Category: MIL-OSI

Source: Hong Kong Government special administrative region

     ​     Following is a question by Professor the Hon Alex Fan and a written reply by the Secretary for Education, Dr Choi Yuk-lin, in the Legislative Council today (March 18):
      
Question:
      
     The 2025 Policy Address has explicitly stated that the Government will intensify its efforts to promote the international recognition of the Hong Kong Diploma of Secondary Education Examination (DSE) and propel Hong Kong into an international hub for post-secondary education. It has been reported that the Government is exploring with the Mainland the development of an international version of the DSE curriculum. However, there are views that although DSE’s international accreditation network has expanded to over a thousand higher education institutions worldwide, its internationalisation process remains at the stage of passively admitting non-local candidates, and there is yet an active global branding strategy and a blueprint for the systematic export of the system. In this connection, will the Government inform this Council:

(1) what specific strategies are in place to promote the internationalisation of DSE in the long run, including the design framework and assessment standards for the international version of the DSE curriculum, as well as the division of roles between the Government and the Hong Kong Examinations and Assessment Authority (HKEAA) in curriculum development and quality monitoring; whether the authorities will formulate a Blueprint for the Internationalisation of DSE covering areas such as target markets, development stages and performance indicators; if so, of the details and timetable; if not, the reasons for that;

Source: Hong Kong Government special administrative region – 4

     The Government announced today (March 18) that the Wealth for Good in Hong Kong (WGHK) Summit will return next Tuesday (March 24). Under the theme “Building Lasting Legacies”, this year’s summit in its fourth edition highlights the wave brought by continuous growth of family office assets and generational wealth transition in recent years. In addition to serving as an exchange platform for overseas, Mainland and local family office decision-makers and successors, the WGHK Summit is also an occasion for them to experience firsthand how Hong Kong leverages its solid financial foundation to facilitate wealth succession and value appreciation.

     Co-organised by the Financial Services and the Treasury Bureau and Invest Hong Kong (InvestHK), the WGHK Summit will once again convene influential family office decision-makers and successors from around the world in Hong Kong. Participants from Asia, Europe, the Americas, Oceania, the Middle East, and Africa will join attendees from the Chinese Mainland and Hong Kong in insightful sharing. This year’s summit is going to showcase Hong Kong’s profound strengths and development potential through three core themes: “Strategic Asset Management for Family Legacy”, “Cultural Value Foundation for a Thriving Market”, and “Smart Tech Innovation Driving Capital Appreciation”. A number of heavyweight speakers will inspire the participants with their visionary thinking on the future of the family office ecosystem.

     Nowadays, quite a number of family offices are deepening their philanthropic endeavours. Taking advantage of Hong Kong’s diverse and vibrant philanthropic ecosystem, a special fireside chat on “Sports and Philanthropy” is set for the summit to explore how sports and philanthropy can work together to create positive value for society.

     The Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, “The global landscape is evolving fast these days with geopolitics getting more complex. There has never been a better time for hosting the WGHK Summit than now to give family offices looking for diversified allocation and risk dispersion an occasion to connect with each other and explore opportunities. Hong Kong offers a highly favourable development environment with numerous potential and predictability for family offices, underpinned by our diversified international financial markets coupled with resilience, robust and transparent legal and tax systems, world‑class financial and professional services, and well‑developed ecosystems for philanthropy, arts, and innovation. The WGHK Summit is a flagship event hosted by our Government to showcase to the global wealth owners the unique advantages of this city. We will continue to consolidate Hong Kong’s leading position as a family wealth hub in the Asia-Pacific region, and adopt a multipronged approach to keep fostering the development of the family office sector through measures in areas such as tax concessions, talent attraction, investment facilitation and building of an ecosystem. All these will make Hong Kong even more attractive in all aspects to global family capital, positioning this city as the most preferred platform for ultra-high-net-worth families worldwide to manage their cross-border wealth.”

     The Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, noted, “According to the latest market study, the number of single-family offices in Hong Kong surpassed 3 380 by the end of 2025, reflecting a growth of over 25 per cent in two years – a testament to Hong Kong’s attractiveness as a global family office hub. The WGHK Summit serves as a pivotal platform for Hong Kong to deepen connections with the global family office community and foster cross-border collaboration. Against the backdrop of increasing trend of reallocation of global capital toward Asia, alongside rising trade protectionism and geopolitical uncertainty, Hong Kong will continue to leverage its unique advantage of enjoying strong support from the motherland and being closely connected to the world. We will provide global families with a predictable, one-stop environment for establishing a presence and operating in Hong Kong, helping them capture growth opportunities on the Chinese Mainland and in Asia, and steadily advancing long-term investment and multi-generational succession through diversified asset allocation and professional risk management.”

     The WGHK Summit will feature a distinguished line-up of guest speakers:

• Dr Han Bicheng – Founder and Chief Executive Officer (CEO), BrainCo
• Mr Maximilian Kaufmann – Representative of Major Shareholder of Leica Camera AG
• Mr William Heinecke – Founder and Chairman, Minor International PCL 
• Mr François Pictet – Managing Partner, Pictet Group
• Mr Yao Ming – Founder of Yao Foundation; Former Chairman of Chinese Basketball Association; NBA All-Star
• Mr Qiu Heng – Chief Marketing Officer, AgiBot
• Ms Irene Lee – Chairman, Hysan Development Company Limited
• Dr Ren Feng – Co-CEO and Chief Scientific Officer, Insilico Medicine
• Mr Wesley Ng – CEO and Co-founder, CASETiFY
• Mr Winfried Engelbrecht-Bresges – CEO, The Hong Kong Jockey Club; and
• Mr Michael Wilding – Group Chief Operating Officer, ZURU Group

     Beyond the WGHK Summit, the Milken Institute and Bloomberg LP (Bloomberg) will also host the Global Investors’ Symposium (March 23) and the Family Office Forum (March 25) respectively in the same week, focusing on wealth management and global investment trends. The synergy generated by these three major forums will showcase Hong Kong’s unique charm in the family office landscape to the fullest to international capital, allowing participants to interact, exchange ideas, and explore opportunities together in Hong Kong.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region – 4

The Commissioner of Police, Mr Chow Yat-ming, led a Hong Kong delegation, as part of the national delegation, to attend the Global Fraud Summit 2026 held in Vienna, Austria, on March 16 and 17 (Vienna time). The Hong Kong delegation shared Hong Kong’s experiences, innovative measures, and achievements in cross-sector collaboration in combating fraud, and discussed with law enforcement agencies from other countries/regions to explore ways to strengthen co-operation in cross-border fraud investigations, and to promote the establishment of a closer global anti-fraud network.
 
Co-organised by the United Nations Office on Drugs and Crime (UNODC) and INTERPOL, the summit brought together representatives from law enforcement agencies, international organisations, the private sector and academia from around the world to engage in in-depth discussions on combating cross-border fraud, international co-operation, and the use of technology to counter fraud, with a view to building consensus and collectively addressing the increasingly complex global fraud threats. The national delegation was led by the Deputy Director General of the Criminal Investigation Department of the Ministry of Public Security, Mr Zhu Lei. Members of the delegation included representatives from the Ministry of Public Security, the Hong Kong Police Force (HKPF), and the Macao Judiciary Police.
 
Mr Chow was invited as a guest speaker of a forum on public-private collaboration alongside representatives from the UNODC, European Union Agency for Law Enforcement Cooperation, and a cryptocurrency analytics firm. At the forum, Mr Chow gave a detailed overview of the various collaborative initiatives established by the HKPF in recent years to combat fraud, including the Anti-Deception Coordination Centre (ADCC), the Anti-Deception Alliance, “Scameter”, etc. He also cited related enforcement accomplishments and statistics to demonstrate the Police’s effectiveness in preventing and tackling scams, and intercepting crime proceeds. The other speakers at the forum noted that the HKPF’s measures on this front are valuable to share and promote internationally. The speakers unanimously agreed that co-operation across all sectors of society is essential to effectively curb fraudulent activities.
 
At another panel discussion of the summit, Chief Superintendent of Police Commercial Crime Bureau, Mr Wong Chun-yue, shared Hong Kong’s successful experience in establishing the ADCC, outlining the challenges and opportunities encountered from its inception to its expansion. He also discussed with other panelists on how anti-deception centres worldwide can adapt to evolving fraud tactics by continuously developing and gradually expanding their functions, such as enhancing data analysis and cross-sector collaboration. He noted that through sharing the HKPF’s forward‑looking strategies, could assist other countries/regions in carrying out more efficient anti‑fraud work.
 
At the summit, the national delegation showcased the country’s significant achievements in combating and curbing telecom and online fraud in recent years, including the successful dismantling of the four major organised telecom fraud syndicates through collaboration with Southeast Asian partners. As part of the national delegation, the HKPF fully supported the nation’s anti-fraud efforts and actively promoted the relevant achievements, thereby contributing to consolidating the country’s leadership in international law enforcement efforts.
 
Mr Chow stated that the summit brought together senior officials of law enforcement officials across the globe, providing the HKPF with an international platform to exchange experiences with partners, whilst supporting the nation’s effort to establish a global anti‑fraud alliance. The HKPF will continue to promote innovative measures and align with national strategies to work alongside the international community to tackle challenges posed by cross‑border fraud, and spare no effort in protecting the public’s property, and safeguarding Hong Kong’s social stability and financial order.
 
Mr Chow will conclude his visit and depart for Hong Kong on March 18 (Vienna time).

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     Following is a question by the Hon Lau Ka-keung and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (March 18):
 
Question:
 
     There are views that while the recent dramatic changes in the Middle East situation have heightened geopolitical risks and brought uncertainties to international financial markets, energy prices and global supply chains, they have also presented new opportunities to Hong Kong for co-operation with Middle East economies and other Global South economies. In this connection, will the Government inform this Council:
 
(1) whether it has assessed the respective aggregate asset sizes and risk exposures of Hong Kong’s banks and major licensed financial institutions in Middle East economies and other Global South economies in each of the past three years; if it has assessed, set out the data in tabular form by jurisdiction and asset type; if not, whether it will conduct an assessment;
 
(2) whether it has compiled statistics on the values of bilateral trade (including imports and total exports) between Hong Kong and Global South economies, their year-on-year rates of change, and the proportions of Global South economies in Hong Kong’s total external trade value in each of the past three years; if it has compiled, set out the data in tabular form by jurisdiction and service type; if not, whether it will compile such statistics;
 
(3) whether it knows if the Hong Kong Monetary Authority and the Securities and Futures Commission have taken specific measures to assess and monitor the risks assumed by Hong Kong’s banks and financial institutions for their investments in the Middle East (such as requiring the relevant banks and financial institutions to undergo targeted stress tests or step up risk monitoring); if so, of the details; if not, the reasons for that;
 
(4) as there are views that geopolitical tensions may cause fluctuations in energy and commodity prices, thereby affecting inflation and business operations, whether a cross-departmental alert and response mechanism will be formulated to reduce the potential impact of such fluctuations on the economic and financial stability of Hong Kong; if it will, of the details; if not, the reasons for that;
 
(5) as there are views that the Government has actively promoted co-operation with Middle East economies and other Global South economies in the areas of finance, economy and trade in recent years, and yet the current geopolitical risks may impact the advancement of such co-operation and the exploration of new markets, how the authorities assess and manage the risks involved and provide ongoing support to Hong Kong’s financial institutions and enterprises interested in exploring those markets, thereby assisting relevant bodies in seizing development opportunities, subject to compliance with laws and regulations; and
 
(6) as there are views pointing out the pressing demands from Middle East economies and other Global South economies in areas such as Islamic finance and green sustainable finance, whether timely deployment has been made in light of the current international turmoil to further strengthen Hong Kong’s institutional advantages in such areas so as not to miss development opportunities, and, where risks are controllable, develop Hong Kong into a key hub connecting capital and projects between China and the Global South; if so, of the details; if not, the reasons for that?
 
Reply:
 
President,
 
     The tensions in the Middle East have brought volatility to global energy supply, financial markets and trade. Geopolitical uncertainties have highlighted the importance of Hong Kong as an international financial centre in providing security, stability, and certainty. With the free flow of capital, merchandise and talent into and out of Hong Kong, coupled with the stability of the Hong Kong dollar under the Linked Exchange Rate System, as well as Hong Kong’s comprehensive capital markets, robust financial infrastructure and quality professional services and talent, Hong Kong is well-positioned to play the role of a “safe haven” amidst these changes. Notably, as co-operation between Hong Kong and the Middle Eastern financial markets continues to deepen in recent years, some Middle East funds may flow into Hong Kong to avert risk. At the same time, the Government and financial regulators will closely monitor market conditions and put in place contingency plans to properly manage geopolitical risks while seizing the opportunities that arise.

     After consulting the Commerce and Economic Development Bureau, the Environment and Ecology Bureau, the Hong Kong Monetary Authority (HKMA) and the Securities and Futures Commission (SFC), our reply to the six parts of the question is as follows:
 
(1) The exposure of the local banking sector to the Middle East is very small, accounting for less than 3 per cent of the total assets of the banking industry over the past three years. Besides, the exposure of Hong Kong banks to other major Global South economies (excluding Chinese Mainland) over the past three years also accounted for only about 3 per cent of the total assets of the banking industry.
 
     The SFC has been closely monitoring the operation of the market, and has not detected any significant risks relating to the recent situation in the Middle East, nor has it identified any major issues arising from the Middle East situation in the operation or risk management of licensed corporations.
 
(2) The Government has been proactively expanding into the emerging markets in the Global South, including the Association of Southeast Asian Nations (ASEAN) and the Middle East, to promote the long-term economic development of Hong Kong.
 
     Taking ASEAN as an example, in 2025, ASEAN as a bloc was Hong Kong’s second largest trading partner in the world. The bilateral trade in goods between Hong Kong and ASEAN amounted to HK$1,668.5 billion (US$214.0 billion), representing 15.3 per cent of Hong Kong’s global merchandise trade and registering an average annual growth rate of 7.6 per cent in the past five years.
 
     In 2025, the Middle East as a bloc was our 10th largest trading partner in the world. The bilateral trade in goods between Hong Kong and the Middle East amounted to HK$192.8 billion (US$24.7 billion), representing 1.8 per cent of Hong Kong’s global merchandise trade and registering an average annual growth rate of 5.8 per cent in the past five years.
 
     Hong Kong and the emerging markets in the Global South have significant room for trade and economic development. Hong Kong is committed to giving full play of our role as the functional platform for the Belt and Road Initiative, and stepping up efforts to deepen co-operation with the Global South markets.
 
(3) In view of the escalation of the situation in the Middle East and geopolitical risks, the HKMA has stepped up its monitoring of market conditions, including conducting stress tests, and maintaining close communication with banks. Banks have also enhanced their risk monitoring and management, and have been formulating appropriate contingency measures for different risk scenarios. Overall, as pointed out in part (1) of the reply, the exposure of Hong Kong banks to the Middle East is very small. The Hong Kong banking sector remains stable, with ample capital and liquidity levels that are well above international standards. The HKMA will closely monitor the developments and continue to guide Hong Kong banks in adopting prudent risk management measures to properly manage the risks arising from financial market volatility and external uncertainties. On the monetary front, Hong Kong’s foreign exchange reserves are substantial, exceeding US$430 billion, which is about 1.7 times the size of the Hong Kong monetary base, ensuring the smooth functioning of the Linked Exchange Rate System at all times. Hong Kong’s money market continues to operate in an orderly manner, and the Hong Kong dollar exchange rate has been maintained within the convertibility zone of 7.75 to 7.85 against the US dollar.
 
     The SFC has also been closely monitoring the operation of the local stock market, exchanges and the over-the-counter derivatives market. The SFC conducts regular stress tests based on the financial information reported by brokers to assess their financial resilience. During periods of relative market volatility, the SFC also pays particular attention by inquiring with major investment banks and hedge funds about their short positions in heavyweight stocks, as well as seeking to understand the trading strategies, overall positions and risk management measures of market participants. The SFC has not detected any significant risks relating to the recent situation in the Middle East.
 
     The Government and financial regulators will continue to closely monitor market changes to maintain the stability of Hong Kong’s monetary and financial markets.
 
(4) In response to the recent developments, the Government has strengthened communication with the two power companies and major energy companies, closely monitoring the inventory levels and supply status of major fuels. The Government has in place a mechanism that sets minimum stockpile requirements for major fuels and contingency plans to deal with potential supply tightness. The Government will remain vigilant, closely monitoring geopolitical developments, international energy price trends and the local fuel supply situation to ensure the stability of Hong Kong’s energy supply.
 
     The financial market is operating smoothly with regard to the trading of other commodities. The Government and financial regulators will continue to closely monitor the situation to ensure its effective functioning.
 
(5) and (6) The Government has been actively promoting enhanced co-operation between Hong Kong and emerging markets in the Global South, including the Middle East and ASEAN, in areas such as finance and trade, and is committed to developing and providing products and services that meet the needs of these markets to seize relevant opportunities.
 
     In the area of finance, as an international financial centre, Hong Kong is dedicated to providing investors and issuers with a diverse range of products and services. Islamic financial products, in particular, can offer issuers additional financing channels and broaden their investor base. The Government amended the laws in 2013 and 2014 to provide a tax framework for issuing sukuk that is comparable to that for conventional bonds, and to allow the issuance of sukuk under the Government Bond Programme. Thereafter, the Government issued three sukuk, totalling US$3 billion, under the Government Bond Programme, demonstrating that Hong Kong’s legal, regulatory and taxation framework can readily support sukuk issuances of different structures, making it a suitable platform for raising funds through sukuk.
 
     In addition, an array of Islamic financial products and services have been rolled out in Hong Kong, including the listing of global sukuk on the Hong Kong Exchanges and Clearing Limited (HKEX), Shariah-compliant equity indices tracking Hong Kong stocks, and Islamic banking windows. Hong Kong and Saudi Arabia have also achieved continuous breakthroughs in developing new financial products in recent years. Following the listing of Asia’s first exchange-traded fund (ETF) investing in Saudi-listed stocks on the HKEX in November 2023, two ETFs tracking Hong Kong stock indices were listed on the Saudi Exchange via master-feeder structure in October 2024. Asia’s first government sukuk ETF was also listed on the HKEX in May 2025.
 
     At the same time, financial regulators are actively promoting the strengths of Hong Kong’s financial system and market through market development efforts, with a view to further strengthening co-operation with Islamic markets such as the Middle East and ASEAN.
 
     In recent years, the HKMA has held multiple bilateral meetings and signed Memoranda of Understanding (MOUs) with central banks in the United Arab Emirates (UAE), Saudi Arabia, Qatar, etc., discussing topics of financial infrastructure development, sustainable finance, fintech, market connectivity and Islamic finance, etc. Notably, the Central Bank of the UAE officially joined the HKMA’s Central Moneymarkets Unit in February 2026, enabling the Central Bank of the UAE and investors in the UAE to fully utilise Hong Kong’s mature financial infrastructure to access the Mainland Chinese capital market and invest in related financial assets. Furthermore, the HKMA and the Dubai Financial Services Authority have co-organised the Joint Climate Finance Conference for two consecutive years since 2024 and, in 2025, initiated a joint study exploring the role of sustainable debt instruments in scaling up climate finance for the emerging markets in the Global South, subsequently publishing a research report titled Scaling Sustainable Debt in Emerging Markets.
 
     In addition, the SFC has also been actively forging greater connectivity with the Middle East region to further reinforce Hong Kong’s role as Asia’s premier capital intermediary. In 2025, the SFC has signed four MOUs with financial regulators in the Middle East region, strengthening co-operation between Hong Kong and the Middle East on the areas of market regulatory oversight, supervision of collective investment scheme managers, cross-border regulatory co-operation on digital assets and the establishment of Mutual Recognition of Funds arrangement.
 
     The Government and financial regulators will continue to advance relevant market development efforts, seeking further co-operation with emerging markets in the Global South, including the Middle East and ASEAN, in the financial field. This will better leverage Hong Kong’s advantages as an international financial centre to connect markets and capital between China and the Global South.
 
     In the area of trade, the Government has been actively seeking to conclude free trade agreements and investment agreements (IAs) with economies in the Middle East and the Global South. The Government has concluded negotiations of IAs with Qatar, Bangladesh and Peru respectively, and is exploring new IAs with Saudi Arabia and Egypt. These agreements require long-term negotiations and have consistently received support from the governments of both sides. The recent situation in the Middle East does not affect the authorities’ intentions regarding these agreements. The Government will continue to actively advance this work. At the same time, the Government will strengthen its role as the functional node for the Belt and Road Initiative, collaborating with industry players to further develop the ASEAN, Middle East and Global South markets, and explore the potential of markets in Central Asia, South Asia and North Africa.

Source: Hong Kong Government special administrative region