As a third-generation Hong Konger from an Indian family who has lived in Hong Kong for over 100 years, I have met many investors and high-net-worth individuals from Southeast Asia and elsewhere. emerging market They question Hong Kong’s status as an international financial hub. When you ask why, you’ll hear answers like “operating costs are too high” or “we don’t have the community or the right people.” Unfortunately, in a sense they are right.
Hong Kong has a surprisingly long history as one of the world’s financial centers with the rule of law. But it has been stuck in the past for too long. The financial system is used to standardize large companies in the United States, Europe, or mainland China. The needs of people in emerging markets are sometimes ignored.
As the world evolves, Hong Kong’s financial system struggles to quickly adapt to the complex landscape of an emerging market that includes diverse languages, cultures, religions and legal frameworks in different countries.
The primary needs of emerging high net worth individuals in these regions are cost-effective operations and a seasoned management team familiar with industry nuances and cultural dynamics to manage family-owned businesses; Powerful IT support to get you through today’s situation. Mobile-centric landscape.
Hong Kong has a surprisingly long history as one of the world’s financial centers with the rule of law. But it has been stuck in the past for too long.Photo: Ik Young Man
PwC’s 2022 study reveals a shift towards a digital focus. Approximately 22% of high net worth investors said they changed advisors to improve their digital capabilities. Meanwhile, people aged 18 to 34 said they prioritized digital features when choosing a wealth management provider, and listed the quality of online and digital services as a top priority.
However, according to a Morgan McKinley report, 76% of technology recruiters say hiring competition will be “very” or “quite” competitive in 2023, and technology talent is almost scarce in Hong Kong. It is a great resource.
Community diversification is also a major concern for outside investors. From 2022 to 2023 Hong Kong’s population will increase – then recover Outflow of human resources due to the new coronavirus infection – This is mainly due to the net inflow of 51,700 Hong Kong residents last year, about 80% of whom were immigrants from mainland China. one way permit.
For other global financial hubs to foster a vibrant atmosphere, it is essential to have a diverse talent pool comprised of individuals of different nationalities, backgrounds, and even religions.
In 2022, Hong Kong will Top talent passing schemes To attract foreign talent, the biggest beneficiary will still be mainland China, which will further weaken the city’s diversification. According to data provided to Nikkei Asia by the Hong Kong Immigration Department, of the 55,381 people issued work visas under the system as of January, 52,404 people, or about 95%, were mainland Chinese. . In my experience, diverse cities are less unfamiliar and easier for most talent to live in.
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An Indian born and raised in Hong Kong explains why Hong Kong will always be home
An Indian born and raised in Hong Kong explains why Hong Kong will always be his home
I am truly grateful for the blessings of multicultural society And we hope to welcome more diverse talent to build our society. For example, the fintech company I work for, Payments Asia, has started recruiting Indian technology professionals and facilitated their relocation to Hong Kong through the Top Talent Pass scheme, while simultaneously addressing the technology talent shortage. The issue was also addressed.
As job postings flooded the digital realm of Indian job platforms, I witnessed a flood of responses with unwavering enthusiasm. With just her one chance, more than 100 applications flood in. This is proof that the source of talent is limitless. This shows that the city continues to attract technology talent and is recognized as one of the world’s cities. Cities with the highest wages in the worldAlthough it is one of the most expensiveunfortunately.
I have lived in this city for quite some time and am acutely aware of Hong Kong’s extraordinary status. It stands out as a financial center. breathtaking scenery And a moving vibrancy that stands out from the rest.
Given its unique characteristics and rich financial heritage, Hong Kong has the potential to significantly increase its international attractiveness. By attracting talented people, cities can effectively attract more capital, thereby cementing their position as global financial powerhouses.
Times are changing and Hong Kong has experienced a lot since 2019. To thrive in an evolving landscape, Hong Kong needs to focus on redefining its identity to attract diverse talent. By establishing itself as a hub that celebrates innovation and multiculturalism, Hong Kong can effectively attract top professionals from around the world.
This influx of diverse talent will not only boost Hong Kong’s vibrancy, but also act as a magnet for capital investment, solidifying Hong Kong’s position as a dynamic and attractive destination for growth and prosperity.
Kavi Harilela is Business Director at Payment Asia.
