Hong Kong Legislator Advocates Financial Sector Transformation

According to Odaily, Hong Kong Legislative Council member Lee Wai-hung has consolidated opinions from the financial services sector to explore ways to accelerate upgrades and promote diversified financial development. He emphasized that the Hong Kong Special Administrative Region (HKSAR) government should fully promote the diversification of the capital market. In addition to developing the securities market, efforts should also be made to actively explore other financial service areas, including derivatives and virtual assets. Lee Wai-hung also suggested that the Hong Kong Futures Exchange should implement 23-hour trading as soon as possible and expand more virtual asset options and futures derivatives. To assist the industry in upgrading and transforming, Lee recommended that the HKSAR government actively help the industry introduce financial technology. This would promote brokers to develop towards high-quality directions such as asset management, green finance, virtual assets, and Web3.0, making their services more diversified, increasing revenue capabilities, and fostering new thinking and innovative operating models. Accelerating the upgrade and transformation of the financial services industry would help overcome the challenges currently faced by traditional business models.