DBS names new heads for Hong Kong, Taiwan and Indonesia markets

CPA Australia has urged Hong Kong's government to utilize the city's inaugural Five-Year Plan (2026-2030) to chart the long-term economic and financial trajectory of the region. The accounting body's submission outlined recommendations spanning Hong Kong's role as an international financial hub, capital market growth, trade dynamics, innovation initiatives, and sustainable finance objectives.

These proposals align with Hong Kong's first Five-Year Plan and the 2026 Policy Address, addressing Northern Metropolis development, workforce preparedness, and measures to bolster long-term capital creation.

Cyrus Cheung, president of CPA Australia's Greater China Division, emphasized that the planning process arrives at a crucial juncture for Hong Kong. With the city set to embark on an era of economic advancement, the formulation of Hong Kong's Five-Year Plan in tandem with China's 15th Five-Year Plan and the 2026 Policy Address presents an opportune moment to leverage the city's distinctive advantages, foster innovation and sustainable investments, and bolster its long-term competitiveness.

Cheung advocated for Hong Kong to expand its purview beyond conventional trade and financial exchanges, positioning the city as a comprehensive capital markets center encompassing commodities, precious metals, carbon products, digital assets, and RMB-denominated products.

Given Hong Kong's robust financial, regulatory, and legal frameworks, Cheung proposed that the city aim to become Asia's preeminent center for gold trading, clearing, settlement, financing, and risk management. Moreover, CPA Australia's recent research revealed that over 3,000 A-share listed companies generated CNY4.90 trillion in overseas revenue during the first half of 2025.

Kelvin Leung, deputy president of CPA Australia's Greater China Division, emphasized that Hong Kong's enduring prosperity hinges on broadening its role beyond initial public offering (IPO) fundraising. Leung posited that this transformation should be supported by advancements in digital finance, asset tokenization, offshore RMB business, wealth management, and family offices.

To bolster Hong Kong's long-term development, CPA Australia recommended leveraging the Hong Kong Investment Corporation (HKIC) to stimulate private sector investment in strategic industries. The organization also urged the government to devise a Capital Formation Strategy in close collaboration with Mainland regulators, alongside enhancing tax competitiveness to maintain Hong Kong's status as a leading international financial center.

Dr. Albert Wong, a divisional councillor on CPA Australia's Greater China Division, detailed proposals centered around the Northern Metropolis and Hong Kong's technological progress. Wong aspired to transform the Northern Metropolis into an internationally connected engine of growth and innovation, serving as a strategic platform that unites world-class universities, research institutions, multinational corporations, investors, and technology enterprises to expedite the development and commercialization of novel technologies.

He stressed the need for stronger backing to convert research into practical outcomes swiftly. To fortify Hong Kong's innovation ecosystem, CPA Australia endorsed establishing a "Government-as-First-Customer" procurement program to support local tech firms, leveraging the HKIC as an anchor investor to attract private capital into locally developed technologies, and creating a University Commercialisation Acceleration Fund to hasten the translation of research into commercial applications.

Furthermore, Wong advocated for heightened support for artificial intelligence (AI) adoption by businesses in alignment with the national AI+ initiative, enhancing business competitiveness. To facilitate AI integration, Hong Kong should expand support for AI adoption through initiatives like an AI Adoption Support Scheme for SMEs and a Cross-Border Data Exchange Sandbox with the General Business Authority (GBA).

Wong underscored that widespread AI utilization necessitates investments in education, skills, and talent development, emphasizing the imperative for a fundamental transformation in education and workforce competencies to capture the opportunities presented by AI, including higher levels of digital literacy, critical thinking, communication, and human-AI collaboration across all stages of education and training.