Supporting role: how InvestHK is driving Hong Kong firms’ global growth
On May 16, just as US President Donald Trump wrapped up his whirlwind Gulf tour with over US$2 trillion in deals, a little-known Hong Kong fintech firm beat global rivals to bag a contract with a United Arab Emirates (UAE) bank.
Evident Group, operator of a digital investment platform for alternative assets and licensed by the Securities and Futures Commission, formed a partnership with Zand Bank, the UAE’s first fully licensed digital bank. The collaboration will provide the Dubai-based bank’s clients with investment opportunities through Evident’s tokenisation technology and infrastructure.
The partnership was made possible thanks to the efforts of InvestHK. And Evident’s success exemplifies the investment promotion agency’s new mission. After a quarter-century dedicated to attracting global investment to Hong Kong, InvestHK is transforming into a business development agency that leverages the city’s dual role as both a “superconnector” and “super value-adder” to help companies succeed.
“We must now help them take the next step in their journey to be successful,” said Alpha Lau Hai-suen, the director general of InvestHK. “Whether they are from China or from Asia or elsewhere, once they open in Hong Kong, we see them as a Hong Kong company, so we will help them.”
(From left) King Leung, global head of financial services, fintech and sustainability at InvestHK; Victor Yim, head of fintech at Cyberport Hong Kong; Florian Spiegl, founder and CEO of Evident Group; Ronald Fok, head of wealth and asset management at Zand Bank; Michael Chan, CEO of Zand Bank, and Parag Gupta, COO of Zand Bank. Photo: Handout
This strategic shift responds to evolving challenges. InvestHK was established in 2000 to retain foreign investment amid rising competition. A pivotal moment came in 2001 when China joined the World Trade Organization, prompting many firms to bypass Hong Kong for direct mainland access. But now companies want to expand, taking advantage of Hong Kong’s credibility and regulations.
Evident’s founder Florian Spiegl appreciated InvestHK’s role in bringing the partnership with Zand to fruition. He said this was only possible after InvestHK arranged an informal meeting with Zand’s CEO, Michael Chan, which gave him an opportunity to share his vision. This, in turn, helped speed things up.
Hong Kong authorities should appeal against the “light” penalties imposed on two property owners for erecting illegal structures at their luxury Redhill Peninsula homes, experts have said, warning that the fines are not hefty enough to deter offenders. The specialists weighed in after the two property owners were told to pay more than HK$110,000 (US$14,015)
Hong Kong’s coordination office for the National Games is studying whether to adopt a real-name system for tickets at prices ranging from a few dozen Hong Kong dollars up to about HK$500 (US$64). Yeung Tak-keung, head of the National Games Coordination Office, said on Saturday that tickets would be sold from August on a unified
Hong Kong police have arrested a 15-year-old after her father reported she was smoking an e-cigarette containing “space oil” at home with her classmate, who is wanted by the force, the Post has learned. A source said on Saturday that the classmate, who was also 15, brought an e-cigarette, which she claimed contained the anaesthetic
More than a decade after Club Bboss was closed, a new nightspot has launched on the same site where the once-glamorous establishment operated for 28 years, with the goal of attracting tourists and young revellers eager for a glimpse of Hong Kong’s 1980s clubbing heyday. The new spot – known as Big Boss Generation (BBG)
Hong Kong restaurants may start testing alternatives to certain single-use plastics for items such as food containers in the next two months, the environment minister has said, as the government gauges the business sector’s feedback before expanding the scope of a ban. Secretary for Environment and Ecology Tse Chin-wan on Saturday gave the update on
Hong Kong pop diva and actress Karen Mok Man-wai bought a luxury unit in the Mid-Levels district for HK$85 million (US$10.8 million), as the city’s celebrities, tycoons and other wealthy investors continue to pick up plum properties that are selling for a song. According to the Land Registry, a 2,153 sq ft three-bedroom flat at
Hong Kong corporate governance activist David Webb has been appointed a Member of the Order of the British Empire for his nearly three decades of contributions to the city, with the Briton saying he felt touched by the many tributes during his “final battle”. The former investment banker posted on his Webb-site platform on Saturday
Hong Kong’s Urban Renewal Authority will examine whether legislation should be introduced requiring landlords to create periodic maintenance plans for their blocks and ensure sufficient funds for the work. The study would also cover the possibility of creating a new statutory body to supervise building restoration and maintenance, according to the authority’s retiring head, Wai
