Hong Kong FinTech Week and StartmeupHK Festival Kick Off Record-Breaking Event, Uniting Global Innovators and Leaders

Speech by CE at Hong Kong Fintech Week x StartmeupHK Festival (with photos/video)

Following is the speech by the Chief Executive, Mr John Lee, at the Hong Kong Fintech Week x StartmeupHK Festival today (November 3):

Honourable Deputy Governor Lu Lei (Deputy Governor of the People's Bank of China, Mr Lu Lei), distinguished guests, ladies and gentlemen,

Good morning. A warm welcome to this year's Hong Kong FinTech Week and StartmeupHK Festival, running concurrently for the very first time - as we enter a new era of innovation.

This strategic alliance, on the 10th anniversary of both flagship events, creates an unparalleled opportunity to amplify innovation, technology and global collaboration on an unprecedented scale.

Your presence this week is equally unprecedented. This year's event is the largest fintech gathering in Hong Kong's history, bringing together more than 37 000 executives, 800 speakers and 700 exhibitors from over 100 economies. Networking never looked so good.

Hong Kong is made for collaboration. Built for innovation, for companies, entrepreneurs, investors and professionals like you - each and every one of you here today and throughout this eventful week.

Our unique positioning is well recognised by the world. In September, Hong Kong placed third, overall, and tops in Asia, in the Global Financial Centres Index. The Index also named Hong Kong's fintech hub number one, globally.

Not surprising, given that Hong Kong is now home to more than 1 200 fintech companies, up 10 per cent from last year. Given, too, that our fintech sector is expected to exceed US$600 billion in total revenue by 2032, with a cheering growth rate exceeding 28 per cent a year.

More good news. In September, the Shenzhen-Hong Kong-Guangzhou innovation cluster finished first in the World Intellectual Property Organisation's top 100 innovation clusters - after placing second, overall, the previous five years.

It helps, too, that we continue to attract talented professionals. Indeed, Hong Kong placed fourth, globally, and first in Asia, in the World Talent Ranking. That's up from ninth last year, and 16th the year before. And, let me add, Hong Kong finished number one in Asia, and world's best in the percentage of science graduates.

In this year’s World Investment Report, released by the United Nations Conference on Trade and Development, our city moved up to third place, overall, in foreign direct investment inflows.

And, as you know, it’s been a banner year for initial public offerings (IPO) here in Hong Kong. In the first nine months of the year, IPO fundraising had surpassed US$23 billion, underlining and bold-facing Hong Kong's revitalised status, as the world's premier listing and capital-raising venue.

These and other international kudos reflect Hong Kong's status as a "super connector" and "super value-adder". We help to link the markets from China, our country, with those around the globe. We help start-ups go from local prototypes to global success.

Under the "one country, two systems" principle, Hong Kong draws opportunities from both our country and the world. This dual advantage drives our connectivity and development.

From January 2023 to September 2025, Invest Hong Kong (InvestHK), our dedicated investment promotion agency, has helped more than 1 400 overseas and Mainland companies establish or expand their businesses in Hong Kong. They have brought in more than US$24 billion in foreign direct investment, creating some 20 000 jobs within the first year of their operation or expansion.

This week, we are welcoming more than 30 Mainland and international delegations here for Fintech Week and the StartmeupHK Festival. Tomorrow, the Global Financial Leaders' Investment Summit returns, bringing together some 300 global financial leaders, including over 100 group chairmen or CEOs.

Hong Kong's role in connecting Mainland and international markets has never been clearer.

In my recent Policy Address, delivered in September, I introduced a series of initiatives to drive growth and strengthen Hong Kong's competitiveness.

To cement our status as an international financial centre, we will deepen the equity market and expand world-class bond currency markets, while advancing the insurance and asset and wealth management sectors.

In equities, we will support technology companies from the Mainland in fundraising, encourage overseas enterprises to pursue secondary listings here, and welcome the return of China Concept Stock companies from overseas markets, with Hong Kong as their preferred destination.

We are committed to enhancing bond market infrastructure, establishing connections with overseas markets such as Switzerland and the United Arab Emirates.

Hong Kong is proud to be the world's largest offshore Renminbi hub. We will continue to support its growing use in our economy. The Hong Kong Monetary Authority will make use of the Currency Swap Agreement with the People's Bank of China to give companies longer-term Renminbi financing for trade, operations and capital expenditure.

To strengthen asset and wealth management, we will enhance preferential tax regimes for funds, single-family offices and carried interest. The Capital Investment Entrant Scheme will also be relaxed to encourage more investors.

In fintech, our Monetary Authority's Project Ensemble is exploring tokenisation in conventional finance, while applying the supervisory sandbox to boost innovation under prudent risk management.

We are also accelerating the transformation of innovation and technology, focusing on key sectors such as artificial intelligence (AI), life and health sciences, new energy and aerospace.

From building AI research clusters and enabling cross-boundary clinical trials to advancing hydrogen infrastructure, our goal is to help emerging industries scale and thrive.

At the same time, we are strengthening collaboration with the Mainland to build a green and sustainable finance market supporting long-term development.

We are committed to contributing to national development while deepening international exchanges and co-operation.

The GoGlobal Task Force, announced in my latest Policy Address, was launched last month. It is designed to help Mainland businesses expand overseas using Hong Kong as their springboard. Working with InvestHK, our Economic and Trade Offices, the Trade Development Council and other governmental agencies, GoGlobal will smooth the way for Mainland companies to find foreign markets and global capital. Plenty of opportunities there for all concerned.

In short, ladies and gentlemen, the future is bright for Hong Kong and the companies, investors and talent that work with Hong Kong.

This year's anniversary editions of Hong Kong FinTech Week and the StartmeupHK Festival will give you a jump-start on the promising future of co-operation. This flagship event, very much like Hong Kong, connects you with a world of promising opportunities, together with the latest insights, intelligence and innovative technology.

The main conference, today and tomorrow, features 11 targeted forums ranging from health and Insurtech to digital finance and assets, blockchain, AI, a China-Global Innovation Forum and more. And the international exhibition area spotlights finance, fintech and other advanced technology.

I am grateful to the organisers - the Financial Services and the Treasury Bureau, and Invest HK, among others - together with our many supporters, for staging this vital global gathering over the past 10 years. A decade of success.

And while you're here, with us, I urge you to invest some time exploring Hong Kong, the world's rising East-meets-West centre for international cultural exchange - and good times.

I wish you all a rewarding week and the best of fintech, start-ups and investment in the coming year.

Thank you.

Speech by CE at Hong Kong Fintech Week x StartmeupHK Festival Source: HKSAR Government Press Releases

Speech by CE at Hong Kong Fintech Week x StartmeupHK Festival Source: HKSAR Government Press Releases

Source: AI-found images

Labour Department highly concerned about fatal work accident that happened in Tsuen Wan today

The Labour Department (LD) is highly concerned about a fatal work accident that happened at a construction site in Tsuen Wan this afternoon (January 14), in which several oxy-acetylene cylinders fell from a container during a lifting operation and hit workers underneath, resulting in the death of one worker and injuries to two workers. The LD is saddened by the death and injury of the workers in the accident, and expresses its deepest sympathies to the victim’s family and the injured workers.

The LD's spokesman said, "We commenced an immediate on-site investigation as soon as we were notified of the accident and have issued suspension notices to the contractors concerned, suspending the lifting operation at the site. The contractors cannot resume the work process until the LD is satisfied that suitable measures to abate the relevant risks have been taken."

The spokesman added, "We will complete the investigation as soon as possible to identify the cause of the accident, ascertain the liability of the duty holders and recommend improvement measures. We will take actions pursuant to the law if there is any violation of the work safety legislation."

To prevent loads being lifted from falling and hitting workers, the LD reminds employers to ensure that (i) the loads have been safely and securely connected to lifting gear before lifting operations; (ii) the gate of the container holding the loads is properly locked or fastened; and (iii) lifting zone is demarcated and barricaded, with no one entering the zone during lifting operations.

The general duty provisions of the Occupational Safety and Health Ordinance require employers to provide safe working environments, plant and systems of work for their employees. Those who contravene the relevant provisions are liable to a maximum fine of $10 million and imprisonment for two years.

In regard to today's accident, the LD will issue a Work Safety Alert through its mobile application "OSH 2.0", website and email, giving a brief account of the accident concerned to duty holders, workers' unions, professional bodies of safety practitioners and others, and reminding the industry of the importance of following safety precautionary measures to prevent a recurrence of similar accidents.

The LD will also remind the employer concerned of the liability for employees' compensation under the Employees' Compensation Ordinance, assist family members of the deceased to claim employees' compensation and closely follow up on the case. For those with financial difficulties, the LD will assist them to apply for appropriate emergency funds. Subject to the needs and wishes of family members of the deceased, the LD will also liaise with the Social Welfare Department for financial or other assistance.

For the sake of securing the safety and health of employees at work, the LD appeals to employers to provide plant and systems of work that are safe and without risks to health. Employees should co-operate with their employers, adopt all safety measures and use personal protective equipment provided properly to avoid endangering their own work safety and that of other workers.

Source: AI-found images