Green Bond Market Leader
According to Odaily, Hong Kong Chief Executive John Lee announced at the Hong Kong Association of Banks that since May 2019, the city has issued green and sustainable bonds worth HK$220 billion across multiple currencies. This achievement places Hong Kong at the forefront of the green bond market. In the coming weeks, a roadmap for adopting international financial reporting standards will be presented, making Hong Kong one of the first jurisdictions to comply with local and international financial reporting requirements.
The Hong Kong government intends to develop the city into a regional green finance hub, with a focus on innovation and technological advancement in the financial sector. This includes funding schemes for green fintech proof-of-concept projects and providing early-stage financial support for related initiatives. Fintech is also expected to help companies leverage artificial intelligence and blockchain technology to boost efficiency and maintain a competitive edge.