egypt and how to benefit from Hong Kong's role as a link between Chinese companies and international markets. They also discussed sustainable and green finance cooperation, how to make use of Hong Kong's large platform for mobilizing international finance, and encouraging Egyptian companies to register on the Stock Exchange of Hong Kong. (MENA) M A A/R G E
South China Morning Post
13-07-2025
- Business
- South China Morning Post
Hong Kong's digital-asset strategy aims to solve ‘real economy problems', Chris Hui says
Hong Kong's push for stablecoins and tokenised assets aims to solve global economic challenges, positioning the city as a leading fintech hub Hong Kong will facilitate more use cases for stablecoins and other tokenised financial products, part of the city's effort to build a trusted and sustainable digital-asset market that can tackle real-world economic problems, said the architect of the strategy. Eleven cryptocurrency exchanges have been licensed by the Securities and Futures Commission to operate in Hong Kong, a sea change over three short years after a raft of policies, regulations and guidelines were put in place to put the city on the leading edge of financial technology. More initiatives are in the works, said the Secretary for Financial Services and the Treasury Bureau, Christopher Hui, as Hong Kong becomes the crucible for testing the best global technological solutions for real-world problems. Hong Kong charts new phase as digital asset hub with policy blueprint, says FSTB chief Chris Hui 'Finance serves the purpose of easing the smooth operation of the real economy, the value chain, the movement of goods and services, and the transfer of assets and products,' Hui said last week during an interview with the Post. 'I would try to cast our sights even further: it is about Hong Kong [as] a value creator [and] a solution provider for some real economic issues and challenges in the region and across the world.' This was the first time that Hui, an Oxford-educated economist before he entered public service in 1999, laid out the government's strategy across the entire spectrum of digital assets, from cryptocurrencies to stablecoins to central bank digital currencies. Based on the principle that similar rules should apply to similar risks, his bureau has formulated regulations for four 'blocks' of digital assets: exchanges, stablecoin issuers, dealing service providers and custodians. The latter two are now part of the legislative proposals in consultation, which is expected to close at the end of next month to address investors' needs for sourcing liquidity, block trading and asset safekeeping. A currency exchange in Causeway Bay with a bank vault painted on its gate on May 5, 2024. Photo: Jelly Tse. It would also conduct a systematic review of Hong Kong's legislation to assess its support for smart contracts, as the blockchain feature underpins various financial innovations, Hui said. The goal is to identify ways to enhance benefits, particularly in less liquid asset trading and higher access thresholds, which would require appropriate legal provisions and support, he said. Newsletter Daily, Monday to Friday China at a Glance By submitting, you consent to receiving marketing emails from SCMP. If you don't want these, tick here {{message}} Thanks for signing up for our newsletter! Please check your email to confirm your subscription. Follow us on Facebook to get our latest news. The proactive use of Hong Kong for 'pilot programmes' in financial innovations 'would be very worthwhile,' said Huang Yiping, the dean of Peking University's National School of Development, during an interview with on July 2. The government would regularise the issuance of tokenised government bonds after shortening the settlement time to one day from five, Hui said. More financial assets can be sold as tokens, including gold, renewable energy projects and property, he said. A girl flying a kite at the waterfront of West Kowloon Cultural District on February 15, 2023. Photo: Sam Tsang 'The essence of blockchain is that it can reduce the need for intermediaries, allowing the transfer of money, products or assets to be seamless,' said Hui. 'We need to be focused on pain points while identifying areas where technology can maximise its benefits.' For example, stablecoins, or tokens pegged to a fiat currency, could facilitate greater innovation in cross-border payments and trade finance, especially in countries where currencies are prone to the risks of inflation and devaluation. If and when stablecoins are issued in Hong Kong, based on the law effective as of August 1, the city could help address the issue. 'We are helping the world to solve a problem which people outside Hong Kong are facing, with a financially regulated product here in Hong Kong,' Hui said. A press conference for the sale of the Silver Bond 2024 campaign at Tamar on September 10, 2024. Photo: Eugene Lee Responding to whether Hong Kong's proactive stance on stablecoins and blockchains could be replicated in mainland China, Hui said the two systems faced different challenges, issues and operated differently. 'It's very hard to extrapolate, saying that whatever we do is going to be replicable across the country, because, after all, [we are] two systems,' he said. Hong Kong could facilitate financial innovations based on its strong foundation under the common law, a very internationalised and business-friendly environment, Hui added. Hong Kong is now 'not merely a testing ground for digital assets', but is transitioning towards increasing institutionalisation, scaling and globalisation, said HashKey Group's chairman and CEO Xiao Feng on June 26 after the unveiling of Hong Kong's digital assets policy. One of the world's largest cryptocurrency events, Bitcoin Asia, will take place in Hong Kong for the second consecutive year next month. This year, Eric Trump, the second-born son of US President Donald Trump, will attend as a headline speaker, as the city seeks to cement its role as a global digital asset hub, competing with the US. Asked to comment on the younger Trump's attendance, Hui said he sees 'these conferences as very good occasions where we can showcase the world … in particular, using Hong Kong's advantages as an international financial centre.'
South China Morning Post
05-07-2025
- Business
- South China Morning Post
Hong Kong wants to be the dominant domicile for the world's biggest companies
Christopher Hui Ching-yu has recently been on a world tour, conducting roadshows in Canada, the UK and Norway, in an effort to urge global businesses to redomicile in Hong Kong The main talking point for Hui, the Secretary for Financial Services and the Treasury, has been a new law, enacted in May, that sought to make it easier for overseas companies to reincorporate in the city. Just a few days after the law came into force, Hui flew to Canada to meet senior executives from insurers Manulife and Sun Life in Toronto and urged them to move their incorporations from Bermuda to the city. The new law came at a time when changes to global tax laws had made traditional havens like Bermuda and the Cayman Islands less appealing to international businesses. Hong Kong considered this an opportune moment to have firms redomicile in the city as part of its effort to promote itself as an international financial centre. Companies interested in moving their incorporations to Hong Kong have been attracted to the city because it was a bridge to mainland China, according to analysts. Not long after Hui met Manulife president and CEO Phil Witherington and other senior executives, Manulife (International), the biggest pension provider in the city, told customers it would redomicile to Hong Kong in November.
RTHK
29-06-2025
- Business
- RTHK
'Govt's digital assets policy to build public trust'
'Govt's digital assets policy to build public trust' Christopher Hui said digital assets are an inevitable trend and that Hong Kong must prepare in advance to maintain its position as an international financial centre. File photo: RTHK Secretary for Financial Services and the Treasury Christopher Hui says an updated government policy statement on the development of digital assets is designed to engender greater trust in such products, and encourage more participation. Authorities on Thursday issued the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, setting out the government's vision of building a safe and innovative digital asset ecosystem that brings concrete solutions to both the real economy and financial markets. Hui told a TVB programme on Sunday that the update builds upon the foundational measures established in the initial policy statement released in October 2022. "Looking at many foreign markets, sometimes there is regulation but no market, which is something we hope to avoid through our comprehensive efforts," he said. Hui said the latest policy introduces the 'Leap' framework – covering legal compliance, expanding tokenised product suites, advancing use cases and collaboration, as well as people and partnership development. He said both the public and private sector have a role to play in coming up with new products. "The government took the lead in issuing around HK$6 billion to HK$7 billion in tokenised bonds, which we will be regularising. "On the market side, we are of course hoping for a greater variety of products. For instance, we mentioned in our statement that we would waive stamp duties for transactions involving tokenised exchange-traded funds." Hui also noted that, to dovetail with the updated statement, Cyberport has launched a new funding scheme for blockchain and digital assets that offers up to HK$500,000 in subsidies for start-ups running innovative pilot projects. The minister also spoke about the implementation of a new licensing regime for stablecoins – a virtual asset – in August. Hui said stablecoins should be seen as a tool for financial development, and not a vehicle for making money. "In our daily financial market operations, transactions typically occur through various intermediaries or institutions for payments and capital flows," he noted. "The operation of blockchain and stablecoins can significantly enhance the efficiency and the speed of these transactions, and in turn make related economic activities in the real economy more efficient. "I believe that finance exists not for its own sake but to serve the real economy." Hui added that the development of digital assets is an inevitable trend and Hong Kong must be well prepared in order to maintain its position as an international financial centre.
South China Morning Post
26-06-2025
- Business
- South China Morning Post
Shanghai Gold Exchange launches first offshore vault in Hong Kong
The Shanghai Gold Exchange opened its first offshore warehouse in Hong Kong on Thursday, a move that is likely to bolster the international trading of its contracts. The vault witnessed several transactions of spot gold contracts after it became operational, according to a statement from Bank of China (Hong Kong), which runs the warehouse. Analysts said the launch of the vault and two yuan-denominated gold products represented a step forward for Beijing and Hong Kong in their effort to promote commodities and futures contracts around the world. 'Gold, as a basic precious metal, is, in essence, a commodity, a reserve asset and an investment product,' Christopher Hui Ching-yu, Hong Kong's secretary for financial services and the treasury , said at the opening ceremony for the vault. 'It is also a hedging tool amid uncertain geopolitical and economic outlooks.' He added that the vault and gold contracts would help Hong Kong solidify itself as an international financial centre. The vault was designed to serve international clients as they conducted trading of yuan-denominated bullion and managed their storage. The Shanghai exchange was established by the People's Bank of China in 2002; it has two warehouses in Shanghai and another in Shenzhen.
