A Mainland telecommunications operator that is engaged in digital development in Central Asia will sign a Memorandum of Understanding to provide services for a logistics centre during Chief Executive John Lee’s visit to Kazakhstan and Uzbekistan next month.
Chief Executive John Lee’s visit to Kazakhstan and Uzbekistan next month.
Mr Lee will lead a delegation to the two countries early in June.
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Chief Executive John Lee’s visit to Kazakhstan and Uzbekistan next month.
The operator’s Head of Carrier Business Kevin Chan .
The operator’s Head of Carrier Business Kevin Chan .
The operator’s Head of Carrier Business Kevin Chan said he believes the Government’s official visit can help to deepen economic and trade exchanges with Central Asian countries.
“The local 5G development focuses on traditional consumer markets, while the enterprise service ecosystem is still evolving. We are going to give them our smart solutions through our logistics platform. On top of that, because we also have other projects happening in Central Asia, especially in the Kazakhstan region, they will be providing us with a logistics capability that they will make sure all the equipment and all our construction of these satellite base stations will be seamless.”
The operator’s Head of Carrier Business Kevin Chan .
In March, the company established its Global Intelligence Center in Hong Kong.
Mr Chan said that Hong Kong's role as a “super connector” and “super value-adder” provides unique strategic advantages for the firm’s expansion into Central Asia.
“Central Asian countries lack direct physical access to undersea cables. While Hong Kong has the world’s highest density network of submarine cable landing stations and international data exchange centres, the company utilises this advantage to seamlessly connect Central Asia’s terrestrial optical cable system to Hong Kong. This allows Central Asian data to reach major global economies via the shortest route.”
The operator’s Head of Carrier Business Kevin Chan .
He also highlighted the region’s young population and explosive demand for information, observing that these signal immense potential. For Central Asia, digital services also contribute to local development.
In addition to making specific local investments, the operator also works with the Hong Kong SAR Government’s GoGlobal Task Force to facilitate the globalisation of Mainland telecoms equipment, technical standards and service solutions.
Mr Chan pointed out that Central Asia only launched 5G in 2023, while the 5G market in the Chinese Mainland is relatively mature.
“As the Central Asian region has more mining industries, the company hopes to drive local enterprises to utilise 5G services with the Mainland’s smart mining solutions.”
Moreover, the company hopes to link the Greater Bay Area, Central Asia and Europe by constructing cross-border digital economy and logistics networks and developing opportunities along Belt & Road Initiative countries and regions.
Hong Kong.
FSTB and SFC publish consultation conclusions on legislative proposals for regulating virtual asset advisory and management services
The Financial Services and the Treasury Bureau (FSTB) and the Securities and Futures Commission (SFC) today (May 26) jointly published the consultation conclusions on the legislative proposals for establishing regulatory regimes for virtual asset (VA) advisory and management service providers.
During the one-month public consultation completed in late January this year, 51 submissions were received on the proposed regulatory regimes for VA advisory service providers and VA management service providers. The majority of respondents, including market participants, industry associations, business and professional organisations, expressed clear support for establishing separate licensing regimes for VA advisory and management service providers, which model on the regulatory framework applicable to the conventional securities market. The respondents also generally indicated support for the proposed regulatory scope and exemptions, while suggesting enhancements and seeking clarifications on certain aspects.
Adhering to the "same activity, same risks, same regulation" principle, the scopes of the proposed regulatory regimes for VA advisory service providers and VA management service providers will be aligned with that for Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the Securities and Futures Ordinance (Cap. 571), respectively.
The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The FSTB released in last June the Policy Statement 2.0 on the Development of Digital Assets in Hong Kong, setting out our vision in strengthening risk management and investor protection while promoting responsible financial innovation in the development of Hong Kong as a premier global hub for digital assets. The proposed regulatory regimes for VA advisory and management service providers are integral parts to broaden the coverage of the legal framework for digital assets in Hong Kong. Together with the existing licensing regimes for VA trading platforms and stablecoin issuers, as well as the proposed regimes for VA dealing and custodian service providers, our legal framework will span across the key nodes of the digital asset ecosystem, building a trusted and sustainable system comparable to that of conventional finance, thereby leading us towards the vision set out in the Policy Statement 2.0."
The Chief Executive Officer of the SFC, Ms Julia Leung, said, "The conclusion of further consultation marks the final leg of our journey to complete the regulatory framework for digital assets, paving the way for the long-term scaling of our ecosystem. The broad market support demonstrates the strong need for robust and comprehensive regulation. Aligning with the standards for traditional financial services, the new regimes will bolster investor protection while fostering responsible innovation."
With broad market support, and taking into account the feedback received in the consultations, the FSTB and the SFC are finalising the legislative proposals for the regulatory regimes for VA dealing, custodian, advisory and management service providers, with a target of introducing the relevant bill into the Legislative Council within this year.
The Consultation Conclusions on Legislative Proposal to Regulate Virtual Asset Advisory Service Providers and Virtual Asset Management Service Providers are available on the webpages of the FSTB (www.fstb.gov.hk/fsb/en/publication/consult/doc/VASPVAMSP_consultation_conclusion_e.pdf) and the SFC (apps.sfc.hk/edistributionWeb/api/consultation/conclusion?lang=EN&refNo=25CP12).
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