SFST's opening remarks at press conference on Hong Kong FinTech Week 2024
Following are the opening remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, at the press conference on Hong Kong FinTech Week 2024 today (October 8):
Alpha (Director-General of Investment Promotion at Invest Hong Kong, Ms Alpha Lau), distinguished guests, ladies and gentlemen,
Good afternoon and thank you for joining us today. It gives me great pleasure to unveil the official details of this year's much-anticipated Hong Kong FinTech Week, carrying the theme "Illuminating New Pathways in Fintech".
This year marks the ninth edition of our flagship event, standing at the vanguard of the global fintech revolution. I have had the good fortune to witness the remarkable growth and evolution of our Hong Kong FinTech Week over the years. The conference this year further encapsulates the global paradigm shift, with emerging technologies driving the spirit of change.
I have made it a tradition to announce a new policy statement and new initiatives during the FinTech Week, sharing with our global audience the Government's vision and mission in taking forward market development together with the industry. In 2022 we announced the groundbreaking Policy Statement on Development of Virtual Assets in Hong Kong, and last year we shared the plan to develop a new integrated fund platform for our market. This year is no exception, and we are set to announce a policy statement for responsible use of artificial intelligence (AI) in our financial services sector. This will be another important announcement from us elaborating our policy stance on this topic of global importance and interest.
Hong Kong FinTech Week welcomes top technology leaders, policymakers, and investors from around the world for insightful discussions on the fintech landscape. We are set to showcase the individuals, rising stars, and innovations propelling advancements in efficiency, scalability, and sustainability worldwide. During the event, we will explore how entrepreneurs and corporations are leveraging frontier technologies like AI, tokenisation, and Web3 to craft innovative business models and capitalise on Asia's economic ascension.
Hong Kong always shows resilience and strength during challenging times. Our city has recently been ranked third in the latest Global Financial Centres Index around the globe and first in the Asia Pacific Region. In terms of fintech, Hong Kong rose five places to ninth, putting it among the top 10 fintech hubs globally. This reflects the concerted efforts of the Government, financial regulators, and industry players to promote fintech development in Hong Kong. Over the past few months, we have introduced various initiatives to further cultivate a vibrant ecosystem for fintech innovation, including expanding the cross-boundary e-CNY pilot in Hong Kong, launching the new Generative AI Sandbox, as well as commencing phase 2 of the e-HKD Pilot Programme, just to name a few.
With its strategic location and robust financial infrastructure, Hong Kong emerges as a "super connector" and "super value-adder" for fintech. Hong Kong is primed to lead this transformative journey to uncover the pathways to opportunities. Notably, we've witnessed strong interest from the Mainland's big tech companies showcasing their latest innovations, underscoring how Chinese technology is shaping global finance's future through cross-border collaborations and cutting-edge technology integration.
The Mainland aside, Southeast Asia's rising stars will be present to showcase their tailored solutions for the region's unique markets, sharing success stories of fintech solutions crafted to meet the region's distinctive market needs. These vibrant discussions will highlight Southeast Asia's growing influence in the global fintech arena. The Middle East will also bring a wealth of strategic insights to the table, fostering innovation collaborations between Hong Kong and the region.
Hong Kong FinTech Week 2024 promises to be a melting pot of ideas, innovations, and collaborations for global communities. Attendees will have the opportunity to explore how frontiers like AI, tokenisation, blockchain, and green tech are tackling real-world challenges nowadays.
Another standout feature of the week is the Greater Bay Area day visit, an exclusive tour inviting international financial leaders, investors, and tech founders to explore the innovation ecosystems across Guangzhou, Shenzhen, and Hong Kong. This excursion will facilitate collaboration, knowledge sharing, exploration of investment prospects, and meaningful dialogues, fostering a day of productive networking.
Through various initiatives aimed at attracting and retaining strategic companies and talent, we are ready for positive results from the FinTech Week. The event this year will pave the way for connected, efficient, and sustainable global economic growth from fintech offerings. I therefore extend a very warm welcome to all of you to join us. Thank you.
Interdepartmental working group on festival arrangements summarises visitor arrivals to Hong Kong during National Day Golden Week
The seven-day National Day Golden Week of the Mainland ended yesterday (October 7), with the overall number of inbound visitors aligning with earlier estimates. The number recorded on National Day (October 1) reached a daily record high since the post-pandemic full opening of the borders.
During the seven-day National Day Golden Week, the Immigration Department recorded a total of around 1.38 million visitors coming to Hong Kong through various sea, land and air control points. Among them, Mainland visitors accounted for about 1.22 million, representing 88 per cent of the total arrivals. The daily average of Mainland visitors was around 170 000, which exceeded that of the 2023 National Day Golden Week and the 2024 Labour Day Golden Week around 27 per cent and some 13 per cent respectively.
Mainland inbound visitor arrivals peaked on National Day with around 220 000 visitors arriving in Hong Kong, marking a daily record high since the post-pandemic opening of the borders and setting a corresponding record for the overall number of visitors to Hong Kong in a single day. During the National Day Golden Week, the Lok Ma Chau Spur Line and the Express Rail Link West Kowloon were the two ports with the highest daily average number of Mainland visitors, and operations at various control points and transport services ran smoothly.
Regarding large-scale events, the National Day Fireworks Display over Victoria Harbour on October 1 attracted over 330 000 spectators. The event concluded with effective crowd control arrangements and was well-received by local residents and tourists.
Visitors went to different parts of Hong Kong during the National Day Golden Week, with high visitor flow observed at major tourist attractions including the West Kowloon Cultural District, Ocean Park, Hong Kong Disneyland, the Peak Tram and Ngong Ping 360. Smooth and effective crowd management measures were implemented. In addition, according to the information provided by the hotel industry, the overall hotel occupancy rate during the first four days of the Golden Week (October 1 to 4) reached 90 per cent.
In terms of tour groups, according to the Travel Industry Authority's information, around 1 050 Mainland inbound tour groups visited Hong Kong during the National Day Golden Week, with around 80 per cent engaged in overnight itineraries. These tour groups involved around 36 000 visitors, accounting for around 3 per cent of all Mainland visitors, and they were generally in good order.
The interdepartmental working group on festival arrangements, led by the Chief Secretary for Administration, Mr Chan Kwok-ki, is pleased to note that the rich array of National Day special offers from the Government and various sectors of society were well-received by the public. Among them, the 1st October Movie Fiesta: Half-Price Spectacular 2024 organised by the Hong Kong Theatres Association and subsidised by the Government took place in 59 commercial theatres across Hong Kong. On the day of the event, there were nearly 2 000 screenings, with cumulative admissions reaching 189 000, breaking last year's record of 155 000 and representing an increase of 22 per cent. Free admission was offered to museums and art spaces under the Leisure and Cultural Services Department on October 1, attracting nearly 60 000 attendees. Among them, there were more than 11 000 visitors to the Hong Kong Space Museum, setting a record for single-day attendance.
In addition, several public transportation services provided free rides or discounts during National Day, benefitting a total of approximately 4.43 million passengers. Different sectors such as catering and retail actively launched special offers to attract spending from both locals and visitors, contributing to a festive atmosphere throughout the city. Various trade representatives and merchants reported increased customer flow and business during National Day.
The embarkation and disembarkation arrangements for two homeport deployments of a mega cruise ship at Kai Tak Cruise Terminal (KTCT) during the National Day Golden Week of the Mainland were smooth, with various transport services arranged to adequately meet visitor needs. Notably, direct coach services connecting the Heung Yuen Wai Boundary Control Point and KTCT were arranged by the Hong Kong Tourism Board in collaboration with a local coach operator to provide facilitation for a total of 3 500 Mainland visitors.
Mr Chan said, "Thanks to the concerted efforts of relevant government departments, organisations and industries in making preparations and responses, this year's arrangements for receiving visitors during the National Day Golden Week operated smoothly, enabling both locals and visitors to celebrate National Day together. The Government will draw on this experience and further enhance various arrangements in future to provide an even better experience for visitors to Hong Kong during festive periods."
