Hong Kong is lowering property taxes and relaxing visa requirements
Hong Kong is expected to roll out more schemes on talent attraction to stay competitive in Asia, industry experts said during a Fintech Week satellite event discussion hosted by Payment Asia.
Hong Kong Fintech Week has successfully kicked off on October 31 at the Hong Kong Convention and Exhibition Centre, themed “Pushing Boundaries, Reaping Benefits”. Organised by the Financial Services and the Treasury Bureau and InvestHK, and co-organised by the Hong Kong Monetary Authority, the Insurance Authority, and the Securities and Futures Commission, the event is set to attract more than 20,000 attendees and over 3 million views online from over 80 economies.
Payment Asia, the leading electronic payment gateway, has participated in Hong Kong Fintech Week 2022, showcasing the latest payment solutions we provide to all clients both physically and virtually, covering online, offline and metaverse payment and settlement.
In the satellite event discussion of “Hong Kong vs Singapore: Future Trend of Payment and Regulation”, Hugh Chow, partner of Radiant Tech Ventures and former CEO of ASTRI, and Pradip Madhanagopal, partner of PwC, had a forward-looking conversation with Devere Bryan, CRO of Payment Asia.
“Hong Kong still holds a very important role in Asia as it is the gateway to Greater Bay Area and the whole China. On the other hand, Singapore is like a hub for Southeast Asia. People value the growth potential of these two regions,” said Madhanagopal.
“Competition is what we always talk about. However, we can’t just look at what other people do and copy. We need to take the lead,” said Chow. “With new policy roll out by the Hong Kong government, Hong Kong would be able to draw more talents and capital. One thing we need to watch is the CBDC issuance and Hong Kong’s future role in it.”
Bryan agreed with the panellists and remained positive about Hong Kong’s future. “Hong Kong is still a vibrant city. I see Hong Kong not only as the gateway but the anchor of whole China. With the geographic advantage and the new policy issuance, I think Hong Kong will speed up on the talent competition in Asia. We are expecting the government to issue more preferential policies.”
Some Hong Kong lawmakers called for the government to reopen the Capital Investment Entrant Scheme to attract foreign investments. Hong Kong is lowering property taxes and relaxing visa requirements for non-permanent residents to draw in international talents and reinforce the city’s status as a global financial centre. The new measures address the current workforce shortage while developing the local talent pool and closing the skills gap at the same time.