Speech by SCED at Hong Kong FinTech Week 2024
Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the second day of the Main Conference of Hong Kong FinTech Week 2024 today (October 29):
Distinguished guests, ladies and gentlemen,
Good morning.
Welcome to day two of the Main Conference of Hong Kong FinTech Week 2024. It is my pleasure to join you all here this morning.
Hong Kong has all along attached great importance to developing fintech businesses, with a view to developing our city as an ideal destination for fintech firms from around the world. As a symbol of this goal, Invest Hong Kong (InvestHK) has been organising the flagship Hong Kong FinTech Week since 2016 to gather the global fintech stakeholders, including investors, professionals and practitioners, in Hong Kong to discuss the latest developments and explore new opportunities.
Being the premier annual international fintech event in Asia, this mega event has been receiving overwhelming support and serving as a great platform over time for Hong Kong's expanding fintech business. With its theme "Illuminating New Pathways in Fintech", Hong Kong FinTech Week this year is expected to attract more than 30 000 visitors, and over 800 speakers and 700 exhibitors from over 100 economies. In fact, such a scale can hardly be matched by other similar fintech events. I am glad that you are in the right place today, and I can assure you of an exciting series of events in the rest of Hong Kong FinTech Week.
Being a "super connector" and a "super value-adder", Hong Kong acts as an important gateway between the Mainland and the overseas markets. Our city is a place where we advocate entrepreneurship and innovation, and also a perfect launch pad for fintech companies to be groomed locally and globally.
Under "one country, two systems", Hong Kong continues to maintain our uniqueness as one of the most liberal and easiest places to do business in the world. In terms of foreign direct investment, Hong Kong remains the world's fourth largest destination as revealed in the World Investment Report 2024; Hong Kong is once again ranked in 2024 as the freest economy by the Fraser Institute; and we are ranked the third globally, the first in the Asia-Pacific region as well as one of the top 10 fintech hubs around the globe according to the recent Global Financial Centres Index report.
These recognitions are attributed to our institutional advantages including a robust common law legal system, an independent judiciary, a simple and low tax system, world-class professional services, and many others, which are the very foundation of Hong Kong's success as an ideal place for fintech companies to thrive.
Coupled with an array of new business-friendly initiatives announced in the 2024 Policy Address this month, all businesses in Hong Kong, including the fintech sector, could benefit from them. For example, the updated Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) provides more flexibility and convenience for Hong Kong companies to invest and do business on the Mainland. All companies based in Hong Kong, regardless of their place of origin, can all benefit from the latest CEPA enhancements. My friends, I strongly recommend that you set up your fintech and related financial operations in Hong Kong in order to enjoy these advantages.
Apart from companies, we also have good news for individuals. For non-Chinese Hong Kong permanent residents, they are now eligible for the Mainland travel permit since July this year. This groundbreaking measure provides unprecedented convenience for visits to the Mainland for various purposes, including business, leisure or family trips, multiple times within a validity period of five years. Additionally, if you are a non-permanent Hong Kong resident who is also a foreign staff member of a Hong Kong-registered company, the validity period of your multiple-entry visa has now been extended to a maximum of five years to facilitate your Mainland trips. To experience the convenience brought by the two new measures, I would suggest that our overseas friends apply for the permit or multiple-entry visa, if eligible.
In fact, we note that Hong Kong's competitiveness and business-friendly environment, which I have mentioned above, has already been highly recognised by many fintech companies. In 2024, we are home to over 1 100 fintech companies, representing a 14 per cent year-on-year increase according to InvestHK's statistics. In the first nine months of this year, InvestHK has helped 470 overseas and Mainland enterprises to establish or expand their business in Hong Kong, and over 23 per cent of them are from the fintech, financial services and related sectors. The above encouraging results have explained Hong Kong's attractiveness to the global fintech community.
As always, InvestHK, being the Government's investment promotion agency and your best business partner in Hong Kong, will assist your companies to set up or expand business here. With InvestHK's extensive and sophisticated global network, you will have no difficulty in receiving their valuable advice and unfailing support even if your companies are located outside Hong Kong. Taking the golden opportunity today, I would encourage you all approach InvestHK and see what advice they can offer you from the investment promotion perspective.
Finally, I would like to give my big thanks to our fintech friends here today for your participation in and strong support for FinTech Week and confidence in Hong Kong, especially those who have joined the event for years. I hope you enjoy today's conference and explore more business opportunities. And don't forget to take a walk through our city to enjoy the delicious food and beautiful scenery in Hong Kong.
Thank you.
HKSAR Government expresses dissatisfaction with and opposition to unfounded comments by individual so-called human rights experts on Lai Chee-ying case
The Hong Kong Special Administrative Region (HKSAR) Government today (December 24) expressed dissatisfaction with and opposition to the unfounded comments by individual so-called human rights experts after the court of the HKSAR convicted Lai Chee-ying of offences of endangering national security in strict accordance with the law and evidence.
A spokesperson for the HKSAR Government pointed out, "The HKSAR Government noted that individual so-called human rights experts have entirely no respect for the HKSAR court's independent judgment of the case, which had been made on the basis of facts and evidence. They also refused to acknowledge the evidence set out in the reasons for verdict, and refused to understand the court's considerations and the reasons for verdict. Instead, they wantonly launched attacks, slandered and attacked the HKSAR Government, with despicable political manipulations to demand the immediate release of Lai Chee-ying, overriding the rule of law with politics and confounding right and wrong. Their despicable intent to interfere with the court's sentencing has been seen through by all. The HKSAR Government has to refute resolutely to set the record straight."
Court's conviction verdict was entirely free from any political considerations
"The court's reasons for verdict in this case are 855 pages long, which are fully open for public inspection, and include the court's analysis of the relevant legal principles and evidence, as well as the reasons for convicting Lai Chee-ying and the three defendant companies in full detail. The court clearly pointed out in the reasons for verdict that Lai Chee-ying was not on trial for his political views or beliefs. The court's conviction verdict is well-founded and reasoned, fully demonstrating that the court has made its decision on the case strictly in accordance with the law and evidence, free from any interference, and absolutely free of any political considerations."
The spokesperson stressed, "Hong Kong is a society underpinned by the rule of law and has always adhered to the principle that laws must be obeyed and lawbreakers be held accountable. Article 5 of the Hong Kong National Security Law (HKNSL) and section 2 of the Safeguarding National Security Ordinance (SNSO) clearly stipulate that the principle of the rule of law shall be adhered to in preventing, suppressing and imposing punishment for offences endangering national security. Any suggestion that certain individuals or organisations should be immune from legal consequences for their illegal acts is no different from advocating a special privilege to break the law, and this totally runs contrary to the spirit of the rule of law."
The Lai Chee-ying case has nothing to do with freedom of speech and of the press at all
The spokesman pointed out, "These so-called human rights experts have conflated the criminal acts in this case with freedom of speech and of the press, with the purpose of misleading the public and defaming the HKSAR. In fact, the Lai Chee-ying case has nothing to do with freedom of speech and of the press at all. Over the years, the defendants were using journalism as a guise to commit acts that brought harm to our country and Hong Kong.
"The public trial of this case revealed Lai Chee-ying's close management and hands-on control of the editorial direction of Apple Daily. Lai Chee-ying had repeatedly and personally colluded with foreign forces, begging for sanctions and hostile actions against the Central Authorities and the HKSAR Government. The court clearly pointed out that Lai Chee-ying's only intent, whether pre or post HKNSL, was to seek the downfall of the Communist Party of China, even though the ultimate cost was the sacrifice of the interests of the people of the People's Republic of China and the HKSAR.
"Anyone who vilify the rule of law and human rights situation in the HKSAR using this case is fact-twisting and has no integrity at all. We have to emphasise that the HKNSL and the SNSO clearly stipulate that human rights shall be respected and protected in safeguarding national security. The rights and freedoms, including the freedoms of the press, of speech and of publication, enjoyed by Hong Kong people under the Basic Law and the provisions of the International Covenant on Civil and Political Rights (ICCPR) and the International Covenant on Economic, Social and Cultural Rights as applied to the HKSAR, are protected in accordance with the law. However, like all other places in the world, journalists, like everyone else, have an obligation to abide by all the laws. According to the principles established by Article 19 of the ICCPR, the European Convention on Human Rights and relevant jurisprudence, when the media and journalists publish opinions, information and articles, they must observe and discharge 'special duties and responsibilities', including the protection of national security and public order; journalists must, in accordance with the tenets of 'responsible journalism', act in good faith on an accurate factual basis and provide reliable and precise information, so as to be entitled to the protection of freedom of speech and press freedom."
The spokesman reiterated, "The HKSAR Government will continue to resolutely, fully and faithfully implement the HKNSL, the SNSO and other relevant laws safeguarding national security in the HKSAR, to effectively prevent, suppress and impose punishment for acts and activities endangering national security in accordance with the law, whilst upholding the rights and freedoms of Hong Kong residents in accordance with the law, so as to ensure the steadfast and successful implementation of the principle of 'one country, two systems'. The HKSAR Government urges the relevant so-called human rights experts to understand the facts clearly and stop making any unfounded criticisms."
Source: AI-found images
