FSTB to innovate for development
Finance | Staff reporter 3 Jan 2025The Financial Services and the Treasury Bureau will continue to promote policy reforms with innovative ideas, further enhancing Hong Kong's competitiveness, Secretary for Financial Services and the Treasury Christopher Hui Ching-yu said.
The bureau will work with the industry to promote the healthy development of financial technology, virtual assets and Web3 ecosystems to inject new momentum into Hong Kong's economic growth, he said.
In addition, the FSTB will also focus on attracting and allocating family offices and private wealth and improve the relevant policies to consolidate Hong Kong's strategic position as a global capital pool.
Meanwhile, the authority also received over 750 applications for the New Capital Investment Entrant Scheme, which is estimated to bring a total capital influx of HK$22 billion. Hong Kong revived the investor visa scheme in March 2024, which raised the investment threshold to HK$30 million.
In other news, Taiping Reinsurance has issued a US$35 million (HK$273 million) catastrophe bond in Hong Kong, providing coverage for named storms in the United States and earthquakes in mainland China over the next three years, starting January 1.
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