FSTB and Bloomberg establish strategic collaboration to enhance Hong Kong's family office ecosystem
The Financial Services and the Treasury Bureau (FSTB) announced today (October 9) the establishment of Hong Kong Family Office Nexus, a strategic collaboration between the FSTB and Bloomberg L.P. (Bloomberg) with the goal of attracting family offices from around the world to establish or expand their presence in Hong Kong and reinforcing the city's status as a leading global asset and wealth management hub.
The strategic collaboration was forged following a pivotal meeting in New York this April between the Secretary for Financial Services and the Treasury, Mr Christopher Hui, and the Founder of Bloomberg L.P. and Bloomberg Philanthropies, Mr Michael Bloomberg. Their discussions centred on Hong Kong's policy initiatives to transform the city into a global hub for family offices and philanthropic activities, and how the two parties shall collaborate to further the efforts.
The partnership with Bloomberg will focus on four key pillars, namely community building, knowledge sharing, technology support and philanthropic collaboration. The FSTB, together with Invest Hong Kong (InvestHK) and the Hong Kong Academy for Wealth Legacy (HKAWL), will collaborate with Bloomberg on various initiatives to bolster Hong Kong's family office ecosystem.
Mr Hui said, "Michael and I share a common vision to develop Hong Kong into a global centre for family offices and philanthropists. His insights, together with Bloomberg's extensive international reach and its expertise in financial data and technology, will be invaluable to further enhance Hong Kong's appeal to family offices worldwide. It is our great pleasure to partner with Bloomberg to reinforce Hong Kong's enduring strength as an international financial hub and showcase our commitment to fostering further development and innovation in wealth management and charitable giving. We look forward to working closely with Bloomberg to create an environment where family offices and philanthropic initiatives will thrive."
The Head of Asia Pacific, Bloomberg, Mr Bing Li, said, "Hong Kong is one of the world's most compelling family office destinations, with a distinct combination of expertise, regulatory settings and deep financial markets. The Hong Kong Government has a clear goal to grow Hong Kong as a world-class family office hub, and Hong Kong Family Office Nexus seeks to equip that group with the tools and support they need to succeed here. Bloomberg is proud to contribute to the long-term development of Hong Kong's family office community."
Titled "Hong Kong Family Office Nexus", the partnership will encompass the following four key pillars and components:
1. Community Building: The involved parties will co-organise seminars for family office industry professionals covering topics of interest, including impact investing and alternative asset allocation. Bloomberg will also establish a dedicated digital content hub, the Hong Kong Family Office Nexus Knowledge Hub, to host information related to Hong Kong's family office sector for ongoing community building. It will be available to the Hong Kong family office community in the coming months;
2. Knowledge Sharing: Bloomberg will curate a family office guidebook, providing guidance on setting up family offices in Hong Kong and introducing relevant policy initiatives, such as tax concessions offered and the New Capital Investment Entrant Scheme;
3. Technology Support: Bloomberg will support InvestHK's family office clients by offering access to Bloomberg's suite of family office solutions, including Bloomberg Terminal trials, a range of financial and alternative data, and opportunities to learn from Bloomberg's global network of experts. Bloomberg will also join InvestHK's Network of Family Office Service Providers, contributing insights and expertise on the latest trends of technology solutions for the family office sector; and
4. Philanthropic Collaboration: The HKAWL will collaborate with Bloomberg Corporate Philanthropy on opportunities for family offices and high-net wealth individuals to engage in Hong Kong's philanthropic community.
In addition, Bloomberg will introduce a new summit in Hong Kong focused on wealth management in March 2025. This event will complement and amplify the impact of the FSTB's annual flagship event, the Wealth for Good in Hong Kong Summit (WGHK). Strategically scheduled to coincide with WGHK 2025, this collaborative effort aims to create synergy, sustaining and building upon the growing momentum in Hong Kong's family office sector. The dual summits will offer an unparalleled platform for family office principals and professionals to exchange insights, explore opportunities, and shape the future of wealth management in the region. Other initiatives of Hong Kong Family Office Nexus will commence in phases in late 2024.
The Director-General of Investment Promotion, Ms Alpha Lau, said, "We believe that the additional content on Bloomberg's extensive platforms regarding Hong Kong's family office sector will complement InvestHK's efforts in showcasing Hong Kong's vibrant family office ecosystem to our global audience. We look forward to collaborating with Bloomberg during the extended week at next March's Wealth for Good in Hong Kong Summit to amplify industry impact and highlight the city's status as a leading family office hub."
The Executive Director of the Financial Services Development Council, Dr King Au, said, "We are taking a significant step in enhancing our city's family office ecosystem. This collaboration underscores our commitment to solidifying Hong Kong as a premier destination for family offices globally, fostering innovation, knowledge sharing, and philanthropy. We aim to create a vibrant community that attracts and supports family offices, driving sustainable growth and bolstering Hong Kong's status as a leading international financial hub."
FSTB and Bloomberg establish strategic collaboration to enhance Hong Kong's family office ecosystem Source: HKSAR Government Press Releases
FSTB and Bloomberg establish strategic collaboration to enhance Hong Kong's family office ecosystem Source: HKSAR Government Press Releases
EDB reminds parents to choose primary schools under Central Allocation process for their children
The Education Bureau (EDB) today (January 12) reminded parents that children who have joined the Primary One Admission (POA) System for 2026 but have not yet secured a discretionary place can take part in the Central Allocation process for a Primary One (P1) place in a government or aided primary school. Parents concerned should make their choice of schools within the period from January 19 to 25.
Digitalisation of POA
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In line with the Smart Government strategy, the EDB has fully implemented digitalisation of the POA. Parents who have registered as POA e-Platform (ePOA) users and have bound their account to "iAM Smart+" may submit the Choice of Schools Form for Central Allocation from January 19 to 25 through the ePOA. Please refer to the related videos and Parent's Guide on the EDB's website (www.edb.gov.hk/en/edu-system/primary-secondary/spa-systems/primary-1-admission/poa_eplatform/index.html) for details of the procedures for activating and logging into an ePOA account and for making school choices for the Central Allocation of POA via the e-Platform.
Making school choices at Central Allocation Centres
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The EDB will send letters to parents on January 14 inviting them to make their choice of schools. To cater for the needs of different parents, parents can still submit the Choice of Schools Form in paper form by visiting the designated Central Allocation Centre at the suggested time slot (i.e. 9.30am to 12.30pm or 1.30pm to 4.30pm on January 24 (Saturday) or 9.30am to 12.30pm on January 25 (Sunday)) stated in the letter.
Parents who are ePOA users may choose to submit the Central Allocation Application via the ePOA or in paper form to the Central Allocation Centre but should not submit duplicate applications. Parents who have not yet received the letter by January 19 should call the School Places Allocation Section of the EDB (Hotline: 2832 7700) as soon as possible.
Only one parent of an applicant child is required to complete the school choice-making procedures. Parents are advised not to take their children to the Central Allocation Centre if possible. Parents who cannot make school choices within the suggested time slot can go to the designated Central Allocation Centre from 1.30pm to 4.30pm on January 25. The Choice of Schools Form will be sent together with the letter to parents who have submitted a paper Application Form at the Discretionary Places stage for filling out in advance.
In the event of adverse weather or other special conditions on any day during the period of making school choices, please pay heed to radio or television announcements on the relevant special arrangements.
Unable to submit application within specified choice-making period
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For individual parents who are unable to use the ePOA or go to the Central Allocation Centre to make school choices, they can authorise in writing a representative to bring the completed Choice of Schools Form and their signed Letter of Authorisation to the Central Allocation Centre to proceed with the related procedures.
To apply for POA 2026 for their children after January 25, parents need to complete necessary procedures with the School Places Allocation Section, which will separately arrange P1 places for the applicant children in June.
Change of residential address
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An EDB spokesman reminded parents that, if they have recently moved their residence or have such plans in the near future, they are required to inform the School Places Allocation Section as soon as possible so that they can make school choices in the POA School Net where their new home is located. Parents should fill in the actual residential address of their child. If they provide a false address for securing a P1 place, the POA application of their child will be rendered void and the P1 place allocated will be withdrawn.
The EDB has put in place a monitoring mechanism to verify the residential addresses of applicant children as given by the parents. Random checks have also been stepped up. The public may call the School Places Allocation Section to report suspected cases of using a false address by parents for their children's POA application. The EDB will take action against false address cases.
Mechanism of Central Allocation
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Central Allocation is composed of two parts. Part A, which takes up 10 per cent of the P1 places earmarked for Central Allocation, is for unrestricted school choices. Parents can choose up to three government or aided primary schools in any school net. Part B takes up the remaining 90 per cent of the P1 places earmarked for Central Allocation. Parents of applicant children residing in the school net concerned are to select schools from the "Choice of Schools List for Central Allocation (Primary One Admission 2026)" of their school net, while parents of applicant children who intend to commute daily to schools in Hong Kong are to select schools from the "2026 Choice of Schools List for Central Allocation (For Applicant Children who intend to commute daily to schools in Hong Kong)". Parents should fill in the Choice of Schools Form in the order of their preference.
The mechanism of the Central Allocation is based on parents' choices in general. The computer-programmed allocation will first process the school choices in Part A and then the school choices in Part B. For oversubscribed schools, the order of priority in allocating places will be determined by random numbers generated by the computer for individual applicants to ensure fairness.
For information about the procedures for Central Allocation, please call the EDB's 24-hour automatic telephone enquiry service at 2891 0088.
Release of Central Allocation results
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For parents who have already activated their ePOA account via "iAM Smart" or "iAM Smart+", they will receive their Central Allocation results through the ePOA from 10am on June 3. Parents who wish to receive the allocation results via SMS on June 3 may choose such an option in the Choice of Schools Form. In addition, the allocation results will be sent to parents by post on June 3 and 4.
Source: AI-found images
