Hong Kong's Financial Services Chief Promotes Family Office Opportunities in Indonesia

SFST promotes Hong Kong's strengths as family office hub to Indonesian community

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, concluded his visit to Jakarta, Indonesia, today (December 13) with a meeting with the Chairman of the Board of Commissioners of the Financial Services Authority of Indonesia. He attended a lunch seminar yesterday (December 12) to promote Hong Kong's advantages as a leading family office hub, met with financial officials and stakeholders in the banking and fintech sectors, and called on the Chinese Ambassador to Indonesia.

Mr Hui met the Chairman of the Board of Commissioners of the Financial Services Authority of Indonesia, Mr Mahendra Siregar, this morning to share insights on boosting the development of virtual assets and other new financial products. Mr Hui also took the opportunity to introduce to him a training programme targeting senior executives from the Association of Southeast Asian Nations (ASEAN) countries to be piloted by the Financial Services Development Council of Hong Kong in partnership with the Hong Kong Securities and Investment Institute in early 2025. Senior executives from Indonesia will be among the first batch of participants to be invited to join the programme to gain a deeper understanding of Hong Kong's value propositions as an international financial centre through expert-led sessions and visits to key public sector stakeholders.

A key event yesterday was a lunch seminar themed "Connecting Wealth, Empowering Legacies: Hong Kong - The Premier Global Hub for Family Offices" co-organised by the Hong Kong Economic and Trade Office in Jakarta, the Indonesia Chamber of Commerce in Hong Kong and the Bank of China (Hong Kong) Limited Jakarta Branch. In his keynote speech at the lunch seminar, Mr Hui highlighted Hong Kong's strategy to augment the city's position as a family office hub with the prospect of becoming the world's largest cross-boundary wealth management centre in the next few years as predicted by the industry.

He shared with participants the four Ts that Hong Kong offers, namely Hong Kong's strong "ties" with the Mainland and global capital markets as a "super connector" and "super value-adder" to provide unparalleled investment opportunities; its favourable "tax" environment with a simple and low tax system offering profit tax exemption for single family offices managed in Hong Kong; strong emphasis on attracting and nurturing "talent" including the recent enhancement to the New Capital Investment Entrant Scheme and the establishment of the Hong Kong Academy for Wealth Legacy last year; as well as "tailored" events, collaborations and services for family offices, including mega financial events like the annual Wealth for Good in Hong Kong Summit, which will hold its third edition next March, bringing together family offices, asset owners and family office service providers from around the world to make it an exclusive and highly anticipated global event for family offices.

Mr Hui also assured the participants that Hong Kong is ready to support family offices and investors including ultra-high-net-worth individuals to come to Hong Kong. The dedicated team from Invest Hong Kong called FamilyOfficeHK, will continue to provide one-stop services to family offices establishing a presence in Hong Kong. The Hong Kong Family Office Nexus, a strategic collaboration with Bloomberg L. P., is also in place to offer support to the family office sector on community building, knowledge sharing, technology support and philanthropic collaboration.

Mr Hui yesterday also met a number of officials and industry stakeholders in the financial sector, including Vice Minister of Finance of Indonesia Dr Anggito Abimanyu. Mr Hui shared views with Dr Abimanyu on the future financial development outlook of Indonesia and Hong Kong, and discussed opportunities to foster closer financial collaboration between the two places.

Moreover, Mr Hui had a meeting with representatives of the Indonesia Fintech Association to exchange views on the latest developments in fintech and financial innovation. He invited Indonesian fintech companies to visit Hong Kong to feel the thriving energy of the local fintech ecosystem and grasp opportunities of mutually beneficial collaboration. Mr Hui also called on the Chinese Ambassador to Indonesia, Mr Wang Lutong, and met with the Country Manager of the Bank of China (Hong Kong) Limited Jakarta Branch, Mr Sun Shangbin.

Mr Hui will return to Hong Kong this afternoon.

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

SFST promotes Hong Kong's strengths as family office hub to Indonesian community Source: HKSAR Government Press Releases

LegCo to consider Protection of the Harbour (Amendment) Bill 2024

The following is issued on behalf of the Legislative Council Secretariat:

The Legislative Council (LegCo) will hold a meeting next Wednesday (May 7) at 11am in the Chamber of the LegCo Complex. During the meeting, the Second Reading debate on the Protection of the Harbour (Amendment) Bill 2024 will resume. If the Bill is supported by Members and receives its Second Reading, it will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bill and its report is adopted by the Council, the Bill will be set down for the Third Reading.

The Second Reading debates on the Stamp Duty (Amendment) Bill 2025 and the Public Health and Municipal Services (Amendment) Bill 2024 will also resume. If the Bills are supported by Members and receive their Second Reading, they will stand committed to the committee of the whole Council. After the committee of the whole Council has completed consideration of the Bills and their reports are adopted by the Council, the Bills will be set down for the Third Reading.

On Members' motions, Mr Ma Fung-kwok will move a motion on "Staying firm and united to counter the tariff trade wars and strengthening Hong Kong's role as an international gateway". The motion is set out in Appendix 1. Mr Yim Kong and Dr So Cheung-wing will move separate amendments to Mr Ma's motion.

Mr Michael Tien will move a motion on "Actively dovetailing with national and global trends and studying the reform of the curriculum framework for primary and secondary schools". The motion is set out in Appendix 2.

Members will also ask the Government 22 questions on various policy areas, six of which require oral replies.

The agenda of the above meeting can be obtained via the LegCo Website (www.legco.gov.hk). Members of the public can watch or listen to the meeting via the "Webcast" system on the LegCo Website. To observe the proceedings of the meeting at the LegCo Complex, members of the public may call 3919 3399 during office hours to reserve seats.