At Sibos 2024 in Beijing, James Alistair Fok, Chief Commercial Officer of the Central Money Markets Unit at the Hong Kong Monetary Authority (HKMA), shared his vision for China's economic future. Fok emphasized that long-term prosperity hinges on continuous innovation, highlighting the rapid advancements in the electric vehicle (EV) sector and ongoing urban transformation initiatives.
Fok also discussed the strategic opportunities for diversifying Hong Kong's financial center. He pointed out that expanding the range of financial services and fostering new financial technologies are crucial steps in maintaining Hong Kong's status as a leading global financial hub.
Furthermore, Fok highlighted the global expansion of Chinese custodian banks as a response to increasing cross-border investment demands. This move not only strengthens Hong Kong's role in international finance but also facilitates smoother and more efficient investment flows across borders.
Reference(s):
Innovation, financial diversification key to future prosperity: HKMA
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