Hong Kong - World No.3 Global Financial Centre
- Written by: Daily Bulletin
- Published in News from Asia
HONG KONG SAR - Media OutReach Neswire - 20 March 2025 - Hong Kong has maintained its World No.3 ranking in the latest Global Financial Centres Index (GFCI) after New York (No.1) and London (No.2).
Hong Kong's overall rating increased by 11 points to 760, remaining top in the Asia-Pacific region.
The biannual GFCI, published today (March 20) by the Z/Yen from the United Kingdom and the China Development Institute from Shenzhen, also rated Hong Kong No.4 globally for fintech offerings, a leap of five places compared to the previous report.
The Hong Kong Special Administrative Region (HKSAR) Government welcomed the report, saying the positive assessment fully recognises Hong Kong's leading status and strengths as an international financial centre.
Among the various areas of competitiveness of the GFCI, Hong Kong rose to second place for "human capital", "infrastructure" and "financial sector development" and third in the "business environment" and "reputational and general".
"The ratings reflect that our continued efforts to enhance the diversity and the competitiveness of Hong Kong as an international financial centre have fully received international recognition," said the Financial Secretary of the HKSAR, Mr Paul Chan. "I have full confidence that as long as we adhere to fundamental principles while breaking new ground, stay bold in reform, flexible in our responses and strive to seize the opportunities presented by the new era and new landscape, Hong Kong's status as an international financial centre will surely reach new heights."
Among financial industry sectors, the latest GFCI ranked Hong Kong first in "investment management", "insurance" and "finance", and third globally in "banking".
This reflects positively on the various government initiatives, including those announced in the 2025-26 Budget, to promote development of the financial market and create more new growth areas.
Some recent strategies include enhancing the timeframe for listing application process and listing requirements for specialist technology companies, which have injected new impetus into the Hong Kong market and improved its liquidity.
To deepen the financial mutual access between the Mainland and Hong Kong, a number of measures have been implemented to enrich and support offshore Renminbi (RMB) business, such as enhancing the settlement arrangements of Bond Connect and launching offshore RMB bond repurchase business using Northbound Bond Connect bonds as collateral.
The Government has also implemented measures to promote development of asset and wealth management business over the past year, including enhancements to the Cross-boundary Wealth Management Connect Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, Exchange-traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement.
Also looking ahead, Chief Executive of the HKSAR, John Lee, in his 2024 Policy Address, proposed developing Hong Kong into becoming a gold trading centre. The Working Group on Promoting Gold Market Development will formulate a plan this year, covering measures to enhance storage facilities, optimise trading and regulatory mechanisms, expand exchange products, and conduct market promotion.
In terms of promoting fintech, the Government's multi-pronged approach includes enhancing relevant infrastructure; building a more active fintech ecosystem; nurturing fintech talent; as well as strengthening co-operation with the Mainland and overseas. The Government will soon promulgate a second policy statement on the development of virtual assets to explore the integration of traditional finance and virtual assets.
In October 2024, the Government issued a policy statement, setting out its stance and approach towards the responsible application of Artificial Intelligence (AI) in the financial market. In addition, the Hong Kong Monetary Authority (HKMA) and Hong Kong Cyberport have launched a new Generative AI Sandbox to foster innovation in the banking industry.
The HKMA has also launched a stablecoin issuer sandbox to allow institutions with plans to issue stablecoins in Hong Kong to conduct testing on their operational plans.
The Government will continue to leverage our distinctive strengths to accelerate the cultivation of new quality productive forces and create more new growth areas, so as to sustain the high-quality development of Hong Kong's financial market.
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Daily Bulletin
