Hong Kong’s chief executive reassured attendees of the Asian Financial Forum 2020, underlining that anti-government movements have not undermined the city’s financial system.
Whilst Carrie Lam acknowledged the struggles Hong Kong faced from not only local political unrest but also from an ongoing global slowdown and U.S.-China trade war, she stressed that the financial system’s strength and resilience have not been undermined.
«If we cannot direct the wind, we can surely adjust our sails,» Lam said at the opening two-day forum AFF 2020. «Through the concerted efforts of the government and the people of Hong Kong, I am confident that we will bridge our divide.»
Fintech a Priority
Lam said the government’s acknowledgment of Hong Kong’s unique role in the fast-growing Asia which she noted underwent a «quantum leap» from a few decades ago to become an economic region that will be larger than the remainder of the world by purchasing power.
Lam also said the administration was busy making the most of Hong Kong’s various advantages by and named financial technology as a high priority sector for development in Hong Kong. At the forum, she highlighted that the city was already making strong fintech inroads citing recent achievements such as the issuance of eight virtual banking licenses, two virtual insurer licenses and the launch of an installment payment system that handles daily transaction volumes totaling $307 million.
