Hong Kong Launches Digital Hub to Attract Family Offices at Bloomberg Summit

2025-03-27 18:40 Last Updated At：18:48

SFST's remarks at inaugural Bloomberg Family Office Summit

Following are the remarks by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, for launching the Hong Kong Family Office Nexus Digital Knowledge Hub at the inaugural Bloomberg Family Office Summit today (March 27):

In the coming few minutes, I am sharing with you some of the offerings that the Government is working with Bloomberg to promote Hong Kong as a leading hub for family offices.

As you can see from the name of today's summit, it's about family offices. What we are now working on is a digital hub that we want to provide, a one-stop shop for either family offices already here or potential family offices thinking or considering to come here to be provided with all sorts of information they need; either regulatory-wise, market-wise, governance-wise, or even in terms of events like this one, in such a way that there is a one-stop platform where they can get this information.

You may ask why we are doing that. For the collaboration between Bloomberg and the Government, we are also working with Invest Hong Kong, which is an investment agency of the Hong Kong Government to entice corporates and also individuals and investors to come here. Among other things, we have tasked them with the overall objective of trying to get for Hong Kong at least 200 single family offices by the year 2025. I would say that it is a target that we find quite easy to achieve. As all of you can see from today's turnout and also from this week's attendance as in many major events, including this one of course, and our Wealth for Good Summit in Hong Kong for family offices and the HSBC Global Investment Summit, the interest among many financial people and family offices to be set up here is tremendous. Once they are here, of course they are looking to see what sorts of information and resources they can refer to. And that's why, again this backdrop, there are four pillars that we are working on. Number one is about community, and secondly, it's about knowledge. Thirdly, it's about technology, and finally it's about philanthropy. The needs and demands or even aspirations of family offices are multiple, so what we try to provide is actually a holistic package for either established family offices and even potential ones, in such a way that they can get all the information that they need.

I may sound a little bit too philosophical. That's why I am now showing you behind me a snapshot in terms of what this digital hub is all about. You can see here that it covers regulatory information like those tax concessions that we are contemplating and also the investment opportunities being available through the intermediaries, of course including Bloomberg. There are also other types of related information like the exhibitions, the art scenes in Hong Kong, etc, as highlighted by the Finance Secretary just now. But all in all, what we see is that this platform is a living platform, in a sense that it's a carefully curated one and continuously to revolve around the needs of family offices with the overall objective to make Hong Kong the leading hub for family offices regionally and globally.

Going forward, having heard what I said and what I tried to say, hopefully you are as convinced as I am that it's something that you have to have. Here we have a QR code for all of you who are interested in taking a look at this website. Also, if you find it useful, do be our ambassador. You can share this with your clients, with your families or even with your friends if they are interested.

I am sure it is only just one of the many collaborations and partnerships that the Government and also Invest Hong Kong will have with Bloomberg in Hong Kong, because there are so many synergies between what we can do here on the asset management side and also with Bloomberg. In particular with the world getting more unstable outside Hong Kong, Hong Kong as the anchor of stability and predictability actually offers the perfect fit for global and regional and even local family offices to continuously to be situated here. So I do urge you to continue to stay attuned to many of our offerings. If any of your friends or your stakeholders are interested in setting up family offices in Hong Kong, do reach out to our Invest Hong Kong team, which you can also contact through this QR code, in such a way that helps me meet my personal KPI of getting 200 single family offices to Hong Kong by the end of this year. Thank you very much.

Hong Kong Hosts 22nd Willem C. Vis East International Commercial Arbitration Moot, Welcoming 1,500 Participants Worldwide.

2025-03-30 20:42 Last Updated At：20:58

Speech by SJ at opening ceremony of 22nd Willem C Vis East International Commercial Arbitration Moot

Following is the speech by the Secretary for Justice, Mr Paul Lam, SC, at the opening ceremony of 22nd Willem C Vis East International Commercial Arbitration Moot today (March 30):

Ms Barrington (Director of the Vis East Moot Foundation, Ms Louise Barrington), Ms Tung (Deputy Director of the Vis East Moot Foundation, Ms Sherlin Tung), distinguished guests, ladies and gentlemen,

Good evening. On behalf of the Department of Justice of Hong Kong (DoJ), it is my great pleasure to welcome you all to the 22nd Willem C. Vis (East) International Commercial Arbitration Moot (Moot). For those coming from other jurisdictions, a very big and warm welcome to Hong Kong. I would like to start by thanking the Vis East Moot Foundation for holding the Moot in Hong Kong again this year.

I am very delighted to learn that over 1 500 students and coaches from 154 university teams around the world will participate this year. I also wish to extend another very warm welcome to over 400 arbitrators for joining us. This Moot is more than just a competition. It is a platform for gaining knowledge in international arbitration and trade law, while honing the legal and advocacy skills of our young legal talents.

I understand that the Moot will focus on the use of international commercial arbitration to resolve international commercial disputes, and involves the harmonised legal texts of UNCITRAL (United Nations Commission on International Trade Law) including the CISG (United Nations Convention on Contracts for the International Sale of Goods) and the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards, both of which apply to Hong Kong. This demonstrates Hong Kong’s commitment to adopting established international commercial law and practices.

Hong Kong is a leading international financial, commercial and trading centre well known for its strong rule of law, independent judiciary, and well-established legal framework. Under the important principle of "one country, two systems", Hong Kong is the only common law jurisdiction within China. Our unique legal system is bilingual in both Chinese and English, which enable people and friends from around the world to navigate with ease. And it provides very strong legal protection to cross-border business transactions and investments, which helps to establish Hong Kong as a deal-making, legal,and dispute resolution services hub.

Hong Kong is and has always been one of the most preferred seats of arbitration in the world. Arbitral awards made in Hong Kong are generally recognised and enforced by the local courts, the Mainland courts and in over 170 Contracting Parties to the New York Convention. In addition, Hong Kong is the first and only common law jurisdiction outside the Mainland where, as a seat of arbitration, parties to arbitral proceedings administered by designated arbitral institutions would be able to apply to the Mainland courts for preservation measures. An award creditor of a Hong Kong arbitral award may also make simultaneous enforcement applications to both the Mainland and Hong Kong courts.

To further facilitate the conduct of arbitrations in Hong Kong, starting from March 1, 2025, the Hong Kong Government has regularised the Pilot Scheme on Facilitation for Persons Participating in Arbitral Proceedings, now known as the Immigration Facilitation Scheme for Persons Participating in Arbitral Proceedings in Hong Kong. This initiative enables eligible visitors to participate in arbitration in Hong Kong without requiring any employment visa. Hong Kong launched the Scheme back in 2020 on a short-term basis. The arbitration community has been supportive of the Scheme since its launch, finding it conducive to maintaining Hong Kong’s competitiveness as an international legal and dispute resolution services centre. The streamlined process under the Scheme covers arbitrators, experts and factual witnesses, parties to the arbitration, parties’ representatives, and other persons directly related to or involved in the arbitration such as tribunal secretaries, tribunal-appointed experts. The DoJ will issue a Guidance Note on the Scheme to the relevant arbitral and dispute resolution institutions soon. I really look forward to seeing many of you coming to Hong Kong to participate in international arbitration in future.

To conclude, I wish each and everyone of you a rewarding mooting experience and a very fruitful stay in Hong Kong. Please do seize this opportunity not only to showcase your advocacy skills but also to forge connections and explore the vast possibilities and opportunities Hong Kong offers, including our fascinating food and drinks and entertainment. Let us look forward to another successful year of the Moot! Thank you very much!