• 2016年10月20日,香港證券及投資學會(Hong Kong Securities and Investment Institute, HKSI)年會在香港亞洲協會舉行。香港財經事務及庫務局陳家强局長親臨主禮,幷作主題演講。年會上,陳局長代表HKSI向傲揚集團頒發獎狀,以感謝傲揚集團對HKSI獎學金計劃的支持。

    今年是傲揚集團第三年參與贊助HKSI獎學金計劃。傲揚集團主席尹滿華先生更於今年擔任獎學金計劃委員會主席。他表示希望獲獎同學借助現金獎勵和實習機會,繼續深入瞭解香港金融服務行業的優勢和前景,幷從此開啓一段人生的旅程!


    香港證券及投資學會(HKSI)簡介

    HKSI於1997年成立,爲業內專業團體,由資深業界人士在香港證券及期貨事務監察委員會和香港交易及結算所有限公司支持下所創立。HKSI願景爲提倡幷促進香港金融服務業達至卓越的專業標準,鞏固香港國際金融中心的領先地位。HKSI以考試及專業資格制定行業標準、以持續培訓課程提升從業員專業能力,幷以會員社群致力推動行業發展。HKSI竭誠爲會員、同業及有志投身金融服務業人士提供服務,協助他們達成目標。




    Speech by SFST at Hong Kong Securities and Investment Institute Autumn Dinner 2016 (English only)

    Following is the speech by the Secretary for Financial Services and the Treasury, Professor K C Chan, at theHong Kong Securities and Investment Institute Autumn Dinner 2016 today (October20): let me get back to you later John (Chairman ofHKSI Institute, Mr John Maguire), distinguished guests, ladies and gentlemen,

    Good evening. I'm pleased to join you today at the HKSI Institute AutumnDinner. I notice that the dinner has been held here at the Asia Society threeyears in a row already. By now I'm convinced that this is indeed a perfectlocation for an Autumn Dinner. I love the venue, but due to the typhoon, cannot enjoy it tonight.

    Meanwhile, the global financial markets were not exactly smooth sailing overthe past few years. We witnessed the dramatic fall of oil prices from overUS$100 per barrel to less than half that value in 2014. Last year, some of uswere surprised by the volatility in the mainland markets. Others were moreconcerned about monetary normalisation in the US when other central banks weremoving rates into the negative. This year we went through Brexit, and will findout who will be the next US President very shortly.

    In Hong Kong, our markets have remained robust. Our IPO market has remainedstrong. In fact, Hong Kong ranked first in terms of IPO funds raised in 2015and this year so far. Our asset management industry has also been doing well.Our combined fund management businesses reached HK$17 trillion at the end oflast year. This is almost a double from 2011.

    Such phenomenal growth is also mirrored in the hedge fund sector. Total hedgefund AUM in Hong Kong was over US$120 billion in 2014. This is again a doubleover the previous five years. At the end of September 2014, there were almost800 hedge funds managed by managers licensed by the SFC (Securities and FuturesCommission).

    The introduction of the Shanghai-Hong Kong Stock Connect in 2014 was anothermilestone. First of all, the scheme has illustrated the commitment of theMainland authorities to bilateral opening and the role Hong Kong plays in theprocess. Moreover, smooth operation over the past two years has demonstratedour execution ability, as well as the mutual co-operation between theregulators.

    Meanwhile, the Mutual Recognition of Funds (MRF) arrangement launched last yearis a breakthrough for our asset management industry. This is the first suchscheme between the Mainland and a market outside the Mainland. The MRF alsoallows regulators on both sides to jointly develop a shared set of regulatorystandards for fund products. This is again a first for Asia.

    We have also upgraded our legal and tax regime to give our asset managementsector a further push. As a start, we have waived all stamp duty on ExchangeTraded Funds (ETF) transactions in 2015. During the first seven months of thisyear, Hong Kong ranked third in Asia in terms of ETF turnover and the number ofETF listed.

    To support the private-equity business, we extended the profits tax exemptionfor offshore funds in 2015.

    We are also going to introduce the open-ended fund company, or OFC, as a fundvehicle. The industry welcomes this as a more flexible and efficient alternativeto the existing unit trust form. We hope to attract more funds to set up inHong Kong. This will help us build a more comprehensive asset managementindustry and there will be more jobs across the fund industry, fromregistration and investment to sales and marketing.

    At the same time, we are also tackling the challenge of fund distribution tomake fund products more accessible. We understand that the SFC has started toexplore exchange or electronic-based platforms for fund investors.

    This initiative, however, can be considered in the light of a bigger trend inthe industry. Yes, I am talking about the use of new technology in thefinancial services industry, or Fintech in short. We believe Fintech cansignificantly bring down the cost of providing financial services. This ispowerful. And Fintech has the potential to fundamentally transform thefinancial services industry.

    We have been working with the industry and regulators to explore theopportunities for Fintech in Hong Kong. We have every reason to believe thatHong Kong can be a Fintech hub for Asia and beyond. Much is happening already,including the dedicated space and incubation programme at the Cyberport as wellas those supported by the industry. Fintech entrepreneurs can also make use ofnew and existing funding schemes. The pool of aggregated funding is no lessthan HK$5 billion. The SFC, the HKMA (Hong Kong Monetary Authority) and theinsurance regulator have also set up dedicated platforms to engage with theFintech community. And Hong Kong will be hosting our first Fintech Week inearly November, do watch out for the programmes.

    Looking forward, there are good reasons to believe that there is much room forHong Kong to go further, given our positioning and the great pool of talentshere. As the mainland market continues to open, Hong Kong is best positioned tobenefit from the resulting fund flows. Our markets are well-tested with a solidtrack record on risk management. We are well positioned for new growth in demandfor financial services.

    I have given a brief review of the achievements we have made. This is not tosay that our financial services industry is without challenge. To start with,the global financial market remains highly uncertain. The macro outlook for theworld is affected by low growth and worry about whether the low interest ratespolicy is still effective. It is not surprising for companies and investors toremain cautious about new investments under these circumstances. This has adampening effect on financial transactions, or investor appetite around theworld. The decrease in trading and corporate finance deals has made thebusiness environment more difficult for financial institutions and fundmanagers.

    With so much about the markets feeling uneasy, what can we do? My answer isthat we should do our best to build on our strength. I would say we need towork harder to make our market stronger. On the equity market, we shouldincrease the strength of our listing platform and a trading centre for equityproducts. I notice that the joint consultation paper of the SFC and the SEHK onenhancements to listing regulation and governance has brought about lots ofdiscussion. The discussion has been wide ranging, covering the regulatory and developmentalaspects of our market regulation. Open discussion among stakeholders is bothhealthy and welcomed.

    To me, the real challenge we face is how to make our listings more attractiveto investors worldwide. Clearly we must ensure we have a quality market,because investor confidence in our market is the key to our competitiveness.But we also need to diversify types of industries and companies represented inour market. We should make our market attractive to companies of differentindustries and from different countries to seek a listing.

    This is not a new goal. But the markets have changed. The economy has changed,and there are many exciting emerging new industries. We need to re-examine ourmarket positioning, regulation, and marketing to see how we can be stronger andbetter. I look forward to discussion that leads to a shared vision withindustry and regulators, and from there, an action plan.

    With vision comes manpower need for market development. It is with this in mindthat I would like to thank the HKSI Institute for its continued support. Justdays ago we jointly launched the Pilot Programme to Enhance Talent Training forthe Asset and Wealth Management Sector. This will help attracting new blood toexpand the talent pool, and enhance the professional competency in the assetand wealth management sector.

    We look forward to working closely with the industry and the HKSI Institute totake our financial services industry to newer heights. And, congratulationsagain to the Senior and Hononory Fellows of the Institute.

    I wish you all a nice evening. Thank you.