New Report Explores How Hong Kong's Combination of Financial and Philanthropic Strengths Could Support the Development of Impact Capital

As governments, investors, and philanthropies around the world seek new ways to finance solutions to increasingly complex social and environmental challenges, a new report highlights opportunities to further develop Hong Kong’s impact capital ecosystem. Launched by the Institute of Philanthropy (IoP), the Financial Services Development Council (FSDC), and the Hong Kong Academy for Wealth Legacy (HKAWL), Unlocking Impact Capital in Hong Kong: Learnings from Global Ecosystems was unveiled at IoP's annual flagship Foundations Circle event.

The report, Unlocking Impact Capital in Hong Kong: Learnings from Global Ecosystems, was launched at IoP's annual flagship Foundations Circle event through a panel discussion featuring The Hon Christopher Hui, Secretary for Financial Services and the Treasury, HKSAR Government (2nd left); Lester Huang, Chairman of the Institute of Philanthropy (2nd right); and Tracy Palandjian, Co-Founder and Chief Executive Officer of Social Finance (1st right). The session was moderated by Cecilia Ho, President of the Lee Hysan Foundation (1st left).

Drawing on lessons from leading ecosystems worldwide, the report highlights several strengths already present in Hong Kong, including deep capital markets, a strong philanthropic tradition, sophisticated professional services, and a growing family office ecosystem. Based on interviews with more than 50 leaders and their teams in Hong Kong and select cases across Europe, North Asia, and Southeast Asia, alongside polling of select Hong Kong family offices and wealth holders, many stakeholders suggested that Hong Kong's challenge is less about the availability of capital and more about creating the conditions that allow different forms of capital to work together effectively towards shared outcomes.

Standing with copies of the report, Unlocking Impact Capital in Hong Kong: Learnings from Global Ecosystems, are The Hon Christopher Hui, Secretary for Financial Services and the Treasury, HKSAR Government (2nd left); Lester Huang, Chairman of the Institute of Philanthropy (2nd right); Cecilia Ho, President of the Lee Hysan Foundation (1st left); and Tracy Palandjian, Co-Founder and Chief Executive Officer of Social Finance (1st right).

This perspective suggests that the development of impact capital in Hong Kong may depend less on attracting new pools of funding and more on strengthening connections between existing sources of capital, according to Lester Huang, Chairman of IoP. “The most important lesson from leading ecosystems is that impact can be scaled when different sectors align around a common purpose. Hong Kong has world-class capabilities across government, philanthropy, finance, and civil society. There is an opportunity to connect those capabilities more deliberately and create pathways that allow promising ideas to move from innovation to adoption and, ultimately, to scale.”

The report shares how some of the world's most developed impact capital ecosystems have emerged through different pathways. In one jurisdiction, government played a catalytic role in building market infrastructure. In another, philanthropy acted as an anchor for ecosystem development. Elsewhere, financial-sector development and philanthropic institution-building evolved in parallel. The lesson for Hong Kong is not which model to copy, but that successful ecosystems are intentionally built rather than left to emerge organically.

Benjamin Hung, Chairman of the FSDC, said: “The significance of impact capital goes beyond philanthropy. Around the world, we are seeing investors evolve to place greater value on long-term and sustainable outcomes. This presents a strategic opportunity for Hong Kong. As an international financial centre, we have the capabilities, connectivity and expertise to mobilise capital at scale. By linking financial excellence with impact objectives, Hong Kong can strengthen its competitiveness while contributing to sustainable and inclusive growth across the region.”

The report also highlights shifts taking place across wealth management, philanthropy, and family enterprise throughout Asia. Drawing on stakeholder interviews and directional feedback from family offices, it notes growing interest in deploying different forms of capital across a spectrum of financial and social objectives. Against this backdrop, Hong Kong's period of intergenerational wealth transfer may create space for broader conversations about purpose, legacy, and long-term value creation. Adrian Cheng, Chairman of HKAWL, said: “The next generation is asking a different question from previous generations. It is not how wealth should be preserved, but what role wealth should play in shaping the future. That creates an important moment for Hong Kong. We can become a place where families learn how to deploy wealth with
greater purpose, partnering with government, philanthropy, and communities to create lasting value.”

Rather than prescribing a single solution, the report highlights three areas for further exploration and ecosystem development: leadership and collaboration, organisational and advisory capabilities, and stronger mechanisms for sharing knowledge and evidence. Stakeholders interviewed during the research consistently pointed to these areas as important enablers of a more mature impact capital ecosystem.

Rocky Tung, Executive Director of the Financial Services Development Council (left); Brian San, Secretary-General of the Institute of Philanthropy (middle); and Angel Chia, Executive Director of the Hong Kong Academy for Wealth Legacy (right).

The research suggests that the implications extend beyond impact capital itself. The broader question is whether Hong Kong can bring together its strengths in ways that address increasingly complex challenges. Over time, this could help position Hong Kong as a place where capital, capability, and collaboration are increasingly aligned in support of both economic prosperity and societal progress.

Download Unlocking Impact Capital in Hong Kong: Learnings from Global Ecosystems: https://www.iop.org.hk/en/unlocking-impact-capital-in-hong-kong/

NEW YORK (AP) — Former Labor Secretary Lori Chavez-DeRemer oversaw a “toxic, intimidating and humiliating” work environment and engaged in numerous violations of department policy, according to a new report from the department’s Office of Inspector General.

The report alleges that Chavez-DeRemer “engaged in an inappropriate relationship” with a member of her security detail and repeatedly directed staff to perform personal tasks on government time. It also accuses her of inappropriately combining personal and official travel, violating the department’s alcohol policies, and failing to report gifts through proper channels.

Based on interviews with dozens of current and former labor department staffers and a review of more than 500 documents, images and videos, the report includes several striking allegations.

During a personal trip to Oregon, it reports, Chavez-DeRemer allegedly stopped at a strip club featuring partially nude dancers and directed her limousine driver to come inside and give money to a performer, despite his hesitation. She then “took additional money from her purse and asked the agent to drop the bills one by one onto the partially nude woman," despite his protests.

Chavez-DeRemer, who resigned earlier this year, could not immediately be reached for comment.

She is also accused of repeatedly directing staff to perform personal tasks during work hours. That included, at one point, directing her personal aide and executive assistant to travel to her home and organize her bedroom closet. After completing the task, they were asked to provide a video documenting their work. The report includes a photo of neatly hung, colorful blazers, alongside purses and shoes.

In other instances, it alleges, she sent staffers to her home to retrieve packages from the mail room, instructed them to make personal purchases that weren't always reimbursed, and directed a Hispanic federal employee to communicate with Spanish-speaking workers, including a house cleaner and movers.

The report alleges Chavez-DeRemer developed and maintained an inappropriate and unprofessional relationship with a senior agent on her security detail, documenting in extensive detail witness reports of her massaging the agent's shoulder, the two golfing and gambling together, and leaving an event walking arm-in-arm.

Investigators obtained electronic hotel door lock records that suggested the two were spending time overnight in each other’s rooms. And they obtained key fob records and video footage to document his visits to her home.

The relationship, they said, “appeared to continue even after he was placed on administrative leave and was suspended from his official duties.”

The office also concluded that the former secretary and senior staff consumed and stored alcohol on federal property without permission, that she combined personal and official travel, including visits to family, personal residences and Las Vegas. And it identified a handful of gifts that were not reported, including tickets to attend a rodeo, an alligator-hide wallet and cowboy hats.

The report also alleged that Chavez-DeRemer oversaw a hostile workplace, with senior staff “routinely engaged in threatening, demeaning, and abusive verbal and written communication” that she was seemingly aware of but did not take action to stop.

Witnesses described the work environment as “toxic, intimidating and humiliating," with staff accused of berating employees in front of colleagues, openly discussing performance issues in the presence of other staff, and frequently making threats of termination.

Senior staff were also accused of making staffing decisions based on physical appearance instead of qualifications, including relocating one employee’s desk because they did not want a “fat person” seen in the front office.

The report from the Office of Inspector General at the Labor Department regarding former Labor Secretary Lori Chavez-DeRemer is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)

The report from the Office of Inspector General at the Labor Department regarding former Labor Secretary Lori Chavez-DeRemer is photographed Friday, Sept. 4, 2026. (AP Photo/Jon Elswick)

FILE - Secretary of Labor Lori Chavez-DeRemer testifies before the House Committee on Appropriations subcommittee budget hearing on Capitol Hill, May 15, 2025, in Washington. (AP Photo/Yuri Gripas, File)

FILE - Labor Secretary Lori Chavez-DeRemer listens as President Donald Trump speaks in the Oval Office of the White House, Oct. 16, 2025, in Washington. (AP Photo/Alex Brandon, File)