The delegation attended the Future Investment Initiative (FII) Summit and held meetings with senior government officials and business leaders to explore collaboration between Hong Kong and Saudi Arabia in areas such as innovation and technology (I&T), smart cities, AI, fintech, and biotechnology.

The visit supported Saudi Arabia’s Vision 2030, which aims to diversify the economy and attract private sector investment.

Saudi Arabia, the Middle East’s largest economy with a GDP of US$1.084 trillion in 2024, is Hong Kong’s fourth-largest trading partner and third-largest export market in the region.

Vision 2030 seeks to reduce the country’s dependence on oil and develop sectors including infrastructure, tourism, and green energy.

The delegation of around 40 representatives from Hong Kong and mainland enterprises based in the city aimed to strengthen business ties, enhance understanding of the Middle East market, and highlight Hong Kong’s role as a connector between international and Chinese enterprises.

During the FII Summit, Financial Secretary Paul Chan shared Hong Kong’s experience in promoting public–private partnership models.

He said the HKSAR Government is accelerating the development of the Northern Metropolis as a new driver for economic diversification, a hub for I&T industries, and a source of quality employment.

In addition to the summit, the delegation met with local organisations including Saudi Awwal Bank, Saudi National Bank, the Riyadh Chamber of Commerce and Industry, and the Saudi Chinese Business Council.

They also visited key development projects such as Diriyah Gate Development Authority, Red Sea Global, the New Murabba smart city, and The Garage technology park.

A Hong Kong-Saudi Arabia Business Dinner provided a platform for direct engagement between Saudi enterprises and the delegation.

Several memoranda of understanding and cooperation agreements were signed, covering smart mobility, green energy, AI, robotics, and digital transformation.

Anna Cheung, Assistant Executive Director of the HKTDC, said:

“The HKTDC is honoured to co-organise this mission with the HKSAR Government. Led by the Financial Secretary, this visit has helped Hong Kong and mainland enterprises explore new business opportunities and strengthen Hong Kong-Saudi economic ties.”

She added that the HKTDC will continue to promote bilateral cooperation through exhibitions, forums, overseas missions, and business matching activities, and looks forward to more Saudi enterprises using Hong Kong as a gateway to the Chinese mainland and the wider Asian market.

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Jean-Louis brings over 20 years of experience across fintech, wealth, and asset management.

He joins from iCapital, where he was Senior Vice President, and has held senior roles at Pictet & Cie and Edmond de Rothschild, advising institutional clients and family offices on complex wealth structuring.

As CEO, he will lead FTAHK in strengthening its role as a connector between Asia’s fintech ecosystems and promoting Hong Kong’s position as a global fintech hub.

He will work alongside Lareina Wang, Chair of the Association, the new Board members, and committee co-chairs.

Under Jean-Louis’s leadership, FTAHK will focus on advocacy, education, and collaboration. The Association will engage in policy dialogue and regulatory consultation, including work through its AI Strategic Advisory Council.

It will continue to support talent development via masterclasses and partnerships with universities in the Greater Bay Area.

At the same time, FTAHK aims to deepen integration with the Greater Bay Area fintech ecosystem.

“It is an honour to join FTAHK at such a pivotal time for Hong Kong’s fintech ecosystem,”

said Jean-Louis Tse.

“I look forward to working with our Board, members, and partners to strengthen advocacy, collaboration, and education, and support Hong Kong’s global fintech position.”

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This marks the second consecutive year that the company has taken part in the conference.

Throughout the event, Founder and CEO Bill Deng, alongside XTransfer’s management team, will join discussions and private sessions covering compliance and risk control, inclusive finance, and local currency settlement in emerging markets.

XTransfer will also host several cooperation signing ceremonies with international financial institutions to broaden its global clearing network and strengthen its multi-currency settlement capabilities.

The company will release the X-NET White Paper, detailing its B2B trade settlement network and risk management framework tailored for SMEs.

Since entering the Hong Kong market in 2023, XTransfer has provided local SMEs engaged in foreign trade with cross-border financial services, including global collections, payments, and foreign exchange.

Its XTransfer-to-XTransfer (X2X) payment service enables secure, compliant, and near-instant “Account-to-Account” fund transfers, reducing handling fees and FX costs while improving operational cash flow efficiency.

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If approved, HSBC Asia Pacific would acquire all remaining shares held by minority shareholders and Hang Seng shares would be withdrawn from the Hong Kong Stock Exchange.

The Proposal offers HK$155 for each Hang Seng share, representing a 33% premium over the 30-day average closing price of HK$116.5 per share.

This reflects a significant increase compared with Hang Seng’s historical trading prices and analyst consensus targets, and is higher than its highest share price in the past 3.5 years.

The total valuation implied by the offer is HK$290 billion, corresponding to a 1.8x 1H25A price-to-book multiple, which is higher than that of comparable Hong Kong peers. HSBC has confirmed that this offer is final.

The Proposal would give minority shareholders the opportunity to receive immediate cash for their shares, without having to rely on future dividends.

HSBC said the Proposal is consistent with its strategic priority of growing its business in Hong Kong and simplifying its operations.

Hong Kong is considered a core market for HSBC, and the Proposal reflects the bank’s confidence in the growth potential of both HSBC Asia Pacific and Hang Seng.

HSBC has also stated that it will maintain Hang Seng’s separate banking licence, brand, governance, customer proposition, and branch network.

Existing Hang Seng customers would continue to access its products while also benefiting from HSBC’s global network.

HSBC expects this alignment to create opportunities for growth by combining Hang Seng’s strengths with HSBC’s wider resources.

The Proposal will be funded entirely from HSBC’s own financial resources.

The expected immediate capital impact is around 125 basis points.

HSBC plans to restore its CET1 ratio to the target range of 14.0–14.5% through organic capital generation and by not undertaking further buybacks for three quarters following this announcement.

A previously announced share buyback will continue as planned, and HSBC maintains a target dividend payout ratio of 50% of earnings per ordinary share for 2025, excluding material notable items.

The bank expects the investment in Hang Seng to be accretive to earnings per ordinary share.

Georges Elhedery, Group CEO of HSBC, commented:

“Our offer is an exciting opportunity to grow both Hang Seng and HSBC. We will preserve Hang Seng’s brand, heritage, distinct customer proposition and branch network, while investing to unlock new strengths in products, services, and technology to deliver more choice and innovation for customers.

“This proposal fully meets our criteria for value-accretive investments: it aligns with our strategy, enhances growth and scale, does not distract us from organic growth, and delivers greater shareholder value than buybacks.”

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The initiative, led by Secretary for Commerce and Economic Development Algernon Yau and witnessed by Financial Secretary Paul Chan, was introduced as part of the 2025 Policy Address.

It aims to integrate Hong Kong’s overseas offices, Invest Hong Kong (InvestHK), the Hong Kong Trade Development Council, and the city’s Mainland offices into a one-stop platform to attract Mainland enterprises seeking to expand overseas through Hong Kong.

At the launch ceremony, Paul Chan delivered opening remarks followed by a presentation by Algernon Yau on the task force’s future plans.

The event brought together more than 100 representatives from government bodies, professional organisations, and industries including legal, accounting, finance, and banking.

Financial Secretary, Paul Chan, said that Mainland enterprises expanding globally, particularly into the Global South, are following an important trend in pursuit of sustained growth.

“To better seize the opportunities arising from this development, we have established the GoGlobal Task Force, led by the Secretary for Commerce and Economic Development. This task force will coordinate efforts across various policy bureaus, departments and agencies to provide stronger and more comprehensive support for the overseas expansion of Mainland enterprises,”

he said.

He added that the task force is defined by three main features.

“First, high-level coordination to ensure strategic oversight, efficient communication and swift execution. Second, pooling our strengths by working closely with public institutions, professional bodies and business organisations to create synergies. Third, proactive engagement to encourage Mainland enterprises to leverage Hong Kong as a platform for overseas expansion and to mobilise stakeholders across sectors through initiatives such as market visits and outreach activities.”

The GoGlobal Task Force plans to finalise its strategies and work plan by the end of 2025 and will hold its first major promotional event to highlight its initiatives.

InvestHK will coordinate the task force’s efforts in collaboration with relevant policy bureaux, departments, Mainland offices, professional associations and industry partners to encourage more Mainland enterprises to expand globally through Hong Kong.

Featured image credit: InvestHK

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The event marks the start of a multi-month programme aimed at fostering innovation in the Interbank Account Data Sharing (IADS) initiative and advancing banking services through secure, customer-consented data sharing.

Organised by HKSTP, the IADS Developer Hackathon will run from October 2025 to March 2026.

It brings together participants from the banking sector and fintech firms globally to develop solutions leveraging IADS to support digital transformation in Hong Kong’s banking industry.

Competitors will create use cases for retail, corporate and SME customer segments, with guidance from banking professionals.

Finalists will present their solutions at the IADS Developer Conference in March 2026, while winning teams may gain access to business expansion support, investor engagement platforms, and future pitching opportunities through HKSTP and partner organisations.

The IADS initiative, developed by the HKMA with support from the banking sector, establishes standards for interbank customer-consented data sharing.

It allows customers to securely share account data between participating banks, subject to their consent, and aims to digitalise banking operations, improve risk management, and enhance customer experience.

Nelson Chow, Executive Director (Financial Infrastructure) of the HKMA, said,

“The IADS Developer Hackathon represents an exciting opportunity for the financial and technology sectors to converge and drive innovation in IADS. We look forward to this event uncovering novel solutions that will benefit both the industry and the community.”

Eric Or, Acting Chief Corporate Development Officer of HKSTP, added,

“The IADS Developer Hackathon embodies the spirit of innovation and collaboration that HKSTP strives to foster. It will help catalyse innovation, providing valuable opportunities for startups to exchange and collaborate with the industry, and propelling Hong Kong’s position as a hub for financial technology and innovation.”

Featured image credit: HKMA

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Since its launch in 2020, the bank has maintained steady growth and a leading position among local digital banks.

ZA Bank CEO Calvin Ng said,

“We remain committed to delivering innovative, secure, and user-centric banking services. Looking ahead, we will continue to drive product-led growth with a focus on wealth management and diversified asset allocation. At the same time, we are actively exploring digital asset use cases, as we work towards becoming the digital wealth management partner of choice for our users.”

In the first half of 2025, total customer deposits reached HKD 21.1 billion, up 8.8% year-on-year. Card transactions increased by 33% year-on-year, above the market average, indicating strong user engagement.

International financial services also expanded, with total transaction amounts, including remittance and foreign exchange, growing by 132% compared with the previous year.

ZA Bank’s investment offerings include funds, equities, and crypto trading.

In the first half of 2025, total assets under wealth management grew by more than 125% year-on-year.

The bank plans to broaden its crypto asset options and introduce Hong Kong stock trading within the year, aiming to provide a comprehensive digital investment platform.

The bank continues to develop its business banking services while supporting Hong Kong’s virtual asset sector.

It serves most of the city’s licensed Virtual Asset Trading Platforms and is expanding stablecoin custody services.

The number of Web3 business banking clients doubled year-on-year, reflecting growing demand for digital asset banking infrastructure.

ZA Bank is also applying AI to operations, including fraud detection, risk alerts, and workflow automation.

Combined with its anti-fraud engine and dual-cloud architecture, these tools enhance risk management, improve service reliability, and strengthen operational efficiency.

Featured image credit: ZA Bank

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The agreement builds on years of collaboration between the two regulators and will support the exchange of information and mutual assistance for supervisory purposes.

The arrangement is aimed at improving oversight of banks with operations in both Singapore and Hong Kong, where lenders from each market have a significant presence.

Chia Der Jiun, Managing Director, MAS, said,

“This MOU reaffirms the strong partnership between MAS and the HKMA and paves the way for deeper collaboration, fostering supervisory cooperation, exchange of information and sharing of best practices in key areas of mutual interest between the authorities.”

Eddie Yue, Chief Executive of the HKMA, said,

“Hong Kong and Singapore are the two leading international financial centres in the region.

The signing of the MoU reinforces the close ties between the two authorities and enhances supervisory cooperation and information sharing in respect of cross-border banking matters in both jurisdictions.”

This article first appeared on Fintech News Singapore.

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The scheme, rolled out in November 2024, shifts emphasis away from academic credentials and residency requirements, focusing instead on innovation and business feasibility.

Unlike the existing Technology and Business Startup Visa (D-8-4), the Special Visa is evaluated on the strength of a founder’s business plan, the capability of their team, and the potential fit within the Korean market.

Applicants who pass the review process receive a recommendation letter from the Ministry of SMEs and Startups (MSS), which serves as the basis for applying at immigration offices or overseas embassies.

The application process begins with an online submission of a business plan and supporting documents. Eligible applicants are shortlisted for a pitch presentation, after which successful candidates receive a recommendation letter valid for six months.

During this period, they must incorporate their company in Korea, according to Korea Tech Desk.

Applications can be made from abroad, allowing entrepreneurs to secure their visa before relocation.

In August 2025, the programme was expanded to decentralise access.

From September onwards, local governments and accredited accelerators, in addition to the MSS, are authorised to issue recommendation letters.

Dedicated managers have also been introduced to connect foreign founders with investors and corporate partners.

A foreign founders’ community and a Global Venture Forum are currently being developed to support integration into Korea’s startup ecosystem.

The initiative aims to broaden access for early-stage innovators while aligning with strategic national priorities in areas such as AI, semiconductors, medtech, renewable energy, and cybersecurity.

While lowering entry barriers, the programme maintains rigorous standards, with immigration authorities retaining final approval and monthly rolling reviews determining selection.

By creating a merit-based route into the startup ecosystem, the Startup Korea Special Visa forms part of South Korea’s broader ambition to attract global talent and encourage the development of internationally competitive startups.

International founders can apply for the Startup Korea Special Visa (D-8-4S) through the official K-Startup Portal.

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Luanne Lim will be appointed Executive Director and Chief Executive of Hang Seng Bank, effective October 2025, subject to regulatory approval.

Lim joined HSBC in 1999 and has held senior roles across key markets in Asia, leading strategic growth and transformation initiatives.

Since 2021, she has served as Chief Executive Officer of HSBC Hong Kong, where she has overseen business growth and strengthened engagement with clients, industry bodies, and the community.

Given her experience in digitalisation, innovation and building partnerships, Lim is well placed to guide Hang Seng Bank through its next stage of development in response to evolving opportunities in Hong Kong.

Diana Cesar will step down as Chief Executive of Hang Seng Bank and return to The Hongkong and Shanghai Banking Corporation Limited as Vice Chairman, Hong Kong.

In her new role, she will advise the Co-Chief Executive Officers of Asia and Middle East on developing the Hong Kong business.

Cesar joined HSBC in 1999 and was Chief Executive of HSBC Hong Kong from 2015 to 2021 before leading Hang Seng Bank through a challenging period.

During her tenure, she strengthened the bank’s capital position while maintaining resilience and positioning it for long-term growth.

Maggie Ng will assume the role of Chief Executive Officer, Hong Kong, HSBC, alongside her current position as Head of Retail Banking & Wealth, Hong Kong, effective October 2025, subject to regulatory approval.

Ng joined HSBC in 2020 and has over 20 years’ experience in the financial sector, with a focus on wealth management, customer engagement and digital transformation.

She has overseen significant growth in HSBC’s retail banking and wealth management business, which remains a key driver of its strategy in Hong Kong.

David Liao, Co-Chief Executive of Asia and Middle East, HSBC, said:

“I would like to congratulate Luanne, Diana and Maggie on their new appointments. I thank Diana for her leadership of Hang Seng Bank over the past four years, during which she has guided the bank through a period of resilience and transition. I am equally grateful to Luanne and Maggie for their important contributions to HSBC’s Hong Kong business and its retail banking and wealth management operations.

“We are already the market leader in Hong Kong and see further opportunities to invest and grow. Both HSBC Hong Kong and Hang Seng Bank have critical roles in this. Luanne, Diana and Maggie will continue to play key parts in supporting growth in our home market.”

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