Latest news with #ChristopherHuiChing-yu
South China Morning Post
02-05-2025
- Business
- South China Morning Post
HSBC sets up captive insurer in Hong Kong to support growth in Asia
HSBC, Hong Kong's biggest lender, received regulatory approval to set up a captive insurer, marking the latest step in the city's development as a risk-management centre, the bank said on Friday. Advertisement A captive insurer is one set up by its parent company to provide the parent and other companies in the group with insurance protection against property and casualty risks. This allows the group to better manage risks and retain profits that would otherwise go to an outside insurer. The new captive insurer, Wayfoong (Asia), which started operating on Thursday, will reinsure employee-benefit risks for HSBC's 26,000 employees in Hong Kong, as well other Asia-Pacific markets, HSBC said in a statement. It was the latest investment by HSBC in Hong Kong. In February, group CEO Georges Elhedery said he would redirect US$1.5 billion from 'low-return' markets to high-growth areas such as Hong Kong, the mainland, Singapore and India, with wealth management as a priority. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said HSBC's latest move shows the lender's commitment to Hong Kong. Advertisement 'Hong Kong has a strong foundation in investment and trade, making it an ideal location for global enterprises to access insurance, reinsurance and risk-management services, as well as to establish captive insurers,' Hui said. Wayfoong is the first captive insurer in Hong Kong set up by a multinational financial firm, and the fifth captive insurer overall.
South China Morning Post
15-04-2025
- Business
- South China Morning Post
Hong Kong warehouses get LME approval as exchange eyes China metal trade
The London Metal Exchange (LME) has approved four warehouse facilities in Hong Kong, extending its global network to the doorstep of mainland China, the world's largest consumer of metals. Advertisement The new facilities would be able to begin storing seven of the 14 LME-approved metals within three months, the exchange said in a statement on Tuesday. 'Hong Kong is now well-positioned to further develop as a key global metals hub servicing the region and as a gateway for access to the mainland China market, reinforcing Hong Kong's vital role as an international financial, trade and logistics centre,' said LME CEO Matthew Chamberlain. Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said the decision would further promote the development of Hong Kong's commodity market and strengthen its role as an international financial, shipping, and trading centre. LME-approved warehouses in Hong Kong would offer efficient delivery channels for metals trading, attracting related businesses and boosting the city's role in global commodities and logistics, he added. Advertisement The announcement followed LME's January decision to add Hong Kong to its global warehouse network, aiming to meet growing demand for the physical exchange of metals between mainland China and the rest of the world. The LME has more than 450 authorised warehouses across 33 locations worldwide. The exchange has been eyeing China as a warehouse location since 2012, when it was acquired by Hong Kong Exchanges and Clearing (HKEX) for US$2.2 billion.
South China Morning Post
12-03-2025
- Business
- South China Morning Post
Hong Kong to host 3 major financial events, highlighting its role as top international hub
Hong Kong is set to host three major wealth and investment events towards the end of the month, underscoring the city's standing as an international financial centre capable of attracting investors and entrepreneurs. Advertisement The highlight would be the third edition of the Wealth for Good in Hong Kong Summit on March 26, Christopher Hui Ching-yu, Secretary for Financial Services and the Treasury, said in a blog post on Wednesday. The summit's theme is 'Hong Kong of the world, for the world'. 'Amid global uncertainty and escalating trade tensions, Hong Kong takes a more crucial role as a 'superconnector' and a 'super value-adder' for the mainland and the world than ever,' Hui said, adding that the city would continue deepening its cooperation with the international community with its 'distinct and independent regulatory and legal regime'. The city's uniqueness was also touted by Financial Secretary Paul Chan Mo-po at a tech forum on Wednesday, who said that 'Hong Kong continues to practise common law, and adhere to the best international business standards and practices.' Financial Secretary Paul Chan speaks at the Wealth for Good in Hong Kong Summit on March 27, 2024. Photo: ISD 'The free flow of people, capital, goods and information, and the unparalleled connectivity we have established with the mainland and the world, are vital to tech innovation activities and attracting top-tier talent from around the globe,' he added. Advertisement Chan expected Hong Kong's initial public offering (IPO) market to reach between US$17 billion and US$20 billion this year, benefiting from the optimism in the tech sector and support from the mainland authorities who have been encouraging leading Chinese companies to list on the Hong Kong stock exchange. Last year, IPO proceeds in the city stood at US$11 billion, ranking fourth globally.
Yahoo
19-02-2025
- Business
- Yahoo
Tokenisation a 'defining trend' for Web3 in Hong Kong as city hosts major Consensus event
Hong Kong is intensifying its focus on tokenisation and stablecoins to bolster its Web3 industry, the financial services secretary said ahead of a major international blockchain conference, as the city's virtual asset push faces increased competition from the US. Tokenisation is one of the "defining trends" and a "profoundly transformative" development that could reshape traditional financial markets, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in a keynote speech on Tuesday at Consensus Hong Kong 2025. Consensus, organised by US crypto news outlet CoinDesk, is one of the industry's biggest conferences. The organiser added Hong Kong as a location this year in its first major expansion since CoinDesk was acquired by the cryptocurrency exchange Bullish in November 2023. The main Consensus Hong Kong event kicks off on Wednesday. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Tokenisation refers to the process of creating tradeable tokens on a blockchain that represent ownership of real-world assets. Since the Securities and Futures Commission (SFC) published circulars in November 2023 outlining requirements for tokenised investment products, Hong Kong companies have jumped on the trend, touting the flexibility and accessibility of tokenised products. HSBC Gold Token is the first such retail product to be issued by a bank in Hong Kong, according to HSBC, as the government pushes for the issuance of more tokenised assets. Photo: HSBC alt=HSBC Gold Token is the first such retail product to be issued by a bank in Hong Kong, according to HSBC, as the government pushes for the issuance of more tokenised assets. Photo: HSBC> HSBC in March last year launched a tokenised gold product called HSBC Gold Token for its retail customers in Hong Kong. Last week, the Hong Kong arm of one of China's largest fund houses, China Asset Management (Hong Kong), said that it received approval from the SFC to offer a tokenised money market fund in the city that will also be available to retail investors. The fund will launch by the end of February, the company said. In his Tuesday speech, Hui also highlighted Hong Kong's commitment to developing fiat-referenced stablecoins, an increasingly important focus of the industry. Stablecoins can address issues in cross-border payments, international trade, and digital commerce, he said. In December, the Hong Kong government introduced a bill to regulate stablecoins to the Legislative Council, bringing it one step closer to requiring a licence for stablecoin issuers. While the SFC oversees the licensing regime for issuers of other cryptocurrencies known as virtual assets, stablecoins will be governed by the city's de facto central bank, the Hong Kong Monetary Authority. Recent moves in the US have taken some of the wind out of Hong Kong's sails as a major financial market courting the crypto industry. US President Donald Trump, who returned to the White House in January, campaigned on a crypto-friendly platform and has made several moves seen as positive for the industry since resuming office. Trump has said he intends to make the US the "crypto capital of the planet". This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved.
South China Morning Post
19-02-2025
- Business
- South China Morning Post
Tokenisation a ‘defining trend' in Hong Kong, official says at Consensus
Published: 9:00am, 19 Feb 2025 Hong Kong is intensifying its focus on tokenisation and stablecoins to bolster its Web3 industry, the financial services secretary said ahead of a major international blockchain conference, as the city's virtual asset push faces increased competition from the US. Tokenisation is one of the 'defining trends' and a 'profoundly transformative' development that could reshape traditional financial markets, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said in a keynote speech on Tuesday at Consensus Hong Kong 2025. Consensus, organised by US crypto news outlet CoinDesk, is one of the industry's biggest conferences. The organiser added Hong Kong as a location this year in its first major expansion since CoinDesk was acquired by the cryptocurrency exchange Bullish in November 2023. The main Consensus Hong Kong event kicks off on Wednesday. Tokenisation refers to the process of creating tradeable tokens on a blockchain that represent ownership of real-world assets. Since the Securities and Futures Commission (SFC) published circulars in November 2023 outlining requirements for tokenised investment products, Hong Kong companies have jumped on the trend, touting the flexibility and accessibility of tokenised products. HSBC Gold Token is the first such retail product to be issued by a bank in Hong Kong, according to HSBC, as the government pushes for the issuance of more tokenised assets. Photo: HSBC HSBC in March last year launched a tokenised gold product called HSBC Gold Token for its retail customers in Hong Kong.
