The Financial Services Development Council (“FSDC”) today announced the release of its annual report for the 2024/25 financial year, highlighting its work and achievements in driving the development of Hong Kong’s financial services industry during the period from 1 April 2024 to 31 March 2025.

Mr Benjamin Hung, Chairman of the FSDC, stated: "The global financial landscape is undergoing profound shifts in trade routes, capital markets-cum-wealth flows, and technology acceleration. Hong Kong should proactively adapt and seize these opportunities, and in particular exerting itself as a leading centre in capital markets, regional treasury, risk management and digital transformation. With its unparalleled strategic positioning, supported by its deep connectivity with Mainland China, strong rule of law, and free-market policies, Hong Kong is well-positioned to expand international connectivity, attract global talent, and solidify its indispensable role in global flows.”

Thought Leadership

During the year, the FSDC published seven policy research reports and other publications focusing on priority areas essential to Hong Kong's financial development, namely asset and wealth management, green and sustainable finance, FinTech, and global connectivity. These reports covered key topics, including:

·Enhancing liquidity and efficiency of Hong Kong's capital market

·Cementing Hong Kong’s role as a premier global insurance hub

·Trailblazing for change through developing into an impact investing hub of Asia

·Hong Kong’s crucial role in financing the transition to sustainability

·Internationalising China’s carbon market

·Embracing digital ID to accelerate digital transformation in the financial services industry

·An enabling regulatory framework for Web3 & FinTech innovation

Since its establishment in 2013, the FSDC has made 266 policy recommendations, with 193 of them followed up by the HKSAR Government, representing a 73% implementation rate. These achievements underscore the FSDC’s influence in shaping policies that drive Hong Kong’s financial ecosystem forward.

Global Promotion and Strategic Partnerships

The FSDC actively promoted Hong Kong as an international financial centre through participation in over 160 local and overseas events across regions including ASEAN, the Middle East, Azerbaijan, the United Kingdom and Türkiye. Collaborative partnerships were solidified with key counterparts through signing Memoranda of Understanding with the Beijing Financial Street Services Bureau, Shanghai Research Center for Financial Stability and Development, Qatar Financial Centre Authority, Istanbul Financial Center, Capital Markets Authority of Kuwait.

To help strengthen Hong Kong’s financial market connectivity with ASEAN and the Middle East, the FSDC established dedicated advisory groups for providing insights into collaboration and networking opportunities across financial markets in these two regions.

Human Capital Development

To address talent needs in the financial services industry, the FSDC hosted its second industry-wide Career Festival in collaboration with universities and industry partners. The event engaged over 200 students from 11 local universities, providing career insights and networking opportunities in high-demand sectors, including insurance, banking, wealth management, and FinTech.  

Hong Kong Academy for Wealth Legacy: Incubating Next-gen Wealth Owners for Lasting Legacy

The Hong Kong Academy for Wealth Legacy ("HKAWL"), a subsidiary of FSDC, hosted two sessions of Legacy Summits in partnership with Invest Hong Kong, convening family principals, next-generation asset owners, and single-family office executives from Hong Kong, Mainland China and overseas to foster enduring wealth legacies. Through organising and co-organising 15 diverse events, the HKAWL facilitated in-depth discussions among over 600 asset owners, wealth inheritors and family office practitioners on topics around its six “Legacy Development Goals”, namely intergenerational integration, family governance, philanthropy, impact investing, arts and culture, and wealth management.

Impact Link, the philanthropic initiative championed by the Academy, launched its dedicated depository online portal this year. It serves as a vital platform for connecting family philanthropists with impactful charitable projects, nurturing the next generation of philanthropists and fostering collaborations that drive social change.

Dr King Au, Executive Director of the FSDC, remarked, “This year’s achievements reflect the FSDC’s dedication to driving meaningful progress in Hong Kong’s financial services sector. Through focused research, strategic partnerships, market promotion and talent development, we have strengthened Hong Kong’s position as a global financial hub. I am confident we will continue to build on these accomplishments, addressing emerging challenges and shaping a sustainable and resilient financial future.”

The FSDC 2024/25 annual report can be downloaded here.