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Financial Secretary Paul Chan Mo-po arrived in Davos, Switzerland on Monday and began his program at the World Economic Forum (WEF) Annual Meeting alongside the Hong Kong representative team.
Accompanied by Secretary for Commerce and Economic Development Algernon Yau Ying-wah, Chan held bilateral meetings with political and business leaders to introduce them to the latest developments and prospects in Hong Kong, and to promote the city’s new advantages and development opportunities.
One among the party of whom Chan met was Mohammed Al-Jadaan, the Minister of Finance of Saudi Arabia, they discussed the prospects of deepening financial cooperation between Hong Kong and the Middle East.
Chan pointed out that since his visit to the Middle East two years ago, the SAR and Saudi Arabia have achieved encouraging progress in financial cooperation. He emphasized that Hong Kong, with advantages under the “one country, two systems”, serves as an international financial center connecting the mainland and the world.
He invited Saudi Arabia’s capital and enterprises to utilize Hong Kong as a high-quality platform to expand into the mainland and Asian markets. He also looks forward to enhancing the two-way financial and business cooperation with Saudi Arabia.
Chan met with Nigeria’s Vice President Kashim Shettima as well and exchanged views on issues of mutual interest, such as global economic development.
Chan also met with representatives of two companies engaged in fintech and artificial intelligence (AI) respectively, including the issuer of the world’s second largest stablecoin.
He said that Hong Kong is pressing ahead with developing digital assets in a prudent and orderly manner and is consulting the public on regulating stablecoin.
He welcomed fiat-based stablecoin companies to set their foot in Hong Kong to provide more innovative and convenient financial services to the community.
Chan also met with the founder of an Israeli unicorn in AI and pointed out that Hong Kong has strong scientific research abilities. The city has put in substantial resources to develop AI as an industry, including the establishment of an AI Supercomputing Centre, Chan added.
Chan will continue his visit until his return to Hong Kong on Saturday (Jan 20).
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