High-Level Summary: PBEC-ICAEW Executive Luncheon with Mr Joseph H. L. Chan, JP, Under Secretary for Financial Services and the Treasury
Date: 11th August 2025
Hosts: Pacific Basin Economic Council (PBEC) and Institute of Chartered Accountants in England and Wales (ICAEW)
The Pacific Basin Economic Council (PBEC) and the Institute of Chartered Accountants in England and Wales (ICAEW) co-hosted an Executive Luncheon featuring Mr. Joseph Chan, JP, Undersecretary for Financial Services and the Treasury (FSTB). Senior representatives from banking, asset management, professional services, and diplomatic missions participated in discussions on Hong Kong’s financial development trajectory.
Mr. Chan detailed the Government’s comprehensive strategy to strengthen Hong Kong’s position as a global financial hub. Key initiatives include enhancing market infrastructure through faster cross-border payment solutions, optimized listing regimes for high-growth companies, and diversified capital formation channels. Concurrently, Hong Kong is developing its innovation ecosystem by establishing regulatory frameworks for stablecoins and digital assets, accelerating fintech adoption via HKMA sandbox programs, and positioning itself as Asia’s leading Web3 hub. The sustainability agenda focuses on scaling green bond issuance, aligning tax incentives with international standards, and building climate risk disclosure infrastructure. These interconnected measures aim to reduce transactional friction, enable secure digital transformation, and support regional decarbonization.
Regarding regional strategy, Mr. Chan emphasized Hong Kong’s distinctive position in the current economic landscape. The jurisdiction serves as the primary conduit for southbound capital flows from Mainland China while attracting family offices through tailored regulatory packages. Hong Kong is also developing specialized financial corridors with Middle Eastern and ASEAN markets, leveraging its Common Law framework to resolve complex cross-border transactions. This targeted approach capitalizes on Hong Kong’s unique connectivity across Greater China, Southeast Asia, and the Middle East.
The Government reaffirmed its commitment to collaborative governance through three key priorities: partnering with financial institutions to co-design market solutions, empowering business leaders, and maintaining proactive regulatory dialogue via bodies including the HKMA and Securities and Futures Commission.
PBEC and ICAEW express sincere appreciation to Mr. Chan for his substantive policy insights and to the FSTB for its transparent engagement. This dialogue exemplifies how public-private collaboration advances financial system integrity while creating mutually beneficial opportunities across the Pacific Basin. Both organizations remain dedicated to facilitating policy exchanges that reinforce Hong Kong’s economic architecture.
