TREASURY CHIEF CONTINUES MANILA VISIT

Secretary for Financial Services & the Treasury Christopher Hui continued his visit to Manila, the Philippines today by meeting senior government officials there.

Mr Hui held separate meetings with the Governor of Bangko Sentral ng Pilipinas Felipe Medalla, the Philippines’ Undersecretary of Finance Mark Joven and Undersecretary of Foreign Affairs Jesus Domingo.

In the meetings with Mr Medalla and Mr Joven, the treasury chief pointed out that fintech has been one of Hong Kong's priority areas in recent years. Financial institutions in the Philippines and the Association of Southeast Asian Nations (ASEAN) may explore the fintech applications developed in Hong Kong and adopt them in local markets.

Mr Hui also said that the Guangdong-Hong Kong-Macao Greater Bay Area development offers Hong Kong and the Philippines boundless opportunities in areas such as renminbi business and green finance.

Noting that the Philippines is one of the fastest-growing renminbi markets in Southeast Asia, Mr Hui said Hong Kong, a global offshore renminbi business hub, welcomed co-operation with the Philippines that would be conducive to the internationalisation of the renminbi.

On green finance, he added that Philippine companies could make use of the Hong Kong market to raise green and sustainable funds.

At the meeting with Mr Domingo, Mr Hui noted that after the previous two virtual annual meetings of the Asian Development Bank Board of Governors, a physical meeting this year signified that members were ready for further co-operation for a rapid post-pandemic recovery.

On Hong Kong's accession request to the Regional Comprehensive Economic Partnership (RCEP), Mr Hui said he looked forward to the continued support of the Philippines, as Hong Kong's mutually rewarding relationships with RCEP economies run long and deep.

Before the meeting with the senior Philippine officials, the treasury chief attended a breakfast and dialogue on "Hong Kong as an International Financial Centre - Present & Future", organised by the Asia Society Philippines where he informed the participating business heavyweights about Hong Kong lifting the policy on designated quarantine hotels recently and the message was well received.

Mr Hui also highlighted the city's competitive edge in asset and wealth management, connectivity with the Mainland's capital markets and fintech initiatives, as well as the development of the securities market and bond market.

Immediately after the breakfast and dialogue, he met President and Chief Executive Officer of HSBC Philippines Sandeep Uppal.

Mr Hui also attended a luncheon hosted by the Hongkong Chamber of Commerce of the Philippines Inc.

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