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"Green finance is absolutely new in Hong Kong and I think not
many people are doing it in Asia and that is why we feel we
should seize the opportunity," said Laura Cha, chairman of Hong
Kong's Financial Services Development Council (FSDC).
China has vowed to make "green finance" a top priority of the
Group of 20 nations as chair of the group this year.
The country needs at least 2 trillion yuan ($305.6 billion) a
year over the next five years in green investments to promote
environmentally-friendly investments and reduce the effects of
pollution from its rapid industrial growth over the past three
decades.
"China is on the chair of G20 and they are very keen on green
finance among other things. The September summit under G20, you
would expect some action," she said, adding the recommendations
will likely be published on May 24.
The FSDC, whose members include asset managers, banks,
securities firms, consultancies and law firms, is also
considering forming a group to discuss recommendations to
develop the city's financial technology, or fintech, industry as
it grows in importance, Cha said.
Unlike China or India, where a large portion of the population
remains without access to bank accounts or financial services,
Hong Kong is a mature market that is "well served," so fintech
rules in the city would have to consider that, she said.
"We are absolutely not moving fast enough" on fintech, Cha
added. "This is an area of development that is a very key
element of the financial industry that we cannot ignore."
The FSDC was set up by Hong Kong's government in 2013 to examine
how the city could maintain its status as a major Asian
financial hub amid competition from regional rivals. It has
issued recommendations to bolster the city's position as an
international center for trading of China's currency, lure more
initial public offerings and real estate investment trusts (REITs),
among others.
($1 = 6.5448 Chinese yuan)
(Editing by Jacqueline Wong)
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