Hong Kong's Financial Services Chief Promotes Family Office Opportunities in Indonesia

SFST promotes Hong Kong's strengths as family office hub to Indonesian community

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, concluded his visit to Jakarta, Indonesia, today (December 13) with a meeting with the Chairman of the Board of Commissioners of the Financial Services Authority of Indonesia. He attended a lunch seminar yesterday (December 12) to promote Hong Kong's advantages as a leading family office hub, met with financial officials and stakeholders in the banking and fintech sectors, and called on the Chinese Ambassador to Indonesia.

Mr Hui met the Chairman of the Board of Commissioners of the Financial Services Authority of Indonesia, Mr Mahendra Siregar, this morning to share insights on boosting the development of virtual assets and other new financial products. Mr Hui also took the opportunity to introduce to him a training programme targeting senior executives from the Association of Southeast Asian Nations (ASEAN) countries to be piloted by the Financial Services Development Council of Hong Kong in partnership with the Hong Kong Securities and Investment Institute in early 2025. Senior executives from Indonesia will be among the first batch of participants to be invited to join the programme to gain a deeper understanding of Hong Kong's value propositions as an international financial centre through expert-led sessions and visits to key public sector stakeholders.

A key event yesterday was a lunch seminar themed "Connecting Wealth, Empowering Legacies: Hong Kong - The Premier Global Hub for Family Offices" co-organised by the Hong Kong Economic and Trade Office in Jakarta, the Indonesia Chamber of Commerce in Hong Kong and the Bank of China (Hong Kong) Limited Jakarta Branch. In his keynote speech at the lunch seminar, Mr Hui highlighted Hong Kong's strategy to augment the city's position as a family office hub with the prospect of becoming the world's largest cross-boundary wealth management centre in the next few years as predicted by the industry.

He shared with participants the four Ts that Hong Kong offers, namely Hong Kong's strong "ties" with the Mainland and global capital markets as a "super connector" and "super value-adder" to provide unparalleled investment opportunities; its favourable "tax" environment with a simple and low tax system offering profit tax exemption for single family offices managed in Hong Kong; strong emphasis on attracting and nurturing "talent" including the recent enhancement to the New Capital Investment Entrant Scheme and the establishment of the Hong Kong Academy for Wealth Legacy last year; as well as "tailored" events, collaborations and services for family offices, including mega financial events like the annual Wealth for Good in Hong Kong Summit, which will hold its third edition next March, bringing together family offices, asset owners and family office service providers from around the world to make it an exclusive and highly anticipated global event for family offices.

Mr Hui also assured the participants that Hong Kong is ready to support family offices and investors including ultra-high-net-worth individuals to come to Hong Kong. The dedicated team from Invest Hong Kong called FamilyOfficeHK, will continue to provide one-stop services to family offices establishing a presence in Hong Kong. The Hong Kong Family Office Nexus, a strategic collaboration with Bloomberg L. P., is also in place to offer support to the family office sector on community building, knowledge sharing, technology support and philanthropic collaboration.

Mr Hui yesterday also met a number of officials and industry stakeholders in the financial sector, including Vice Minister of Finance of Indonesia Dr Anggito Abimanyu. Mr Hui shared views with Dr Abimanyu on the future financial development outlook of Indonesia and Hong Kong, and discussed opportunities to foster closer financial collaboration between the two places.

Moreover, Mr Hui had a meeting with representatives of the Indonesia Fintech Association to exchange views on the latest developments in fintech and financial innovation. He invited Indonesian fintech companies to visit Hong Kong to feel the thriving energy of the local fintech ecosystem and grasp opportunities of mutually beneficial collaboration. Mr Hui also called on the Chinese Ambassador to Indonesia, Mr Wang Lutong, and met with the Country Manager of the Bank of China (Hong Kong) Limited Jakarta Branch, Mr Sun Shangbin.

Mr Hui will return to Hong Kong this afternoon.

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

FEHD steps up inspections against fresh provision shops to stringently combat irregularities possibly causing rodent infestation

A spokesman for the Food and Environmental Hygiene Department (FEHD) said today (June 4) that, the department has always attached great importance to food safety and environmental hygiene, and has been stepping up inspections against licensed/permitted food premises, including fresh provision shops (FPSs). The FEHD stringently combats irregularities that could lead to rodent infestation or affect public health, with a view to safeguarding food safety and environmental hygiene.

In response to a recent complaint received concerning the appearance of rodents at a FPS on Hip Wo Street, Kwun Tong, the FEHD deployed staff yesterday (June 3) to inspect the FPS concerned. During the inspection, floor stains, signs of rodent activity, and cracks on ceiling and walls were detected. Prosecution was then initiated to the relevant person under the Food Business Regulation (Cap. 132X); a Notice of Elimination of Vermin was also issued under the Public Health and Municipal Services Ordinance (Cap. 132) Section 47(1), requiring the person-in-charge adopting necessary procedures to remove any items causing rodent infestation within specified time frame, failing which prosecution will be instituted. FEHD officers also provided health education and offered advice on rodent prevention and control to the person-in-charge and the staff of the premises, and reminded them to maintain personal, food and environmental hygiene at all times. The FPS concerned has suspended business to carry out thorough cleaning and strengthen rodent prevention and control measures. The department will continue to monitor the hygienic condition of the premises and take appropriate actions to safeguard food safety and environmental hygiene. At the same time, the FEHD has strengthened cleansing of nearby public areas and placed poisonous baits to prevent rodent infestation.

The spokesman said, as of June 3 this year, the FEHD conducted about 91 500 inspections against licensed/permitted food premises across the territory, including about 6 200 inspections against FPSs. During the period, five licensed FPSs accumulated sufficient demerit points in breach of the Food Business Regulation, the FEHD thus ordered the FPSs concerned to suspend businesses from seven to 14 days. In addition, the department issued a press release on February 10 for a licensed FPS found with poor hygiene condition and serious rodent infestation. An immediate closure order was issued to the FPS concerned, and after the problems were thoroughly rectified, it was approved to reopen earlier. Another press release, issued on March 10, announced that the licence of a FPS was cancelled after breaching licensing condition. During the same period, FEHD officers issued 451 verbal warnings and 77 warning letters, and initiated 527 prosecutions against the irregularities found at the food premises concerned; including issuance of 173 verbal warnings and nine warning letters, and initiation of 125 prosecutions to the licensed FPSs.

Apart from stepping up inspections and enforcement, the FEHD also issued letters to the licensed/permitted food premises across the territory, reminding the trade of key points to note when handling and storing food during the summer period, as well as strengthening rodent control work. The FEHD reminded the trade to handle food properly, for example, keeping hot food that is prepared but not for immediate consumption at or above 60 degrees Celsius, and cold food at or below 4 degrees C; at the same time, following Five Keys to Food Safety, namely choose wisely, keep clean, separate raw and cooked food, cook thoroughly and safe temperature, in order to reduce the risk of foodborne illness.

The FEHD further reminded the trade to reduce the risk of rodent infestation from three aspects, namely food, harbourage and passages of rodents, including the elimination of food sources and hiding places of rodents, as well as blockages of their dispersal routes. For example, properly storing food and food waste, maintaining cleanliness of the premises from inside to outside, avoiding accumulation of articles, and immediately sealed the holes and cracks on the walls, door frames, openings of pipes and other passages for the rodents.

The spokesman emphasised that, the FEHD will continue to closely monitor the hygiene conditions of the food premises, and step up inspections and prosecution with reference to the risk assessment. If premises are found with poor hygiene condition, mishandling of food, or possibly causing rodent infestation, the department will adopt appropriate enforcement actions depending on actual circumstances, with a view to safeguarding public health.

Under the relevant regulation, every person engaged in any food business, including FPSs, shall not knowingly suffer or permit in any food premises, the presence of rats, mice or insects; and shall adopt appropriate measures to protect the food from risk of contamination or deterioration. Operators must at all times keep every part of food premises clean, properly maintained, and in good condition. Offenders are liable on conviction to a maximum fine of $10,000 and imprisonment for three months. If a licensee/permit holder is convicted of an offence relating to food safety and environmental hygiene under the Public Health and Municipal Services Ordinance (Cap. 132) and its subsidiary legislation, or breaches any licence/permit conditions, the FEHD may also register demerit points, issue verbal and written warnings, and suspend or cancel the relevant licence/permit under the established mechanisms. If the condition of a premises poses an imminent health risk, the FEHD has the authority to issue closure orders and immediately close the premises.

Source: AI-found images