Policy Address
strengthen asset and risk management – Family offices is a key growth segment of the asset and wealth management industry. Last year, Hong Kong managed over $1,700 billion of relevant assets, including those for private trust clients. The Government will introduce a bill within this year to offer tax concession for eligible family offices. The target is attracting no less than 200 family offices to establish or expand their operations in Hong Kong by end-2025. Moreover, we will implement a risk-based capital regime for the insurance industry in 2024 to align with international standards, and launch a public consultation within this year on the proposal of establishing a policy holders' protection scheme; and
continuously enhance our competitiveness in Fintech – Currently, there are more than 600 Fintech companies in Hong Kong. We will vigorously promote Fintech by encouraging more Fintech services and products to undergo proof-of-concept trials, taking forward cross-boundary Fintech projects and nurturing Fintech talents. The Commercial Data Interchange will be launched within this year to provide a one-stop platform for enterprises to share operational data, enabling banks to make accurate assessments on the operating condition of enterprises and providing SMEs with a better chance of securing loans. On virtual assets, the Government has introduced a bill to propose establishing a statutory licensing regime for virtual asset service providers. The Hong Kong Monetary Authority (HKMA) is examining market feedback on the regulation of stablecoins and will ensure that the regulatory regime is in line with both the international regulatory recommendations and the local context. The HKMA has also begun the preparatory work for issuing "e-HKD" and is collaborating with the Mainland institutions to expand the testing of "e-CNY" as a cross-boundary payment facility in Hong Kong.