Tag Archives: China

     Following is the speech by the Secretary for Innovation, Technology and Industry, Professor Sun Dong, at the Hong Kong FinTech Week 2023 today (November 3):

Distinguished speakers, guests, ladies and gentlemen,

     Good afternoon. Welcome to the Hong Kong FinTech Week 2023. It is my great pleasure to join you all today at this special occasion to explore the role that Hong Kong can play in leading Asia and the world in redefining fintech into a new era of finance.

     The world is evolving at a new pace. Disruption and uncertainty are the new norm. New rules and forces are influencing our economies and the world of finance is entering an era of great challenge but also opportunities.

     As Asia’s world city, Hong Kong has long been an important gateway between East and West. We have reinforced our position as a world-leading financial centre and emerged as one of the major international hubs of innovation and technology (I&T) in the region, embracing the golden opportunity to reshape and redefine fintech for the future.

     As the world continues to grapple with turmoil, Hong Kong offers stable, orderly growth and long-term vision and resolve. These are the ideal conditions for talent, entrepreneurs, investors and innovators to come and turn their ideas into impactful change and success.

     Led by the vision of the Hong Kong Special Administrative Region Government and our regulators, we have seen Hong Kong’s fintech potential grow to new heights in recent years. According to the Frontier Technologies Index 2023, Hong Kong has risen from 15th to ninth. This leap in ranking elevates us above some traditional powers of innovation in the world.

     This represents a significant global recognition of our city’s readiness to adopt and lead in developing technologies that will increase productivity and improve livelihood – from AI (artificial intelligence) to robotics to blockchain and, of course, fintech. It is also a good testimony to the Government’s commitment to promoting fintech in order to accelerate the development of digital economy.

Ecosystem strength

     Hong Kong’s fintech mission will only gather pace being backed by an I&T ecosystem that is growing in strength. Currently, over 800 fintech companies, as well as globally respected research centres and innovation laboratories, are based in Hong Kong. These ground-breaking fintechs sit within a thriving innovation community of almost 5 000 tech start-ups, employing more than 15 000 people. With a quarter of the city’s start-up founders from outside of Hong Kong, we take pride in being a hub for global tech talent.

Cyberport and the Hong Kong Science Park

     Behind the scenes are Cyberport and the Hong Kong Science Park doing incredible work to pave the way for fintech innovation and success. Cyberport, our ICT (information and communications technology) flagship, hosts the biggest fintech community and ecosystem in Hong Kong with over 400 fintech companies covering blockchain, mobile payment, cybersecurity, etc. Out of the seven Cyberport start-ups reaching unicorn status, four of them are fintech companies.

     I am excited to share with you the good news that as announced by the Chief Executive in his recent Policy Address last week, Cyberport will establish an AI supercomputing centre in phases starting from 2024 in order to support the local demand for computing power. This is going to greatly enhance Hong Kong’s R&D (research and development) capabilities, and promote development of the AI industry ecosystem. The centre would definitely inject new impetus into our fintech industry by empowering our companies to improve their risk management and fraud detection systems.

     Meanwhile, the Science Park stays at the core of the city’s fast-emerging fintech scene by continuously organising and supporting multifarious fintech-related activities. In particular, the Science Park’s InnoCentre has been designated as a new fintech hub, giving different stakeholders a focal point to collaborate with Science Park companies and start-ups.

Commercial Data Interchange

     Another critical foundation fuelling the future of fintech for Hong Kong is the creation of a seamless data exchange. The HKMA (Hong Kong Monetary Authority)’s launch of its Commercial Data Interchange (CDI) last October is a significant development that helps catalyse fintech-based innovation. The Consented Data Exchange Gateway, being developed by the Government, will connect to the CDI by the end of this year, to facilitate consented data exchange between government departments and financial institutions.

iAM Smart

     Another indispensable effort by the Government in driving the development of the fintech ecosystem in Hong Kong is the launch and continuous enhancement of “iAm Smart”. The one-stop personalised “iAM Smart” platform provides Hong Kong residents with a single digital identity that enables simple and secure login for 300 online services provided by the Government and public and private organisations at present, the conducting of online transactions, and the performing of digital signing with legal backing in a simple and secure manner. The number of registered users on the “iAM Smart” platform has already reached 2.4 million now.  

     Ladies and gentlemen, the above examples are just part of our efforts in driving fintech development in Hong Kong. The Chief Executive has also announced a series of forward-looking I&T initiatives in the 2023 Policy Address, which includes the $500 million Digital Transformation Support Pilot Programme to be launched by the end of this year to assist SMEs (small and medium enterprises) in the retail and food and beverage industries in applying electronic payment and other ready-for-use digital solutions. I am confident that these initiatives will definitely give our fintech cluster a strong impetus and lead Hong Kong to be one of the fintech leaders in the world.

     Before I close, may I wish you all a most rewarding experience at the Hong Kong FinTech Week 2023. Thank you. 

  

     The Hong Kong Film Archive (HKFA) of the Leisure and Cultural Services Department (LCSD) is staging the “Cinderella and Her Qipao” exhibition at the Exhibition Hall of the HKFA today (November 3) until May 5 next year, displaying 31 pieces of qipao costume in films from the 1950s to the 1990s to showcase the fashion trends in films of different eras. This exhibition is one of the programmes of the Hong Kong Pop Culture Festival 2023.
 
     Movie stories are often fictional but costumes help make the characters real. They also reflect a fashion trend. The exhibition is divided into two sections, “The Fashion Show” and “Recreating the Past”, according to different time periods the films are set in, from the Republican era to the present day. Visitors can savour the beauty and style of iconic actresses while contemplating the contributions of costumes to the narrative and artistic aspects, and learning how costume designers constructed the image of actresses and characters through the application of different patterns of the fabric.
 
     The qipao dresses in the exhibition were worn by iconic actresses in various films, including Li Lihua in “Red Rose” (1952), Luo Lan in “Modern Red Chamber Dream” (1952), Hsia Moon in “Tales of the City” (1954), Betty Loh Ti in “Malayan Affair” (1960), Linda Lin Dai in “The Blue and the Black” (1966), Brigitte Lin in “Red Dust” (1990) and Maggie Cheung in “Center Stage” (1992). In addition, related film clips and film stills will be displayed at the exhibition, allowing visitors to have a better understanding of qipao costumes.
 
     Admission to the exhibition is free. For details, please visit www.filmarchive.gov.hk/en/web/hkfa/pe-event-2023-qipao.html or call 2739 2139.
 
     The LCSD launched the first Hong Kong Pop Culture Festival in April 2023, aiming to showcase Hong Kong’s unique cultural creativity and vibrancy through exhibitions, film screenings and pop concerts. For more information on other fascinating programmes of the Hong Kong Pop Culture Festival, please visit www.pcf.gov.hk/en.

            

     The Immigration Department (ImmD) mounted a series of territory-wide anti-illegal worker operations codenamed “Fastrack”, “Lightshadow”, “Rally” and “Twilight” and a joint operation with the Hong Kong Police Force codenamed “Windsand” for four consecutive days from October 30 to yesterday (November 2). A total of 13 suspected illegal workers and four suspected employers were arrested.

     During the anti-illegal worker operations, ImmD Task Force officers raided 319 target locations including commercial buildings, construction sites, massage parlours, premises under renovation and restaurants. Twelve suspected illegal workers and four suspected employers were arrested. The arrested suspected illegal workers comprised three men and nine women, aged 27 to 53. Among them, two women were holders of recognisance forms, which prohibit them from taking any employment. In addition, one woman was suspected of using and being in possession of a forged Hong Kong identity card. Furthermore, two men and two women, aged 35 to 56, were suspected of employing the illegal workers and were also arrested.
 
     Furthermore, during operation “Windsand”, one female Mainland visitor, aged 51, was arrested for breaching her condition of stay by being involved in suspected illegal parallel trading activities at San Wan Road in Sheung Shui. The goods mainly included cosmetic products and healthcare products.

     An ImmD spokesman said, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties.”

     The spokesman warned, “As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment. Under the prevailing laws, it is an offence to use or possess a forged Hong Kong identity card or a Hong Kong identity card related to another person. Offenders are liable to prosecution and upon conviction face a maximum fine of $100,000 and up to 10 years’ imprisonment.”

     The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.

     According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.

     Under the existing mechanism, the ImmD will, as a standard procedure, conduct initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.

    

     In response to the Japanese Government’s plan to discharge nuclear-contaminated water at the Fukushima Nuclear Power Station, the Director of Food and Environmental Hygiene issued a Food Safety Order which prohibits all aquatic products, sea salt and seaweeds originating from the 10 metropolis/prefectures, namely Tokyo, Fukushima, Ibaraki, Miyagi, Chiba, Gunma, Tochigi, Niigata, Nagano and Saitama, from being imported into and supplied in Hong Kong.
 
     For other Japanese aquatic products, sea salt, and seaweeds that are not prohibited from being imported into Hong Kong, the Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department will conduct comprehensive radiological tests to verify that the radiation levels of these products do not exceed the guideline levels before they are allowed to be supplied in the market.
 
     As the discharge of nuclear-contaminated water is unprecedented and will continue for 30 years or more, the Government will closely monitor and step up the testing arrangements. Should anomalies be detected, the Government does not preclude further tightening the scope of the import ban.
 
     From noon on November 2 to noon today (November 3), the CFS conducted tests on the radiological levels of 209 food samples imported from Japan, which were of the “aquatic and related products, seaweeds and sea salt” category. No sample was found to have exceeded the safety limit. Details can be found on the CFS’s thematic website titled “Control Measures on Foods Imported from Japan” (www.cfs.gov.hk/english/programme/programme_rafs/programme_rafs_fc_01_30_Nuclear_Event_and_Food_Safety.html).
 
     In parallel, the Agriculture, Fisheries and Conservation Department (AFCD) has also tested 50 samples of local catch for radiological levels. All the samples passed the tests. Details can be found on the AFCD’s website (www.afcd.gov.hk/english/fisheries/Radiological_testing/Radiological_Test.html).
 
     The Hong Kong Observatory (HKO) has also enhanced the environmental monitoring of the local waters. No anomaly has been detected so far. For details, please refer to the HKO’s website
(www.hko.gov.hk/en/radiation/monitoring/seawater.html).
 
     From August 24 to noon today, the CFS and the AFCD have conducted tests on the radiological levels of 12 145 samples of food imported from Japan (including 8 092 samples of aquatic and related products, seaweeds and sea salt) and 3 508 samples of local catch respectively. All the samples passed the tests. read more

The following is issued on behalf of the Judiciary:      The Judiciary strongly condemns today (November 3) any attempt to exert improper pressure on Judges and Judicial Officers (JJOs), including any suggestion to impose sanctions. T… read more