Recently, Brian David Li Man-bun, Co-Chief Executive of Bank of East Asia, stated in an exclusive interview with Wen Wei Po that Hong Kong possesses unique financial advantages that can help the Greater Bay Area become a global hub for integrating innovative capital and technology industries.
He suggested that Hong Kong should actively leverage the momentum of the Greater Bay Area's development to expand its financial "circle of friends." On one hand, it should deepen cooperation with cities in the Greater Bay Area (GBA) in areas such as cross-boundary payments, asset management, and green finance, further optimizing existing mechanisms like the cross-boundary wealth management connect, expanding business scale and product variety, enhancing the convenience of financial services, and increasing its attractiveness to international capital. On the other hand, Hong Kong should proactively expand international financial cooperation to attract more international financial institutions and capital.
Li introduced that Hong Kong's mature and internationally connected financial market is a strong magnet for attracting global funds.
"Companies can raise capital by listing in Hong Kong, while private equity funds and financial institutions can offer targeted financing products."
He suggested that Hong Kong should develop more financial products that meet its needs, such as intellectual property pledge financing, which allows tech companies to obtain funding support based on their intangible intellectual property. Additionally, Hong Kong financial institutions closely collaborate with mainland cities in the GBA to provide one-stop services for companies seeking cross-boundary listings and mergers, significantly broadening funding channels for tech enterprises in the region.
Financial technology becomes driving factor of product & service innovation
"In recent years, Bank of East Asia has increased its investment in the country's strategic emerging industries. The government work report this year highlights emerging sectors such as commercial aerospace, low-altitude economy, biomanufacturing, and embodied intelligence as future development directions. The bank will actively seize related development opportunities," Li said.
According to Li, this year, Bank of East Asia will focus on high-tech R&D, innovation, technology transfer and production, and upgrading technical equipment in key industries. It will use financial technology to drive product and service innovation, such as supply chain finance, cash management, and payment settlement. At the same time, it will continue to promote digital transformation, enhance AI applications and modeling capabilities, and develop cross-boundary data applications, while maintaining innovative collaborations with fintech companies.
In the current economic climate, the development of private enterprises is crucial for the stability and growth of the national economy. In this regard, Li stated that the high-quality development of the private economy relies heavily on strong financial support. Bank of East Asia, he noted, has been actively supporting the development of private enterprises, particularly in recent years, aligning with the national strategy for advanced technology development, promoting key support for eight major industries, the majority of which are private enterprises.
More for private enterprises
He emphasized that Bank of East Asia will increase its support for private enterprises in the future, planning to allocate more than 50 billion yuan in credit annually to help them advance steadily in the market.
"In the future, the proportion of credit to private enterprises in Bank of East Asia will gradually increase from the current 30% to around 50%. By reasonably optimizing pricing and loan processes, we can shorten the financing chain for private enterprises, enhance our ability to set differentiated interest rates, and determine loan rates based on the risk profile and operational status of private enterprises."
Looking ahead, Li believes that Hong Kong can leverage its advantages in finance to deepen cooperation with cities in the GBA in areas such as cross-boundary payments, asset management, and green finance, helping the Greater Bay Area become an important growth pole for global economic development.
Finally, he suggested that Hong Kong should actively expand its international "circle of friends" in the financial sector, proactively enhance international financial cooperation, strengthen ties with traditional financial centers like London and New York, and increase engagement with emerging markets in the Middle East and ASEAN. This, he stated, would attract more international financial institutions and capital to gather in Hong Kong.
He also advocated for actively promoting Hong Kong's accession to the Regional Comprehensive Economic Partnership (RCEP) to play the role of a "super connector," continuously enhancing Hong Kong's position and influence in the international financial arena.
(Source: Wen Wei Po)
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