Latest news with #HongKongInvestmentCorp
South China Morning Post
10-04-2025
- Business
- South China Morning Post
HKIC backs fintech unicorn WeLab to bring Hong Kong start-ups to Southeast Asia
The Hong Kong government's investment arm is keen to leverage the expertise of its latest investee – fintech unicorn WeLab – to support start-ups from the city looking to expand in Southeast Asia. Advertisement Hong Kong Investment Corp (HKIC), which manages HK$62 billion (US$8 billion) of funds, on Thursday formed a partnership with WeLab after acquiring an unspecified stake in the consumer finance company. The strategic partnership with WeLab 'marks another milestone in the HKIC's investment journey', said Clara Chan Ka-chai, CEO of HKIC, adding that the fund has invested in more than 100 projects so far. 'Every Hong Kong dollar invested by the HKIC has attracted over HK$4 from long-term capital for investment,' she added. Clara Chan, CEO of Hong Kong Investment Corporation, said the current market volatility might present some good long-term investment opportunities. Photo: Edmond So HKIC's outlay in WeLab is its first publicly known investment in a consumer finance company, which could lead to further investments in start-ups targeted at consumers.
South China Morning Post
25-03-2025
- Business
- South China Morning Post
Hong Kong deepens push into AI, tech to boost its edge over Singapore, Paul Chan says
Hong Kong is channelling funds into several dozen innovative companies to further bolster the city's appeal as a hub for technology, banking and finance compared with regional competitors like Singapore, according to Financial Secretary Paul Chan Mo-po. Advertisement The Hong Kong Investment Corp (HKIC), funded by the city's reserves, has invested in nearly 100 start-ups involved in artificial intelligence (AI) and pharmaceutical research among others, Chan told the HSBC Global Investment Summit on Tuesday. 'I think artificial intelligence is the future,' he said. 'It will define the competitiveness of not just businesses but also economies, and it will have a significant impact on geopolitics in the future.' In the budget for the 2025-2026 financial year, the government proposed an outlay of HK$1 billion (US$128 million) to establish the Hong Kong AI Research and Development Institute, as well as other technology-related initiatives worth billions of dollars. Financial Secretary Paul Chan (right) at the HSBC Global Investment Summit on Tuesday. Photo: ISD He said that Hong Kong, under the 'one country, two systems' arrangement, was in a unique advantageous position to develop the AI sector, and the city's 'superconnector' role allowed investors access to the vast market on the mainland. Advertisement The HKIC's investments in AI-related start-ups showed the government's commitment to promoting the technology and fostering companies to undertake research to develop new uses, he said.
