Help make HK a green finance hub, CE tells bankers

Chief Executive John Lee on Wednesday told the banking sector to gear up and help realise the government's vision of turning Hong Kong into a regional green finance hub. Speaking at a luncheon session hosted by the Hong Kong Association of Banks, Lee pointed out that the government has issued HK$220 billion worth of green and sustainable bonds since May 2019. Lee said a roadmap will soon be released to guide financial institutions in meeting international sustainable standards. "In the coming weeks, we will launch a roadmap on the adoption of the International Financial Reporting Standards on Sustainability Disclosure. We aspire to make Hong Kong among the world's first jurisdictions to align local requirements with international sustainability reporting requirements," he said. Separately, the chief executive noted that the government is just as committed to supporting the financial sector in innovation and adopting new technologies. He cited a new subsidy scheme launched earlier this year which gives a maximum grant of HK$150,000 for each approved fintech project. “The establishment in June of a dedicated proof-of-concept subsidy scheme for green fintech makes that clear. Among other things, it will provide early stage funding support for pre-commercialised green fintech projects,” he said. “Beyond its value in green and sustainable finance, fintech can help companies tap into new technology, including AI and blockchain, to boost efficiency and stay abreast of the competition.”