The 18th Asian Financial Forum (AFF), co-organised by the Hong Kong Special Administrative Region (HKSAR) Government and the Hong Kong Trade Development Council (HKTDC), successfully wrapped up today under the theme “Powering the Next Growth Engine”. This year’s forum attracted over 3,600 global financial and business elites from more than 50 countries and regions. The event leveraged Hong Kong’s role as an international financial centre to strengthen the international communication platform, foster multilateral cooperation and promote mutually beneficial outcomes. Three high-level Mainland China officials attended the Opening Session of the AFF yesterday, including Zhou Ji, Executive Vice Director of the Hong Kong and Macao Affairs Office of the State Council of the People’s Republic of China and Hong Kong and Macao Affairs Office of the State Council; Dr Pan Gongsheng, Governor of the People’s Bank of China; and Liu Zhenmin, Special Envoy for Climate Change of China.

As the year’s first large-scale international financial and business event in the region, the atmosphere at the AFF was vibrant and charged with a positive energy. The forum showcased emerging perspectives across the diverse sessions, all of which were well-attended and well-received by speakers and audiences alike. Leaders from around the world actively engaged in discussion throughout the two-day event, with more than 130 policymakers, international financial and multilateral organisation representatives, financial institutions, and global corporate leaders joining as speakers.

The speaker at the Keynote Luncheon on the first day of this year’s AFF was Prof Justin Lin Yifu, Chief Economist and Senior Vice President of the World Bank (2008-2012), who delivered an in-depth analysis of the shifting global economic landscape. Prof Lin pointed out: “In terms of purchasing power, China has the largest domestic market in the world. I think China can reach a 4.5 % growth rate on the average annually between 2019 and 2049. Thus China will continue to contribute around 30% of growth to the world every year. It’s good not only for China, but also will be the most important asset of Hong Kong in the coming years.”

Keynote Luncheon today focused on AI: Future Industries and Implications, with Prof Stuart Russell, Co-chair of the World Economic Forum’s Council on AI, sharing his insights into the development, application and governance of generative AI. Prof Russell said: “We could build AI systems that are guaranteed to further human interests but we aren’t. Some may worry that the machines that we are building will become conscious and lose control, but competence should actually be the topic that we worry about.  As history shows, we cause species to become extinct due to our competence, not our consciousness. We are training them to have human-like objectives, and that is a fundamental mistake. I am hoping that if we design the AI system well enough, they themselves will refuse to contribute to the enfeeblement of the human race.” Another AI expert, Dr Kai-Fu Lee, Chairman of Sinovation Ventures, also addressed the transformative power of AI and its impact on technological advancements in the global business ecosystem during a dialogue session.

In alignment with the HKSAR Government’s initiatives to promote sustainable development in Hong Kong, sustainability emerged as a key focus at the forum. A session yesterday featured experts including Sue Lloyd, Vice Chair of the International Sustainability Standards Board (ISSB), who delved into the adoption of financial disclosure standards to enhance confidence in Hong Kong’s capital markets. Today saw more discussions related to sustainable development, including a Breakfast Panel dedicating to transition finance and two more sessions – on sustainable investment and Post-COP29 Implementation: Enhance Climate Ambition and Enable Financing Action – at which Liu Zhenmin, Special Envoy for Climate Change of China, gave remarks.

This afternoon saw the debut of the Gulf Cooperation Council Chapter, jointly organised by the AFF and the Gulf Cooperation Council (GCC). Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR Government, and HE Jasem Mohamed AlBudaiwi, Secretary General of the Cooperation Council for the Arab States of the Gulf, delivered keynote remarks. Financial officials and representatives from Oman, Qatar, Saudi Arabia and the United Arab Emirates joined industry leaders from Hong Kong to share updates on economic developments in the Gulf region, highlight future investment opportunities, and examine ways to strengthen financial cooperation and investment between the member states of the GCC and Hong Kong.

In addition, pioneers from a range of industries actively participated in sessions such as CIO Insights, Dialogues for Tomorrow and Global Spectrum, focusing on hot topics ranging from fintech and capital markets to female entrepreneurship and philanthropy. One of the heavyweight speakers at this year’s AFF was Joe Tsai, Chairman of the Alibaba Group, who shared his views at a fireside chat moderated by Ronnie Chan, Honorary Chair, Hang Lung Properties Limited on how large companies spur economic development in a session titled Global Spectrum – The Role of Large Companies in Supporting Start-ups and Social Enterprises.

Views on mainland and overseas industries and environmental economies tracked on-site

Real-time polling was conducted during the forum to gauge participants’ views on various topics, such as the global economic outlook and China opportunities. It indicated that generative AI-led innovation (41.6%) and non-AI innovation, including digital infrastructure & healthcare (23%), were seen by participants as the most critical growth engines in the Asia Pacific region. Meanwhile, generative AI (31.4%) and advanced manufacturing (20%) were seen as the most promising growth sectors  in Mainland China.

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More than 700 one-on-one matching meetings facilitated on-site over two days

This year’s AFF Deal-making, co-organised by the HKTDC and the Hong Kong Venture Capital and Private Equity Association (HKVCA), brought together more than 270 investors and over 560 investment projects with more than 700 one-on-one meetings held, covering a wide spectrum of sectors such as fintech, healthtech, deep tech, consumer goods, infrastructure and real estate, environment, energy and environmental technology. The meetings helped to connect funds and investment projects from across the globe.

As always, the AFF featured several exhibition zones, set up with the aim of creating business connections and promoting networking, including the Fintech Showcase, Fintech HK Startup Salon, the InnoVenture Salon, and the Global Investment Zone. These zones featured more than 140 exhibitors including international financial institutions, technology companies, start-ups, investment promotion agencies and sponsors such as AFF Knowledge Partner EY, along with HSBC, Bank of China (Hong Kong), Standard Chartered Bank, UBS, Prudential, China International Capital Corporation (CICC) and Huatai International and more.

Three other events ran concurrently with the AFF across the two days. The Hong Kong International Fundraising Roundtable 2025 yesterday convened C-suite leaders from overseas and mainland enterprises with Hong Kong’s financial and professional service providers to address pressing financing and fundraising needs. The Malaysia–Hong Kong Islamic Finance Roundtable, co-organised with Malaysia International Islamic Financial Centre (MIFC) Leadership Council, facilitated the development of cross-border financial activities between Hong Kong and Islamic economies represented by Malaysia. Additionally, the Family Office Symposium, co-organised with the Private Wealth Management Association (PWMA), spotlighted Hong Kong’s advantages as a premier family office destination and explored current investment trends.

The Asian Financial Forum was a signature event of 2025 International Financial Week (IFW), which runs from 13 to 17 January and brings together more than 20 partner events to create synergies in the industry. These events cover many topics of global interest to the financial and business community, including private equity, family offices, net zero investing and generative AI, among others. This week of events helps underscore the importance of Hong Kong as an international financial hub.

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The 18th Asian Financial Forum (AFF) 2025, co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), opened today at the Hong Kong Convention and Exhibition Centre (HKCEC). Themed “Powering the Next Growth Engine”, the two-day forum has attracted over 130 global business leaders, policymakers, financial and wealth management experts, entrepreneurs, tech giants and economists as speakers. About 3,600 financial and business elites from over 50 countries and regions are expected to gather and explore how to ignite new engines for growth in 2025 and navigate the challenges ahead.

The forum kicked off with opening remarks by John Lee, Chief Executive of the HKSAR, followed by addresses from Zhou Ji, Executive Vice Director of the Hong Kong and Macao Affairs Office of the State Council of the People’s Republic of China; Dr Pan Gongsheng, Governor of the People’s Bank of China; and Liu Zhenmin, Special Envoy for Climate Change of the People’s Republic of China.

Welcome remarks were delivered by Dr Peter KN Lam, Chairman of the HKTDC, who said: “Future growth will be different to that of the past, as traditional growth models face resource constraints and environmental pressures. Innovations, such as AI, renewable energy, fintech developments and healthcare discoveries, have the potential to power economic growth and enrich human development for decades to come. It is timely that the theme of this year’s Asian Financial Forum, ‘Powering the Next Growth Engine’, addresses these very questions from the perspective of finance and its impacts on broader business communities. The forum will discuss how the finance industry and corporates can support the next generation of innovative businesses and industries to help them unleash their potential and drive global growth in the years ahead.”

The two-day forum presents over 40 sessions ranging from Plenary Sessions, Policy Dialogue, Keynote Luncheons and Breakfast Panel, Fireside Chats, and thematic workshops. Topics included global economic outlook, China opportunities, new markets opportunities, investment outlook, artificial intelligence (AI), fintech, sustainability, philanthropy, and more, giving participants a deeper understanding of future opportunities and insights into global economic development.

Discussion session gathers international experts to address global challenges

This year’s forum is dedicated to driving new thinking, strengthening international cooperation and trust, and addressing the global economic landscape in a challenging environment. Plenary Session I – Innovation: The Solution to Unlock the Next Growth Engines, hosted by Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, brought together finance officials and multilateral organisation leaders to examine financial policies in 2025. Guest speakers included Adylbek Kasymaliev, Chairman of the Cabinet of Ministers – Head of the Presidential Administration of Kyrgyz Republic; Muhammad Aurangzeb, Federal Minister of Finance and Revenue of Pakistan; Gilles Roth, Minister of Finance of Luxembourg; and Yoshiki Takeuchi, Deputy Secretary-General, Organisation for Economic Co-operation and Development (OECD).

Plenary Session II – Collaboration: The Road to Growth and Prosperity focused on international cooperation and was also moderated by Christopher Hui. The panel speakers included Roberta Casali, Vice-President of Finance and Risk Management of the Asian Development Bank; Jin Liqun, President and Chair of the Board of Directors of the Asian Infrastructure Investment Bank (AIIB); and Satvinder Singh, Deputy Secretary-General for ASEAN Economic Community of the Association of Southeast Asian Nations (ASEAN). They explored ways to rebuild trust and deepen partnerships amid global challenges to achieve shared growth and common prosperity.

A Policy Dialogue session, Accelerating Growth through Innovation, was moderated by Eddie Yue, Chief Executive of the Hong Kong Monetary Authority. Speakers included Bayardavaa Bayarsaikhan, Director General of the Monetary Policy Department of the Bank of Mongolia; Philip Lane, Chief Economist and Member of Executive Board of the European Central Bank; Rogelio V. Quevedo, Commissioner of Securities and Exchange Commission of the Philippines; and Dr Olli Rehn, Governor of the Bank of Finland. They exchanged valuable insights on issues such as global monetary policy trends and the impact of geopolitical factors on markets, helping businesses and organisations better navigate uncertainty and explore new opportunities for collaboration and growth.

High calibre economists discuss economic growth strategies at today’s Keynote Luncheon 

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Paul Chan, Financial Secretary of the HKSAR Government, gave his welcome remarks at today’s Keynote Luncheon. Prof Justin Lin Yifu, Chief Economist and Senior Vice President of the World Bank (2008-2012), delivered a keynote speech that addressed strategies for achieving stable economic growth. A dialogue session was moderated by Prof Richard Wong, Philip Wong Kennedy Wong Professor in Political Economy and Provost and Deputy Vice-Chancellor of the University of Hong Kong.

Exploring the global outlook, opportunities in China and avenues for cooperation

One of the highlights of the afternoon session, the Global Economic Outlook discussion, was kicked off by Liu Haoling, Vice Chairman and President and Chief Investment Officer of the China Investment Corporation with a special address. The panel discussion was moderated by Victor Chu, Chairman and Chief Executive Officer of First Eastern Investment Group, with speakers including Ernesto Torres Cantú, Member of Executive Management Team and Head of International of Citi; Bonnie Y Chan, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited; J Christopher Donahue, President and Chief Executive Officer of Federated Hermes, Inc; Antoine Gosset-Grainville, Chairman of the Board of Directors of AXA; and Dr Fred Hu, Founder and Chairman of Primavera Capital Group. The participants shared valuable insights on the drivers for global economic growth.

Another well-received panel discussion at last year’s AFF, the China Opportunities session, was joined by some heavyweight speakers, including Charles Li, Founder and Chairman, Micro Connect; Li Yimei, Chief Executive Officer of China Asset Management; Ken Wong, Executive Vice President of Lenovo and President of Lenovo Solutions and Services Group; and Wilson Zhang, Managing Director, Global Executive Head of Equities, China International Capital Corporation Limited. They delved into the potential of the Chinese market and investment prospects under the country’s commitment to technological innovation.

The green economy and sustainable development are among the key topics at this year’s forum. Corporates worldwide are actively undergoing a green transformation as regulators introduce relevant policies. The International Sustainability Standards Board (ISSB) published its first international sustainability disclosure standards, providing clear guidance for the green transition and sustainable development of corporates. In the meantime, corporates in Hong Kong will fully align the ISSB’s sustainability disclosure standards from this year. Sue Lloyd, Vice Chair of the ISSB, will join other speakers to share the latest progress in sustainability reporting standards.

Meanwhile, the HKTDC with AFF Knowledge Partner EY jointly conducted a survey exploring the perspectives and practices of Asian corporations and investors with regard to readiness to sustainability reporting, sustainable finance and climate change. The survey results were released today. Jack Chan, EY China Chairman and EY Greater China Regional Managing Partner, said the survey shared that an increasing number of businesses and investors are considering integrating sustainability into their operations, but barriers persist due to the lack of clearly defined frameworks and accessible resources. The survey also offers actionable insights and recommendations for companies looking to embark on a path toward sustainable development.

Global investment matchmaking and diverse exhibition zones

As one of the highlights of the forum, AFF Deal-making continues to offer an efficient one-on-one matching platform to project owners and investors. This year it has attracted over 270 investors and over 560 investment projects, covering a wide spectrum of sectors such as environment, energy and environmental technology, food and agritech, health tech, fintech, and deep tech. The Deal-making session helps foster active global collaboration and generate new business opportunities.

Diverse exhibition zones foster innovation and cross-border collaboration

This year’s AFF exhibition attracted over 140 fintech companies, start-ups and investment promotion agencies from around the world that are striving to stage an innovative and investment-driven grand financial event.

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A variety of exhibition zones are featured, including the Fintech Showcase, Fintech HK Startup Salon, the InnoVenture Salon and Global Investment Zone. The InnoVenture Salon offered a platform for over 100 start-ups to showcase the application of innovative technologies across different sectors, of which the Fintech HK Startup Salon has brought together over 60 fintech start-ups, featuring cutting-edge solutions from 22 countries and regions and helping to highlight Hong Kong’s potential as a powerhouse for innovation and technology. The Global Investment Zone connects participants with business opportunities from different countries and regions.

Sharing advanced insights into exploring emerging markets

The session tomorrow offers a wide array of topics, including an exploration of the impact of AI on the financial industry. Prof Stuart Russell, Co-chair of the World Economic Forum’s Council on AI, and Dr Kai-Fu Lee, Chairman of Sinovation Ventures, will deliver remarks at the Keynote Luncheon and Dialogues for Tomorrow respectively, exploring the development and opportunities that AI offers for the future of workforce, investors and businesses from different perspectives.

The Forum and the Gulf Cooperation Council (GCC) co-host the Gulf Cooperation Council Chapter tomorrow, making its debut this year. Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR, and Jasem Mohamed AlBudaiwi, Secretary General of the Cooperation Council for the Arab States of the Gulf, will deliver keynote remarks. Financial officials and representatives of financial institutions from Oman, Qatar, Saudi Arabia and the United Arab Emirates will join industry leaders from Hong Kong to discuss the economic development of Gulf countries and the potential for financial cooperation with Hong Kong.

Additionally, the CIO Insights session, moderated by Albert Goh, Chief Investment Officer (External Managers), Exchange Fund Investment Office, Hong Kong Monetary Authority, panelists will share their views on asset allocation plans, maintaining investment convictions, and the opportunities emerging across the wider region and beyond. The session will bring together representatives from internationally renowned large corporations and family office, including Vincent Mortier, Group Chief Investment Officer of Amundi; Bei Saville, Chief Investment Officer, Treasury and Fingerboard Family Office, Advance; Manraj Sekhon, Chief Investment Officer of Templeton Global Investments; and Alexandra Wilson-Elizondo, Partner, Managing Director, and Co-Chief Investment Officer of Multi-Asset Solutions of Goldman Sachs Asset Management.

With environmental, social and governance (ESG) now playing a larger role in the development of businesses, Asia needs to look at achieving the goals set by the Paris Agreement over the next 30 years. COP29 this year have reinforced the global trend towards a green and low-carbon transition. In a session titled Dialogues for Tomorrow – Asia Dialogue on Post COP29 Implementation: Enhance Climate Ambition and Enable Financing Action, Liu Zhenmin, Special Envoy for Climate Change of the People’s Republic of China, will explore innovative financing mechanisms and collaboration opportunities with several leading experts to advance climate initiatives, as well as strategies to strengthen commitments and cooperation on climate goals. Additionally, Joe Tsai, Chairman of the Alibaba Group, will join the Global Spectrum session analysed the role of corporate social responsibility and philanthropy in supporting start-ups and social enterprises from a macro perspective.

For the latest edition of the AFF, the event has collaborated with several organisations to offer special discounts and privileges for travel, dining and shopping, encouraging participants to make the most of their stay in Hong Kong and experience the city’s vitality. Activities offered to visitors include the Peak Tram and Sky Terrace experience, the Aqua Luna Victoria Harbour Cruise, visits to Man Mo Temple and Tai Kwun, dining discounts in Lan Kwai Fong, access to the Winter Wonderland at Happy Valley Racecourse’s Happy Wednesday, and a dining discount provided by Lei Garden. The goal is to give overseas participants a deeper understanding of Hong Kong, promote the conference and mega event economy, and tell positive stories about the city.

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ShiftCents, Inc., also known as BankShift, an emerging leader in embedded banking innovation, is proud to announce the submission of an international patent application for its revolutionary Brand On Banking technology. This milestone builds on the company’s success in securing non-provisional patent-pending status in the United States in early 2024, further underscoring BankShift’s commitment to protecting its intellectual property on a global scale while addressing the growing demand for embedded banking solutions that enable financial institutions and brands to deepen consumer engagement and foster loyalty.

BankShift empowers financial institutions to white-label their consumer banking products for brands, driving new engagement, value, and loyalty. By leveraging this proprietary solution, financial institutions can distribute banking products within traditionally non-financial experiences, delivering modernized customer experiences while maintaining regulatory compliance.

The market for embedded banking is primed for transformation, representing a $1.5 trillion global fintech opportunity. Traditional financial institutions and brands are actively seeking solutions to seamlessly integrate banking services into their consumer ecosystems, creating deeper relationships and actionable data insights. BankShift is uniquely positioned to meet this need, offering a full-stack, turnkey solution that stands apart from conventional banking-as-a-service providers by enabling direct customer experience management while ensuring regulatory fidelity.

“We’re excited to take this next step in securing our innovation internationally,” said Rob Thacher, Founder and CEO of BankShift. “Our technology, already patent-pending in the United States, positions financial institutions and brands to build stronger, more personalized consumer relationships while driving significant growth together. This international patent filing reinforces our mission to modernize embedded banking and protect the value we bring to our partners.”

BankShift’s Market Impact

• Problem: Brands seek to stand out and deepen their connection with consumers by building financial relationships that provide valuable data and insights, ultimately driving sales and retention. However, financial institutions often lack the modern infrastructure and expertise needed to enable embedded banking.
• Solution: BankShift is a turnkey solution for financial institutions to distribute banking products within traditionally non-financial experiences, maintaining regulatory fidelity while enabling third parties to grow their business and enhance customer experiences to foster loyalty.

BankShift invites financial institutions and popular brands to explore the possibilities unlocked by its embedded banking technology. Consult with them today to learn more about how BankShift can revolutionize your embedded banking offering and elevate your brand presence.

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