HKIC and WeLab Launch Strategic Partnership to Enhance Hong Kong's Fintech Innovation and AI Development

Speech by FS at Hong Kong Investment Corporation Limited and WeLab Strategic Partnership Kick-off Ceremony (with photos/video)

Following is the speech by the Financial Secretary, Mr Paul Chan, at the Hong Kong Investment Corporation Limited and WeLab Strategic Partnership Kick-off Ceremony today (April 10):

Deputy Consul-General Ms Ranida Chamchalerm (Deputy Consul-General of Thailand in Hong Kong), Clara (Chief Executive Officer of Hong Kong Investment Corporation, Ms Clara Chan), Simon (Chief Executive Officer of WeLab, Mr Simon Loong), distinguished guests, ladies and gentlemen,

Good morning. It is a pleasure to join you today to witness the strategic partnership between the Hong Kong Investment Corporation Limited (HKIC) and WeLab, a collaboration that embodies the spirit of innovation and aspiration.

As an international financial centre, fintech is a vital component of Hong Kong's financial landscape. We are home to around 1100 fintech companies and start-ups. The ecosystem has been rapidly growing, particularly in the areas of digital assets, blockchain applications and cybersecurity.

Our progress in fintech has gained international recognition. In the recently released Global Financial Centres Index, Hong Kong has risen five places to become global No. 4 in the category of fintech.

Innovation sits at the heart of this endeavour. And we are guided by a clear mission: to build a fintech ecosystem where cutting-edge solutions thrive and technology serves as a force for good. The objective is to make financial services more efficient and accessible, benefitting not just the local market but also our regional partners like ASEAN (Association of Southeast Asian Nations) through collaboration opportunities.

Strategic partnership

I'm pleased to note that the HKIC plays an important role in advancing these objectives. While pursuing reasonable financial returns, it promotes the development of target sectors that are crucial for Hong Kong's long-term competitiveness and economic vitality. The HKIC invests and co-invests in start-ups and companies at different stages of development that are conducive to the building of such an ecosystem. Acting as "patient capital", it also helps channel private capital, including private equity and venture capital, to support the realisation of our vision.

The HKIC is driving forward the vision together with WeLab, whose success in the Indonesian market and its plan to expand to Thailand are closely aligned with our overarching goals and strategies.

On the other hand, globally, AI is rapidly reshaping production, business and consumption models. It empowers the upgrading of traditional industries and creates new ones. It is defining the future of finance by transforming customer experiences, enabling us to overcome traditional barriers and providing us with faster, cheaper and more inclusive financial services.

For instance, AI technologies can uncover correlations between seemingly unrelated factors, enabling the identification of creditworthiness in individuals who might otherwise be regarded as unqualified for lending. This is exactly what WeLab is achieving through its innovative technologies.

This Government is pro-AI. In my Budget this year, I have outlined our vision to develop AI as a core industry for Hong Kong. We are driving this development on five fronts: computing capabilities, algorithms, data, capital and talent. Beyond investing more resources into AI development, we are committed to fostering a pro-innovation environment that facilitates the testing and trial of AI applications.

I'm confident that through this partnership, the HKIC and Welab can assist more local and regional enterprises to leverage AI and fintech, thereby unlocking the potential of finance to support the economic development across Asia.

Synergies for good

Ladies and gentlemen, today's partnership goes well beyond investments and corporate cooperation. Allow me to emphasise two points.

First, by integrating WeLab, a pioneer in fintech, into its ecosystem of innovative companies, the HKIC is expanding the nexus for co-creation. I'm confident that this partnership will inspire more innovation among the HKIC's partners and other innovators, with vast potential for cross-sectoral collaboration in areas such as digital transformation and application scenarios for AI.

Second, innovation thrives on talent. We want our young people to become not merely participants but architects of Hong Kong's digital future. This partnership is committed to supporting acceleration programmes and academic partnerships, thereby equipping our youth with the skills and knowledge necessary to excel in the rapidly evolving fintech space. Together, we can work to nurture the next generation of tech-savvy leaders.

In short, today's partnership is a catalyst for progress. I wish this collaboration enduring success, and all of you the best of business and health in the time ahead. Thank you very much.

Speech by FS at Hong Kong Investment and Corporation Limited and WeLab Strategic Partnership Kick-off Ceremony (with photos/video) Source: HKSAR Government Press Releases

Speech by FS at Hong Kong Investment and Corporation Limited and WeLab Strategic Partnership Kick-off Ceremony (with photos/video) Source: HKSAR Government Press Releases

Hong Kong-Shenzhen Joint Working Group on Environmental Protection holds meeting in Hong Kong

The Secretary for Environment and Ecology, Mr Tse Chin-wan, and Vice Mayor of the Shenzhen Municipal People's Government Ms Zhang Hua, leading the officials of the Hong Kong Special Administrative Region (HKSAR) Government and the delegation of the Shenzhen Municipal Government respectively, held the Hong Kong-Shenzhen Joint Working Group on Environmental Protection meeting in Hong Kong today (June 2).

The meeting reviewed and endorsed the Working Group's 2025 Work Report and noted the implementation progress of the Agreement on Further Deepening Hong Kong-Shenzhen Co-operation in Ecological and Environmental Protection (the Co-operation Agreement). Both sides also exchanged views in depth on the preparation of the five-year plan for ecological and environmental protection in Shenzhen and Hong Kong, regional environmental quality assurance during the Asia-Pacific Economic Co-operation (APEC) meetings, the joint development of the Shenzhen–Hong Kong ecological corridor, and cross-boundary biodiversity conservation. The two sides reported on their work progress and shared experiences on the above aspects.

The HKSAR Government is actively aligning with the National 15th Five-Year Plan and will complete the formulation of Hong Kong’s first five-year plan within this year. The HKSAR Government will continue to fully support the country in achieving its "dual carbon" goals, accelerate green transformation, and strive to reduce carbon emissions by half from the 2005 level by 2035, with a view to achieving carbon neutrality before 2050. At the meeting, the HKSAR Government reported progress in green transport, environmental quality and ecological conservation, including the promotion of a Shenzhen-Hong Kong cross-boundary electric cargo vehicle pilot scheme, preparations for nominating Port Shelter in Sai Kung for inclusion in the national "Beautiful Bays" list, and the deepening of co-operation on the Shenzhen Wutong Mountain–Hong Kong Robin's Nest ecological corridor. The Environment and Ecology Bureau (EEB) and the Environmental Protection Department (EPD) will organise a seminar on the Ecological and Environmental Code of the People's Republic of China in late June, inviting Mainland experts to attend. Representatives from relevant Shenzhen departments are also invited to attend the seminar as well as the Eco Expo to be held in Hong Kong in October during the meeting.

To ensure good environmental quality during the APEC Finance Ministers' Meeting to be held in Hong Kong in October this year and the APEC Economic Leaders' Meeting to be held in Shenzhen in November, Hong Kong and Shenzhen will continue to strengthen regional joint prevention and control efforts, including air quality assurance, water quality monitoring and emergency response capability.

Both sides are also actively advancing the development of the Shenzhen Wutong Mountain–Hong Kong Robin's Nest ecological corridor. In 2025, the two sides jointly completed a biodiversity survey of the ecological corridor area, strengthened ecological data sharing and connectivity, and will further enhance conservation effectiveness in the future to promote ecological integration between Shenzhen and Hong Kong.

Mr Tse thanked the various departments of the Shenzhen Municipal Government for their full support. He expressed the hope that both sides would continue to work hard under the framework of the Joint Working Group, anchor on the ten major co-operation tasks set out in the Co-operation Agreement signed in 2024, and ensure all tasks are advanced with high quality and full coverage, so as to jointly build a Beautiful China and work towards carbon neutrality.

The Permanent Secretary for Environment and Ecology (Environment), Mr Eddie Cheung; the Director of Environmental Protection, Dr Samuel Chui; and representatives from the EEB, the EPD and the Agriculture, Fisheries and Conservation Department also attended the meeting.

Hong Kong-Shenzhen Joint Working Group on Environmental Protection holds meeting in Hong Kong Source: HKSAR Government Press Releases

Hong Kong-Shenzhen Joint Working Group on Environmental Protection holds meeting in Hong Kong Source: HKSAR Government Press Releases