The 17th Asian Financial Forum 2024 (AFF), co-organised by the Hong Kong Special Administrative Region (HKSAR)
Government and the Hong Kong Trade Development Council (HKTDC), opened today at the Hong Kong Convention and Exhibition
Centre (HKCEC). With the theme Multilateral Cooperation for a Shared Tomorrow, the two-day Forum serves as the first
major financial and business event in the region for 2024. Over 130 finance officials, international financial and
multilateral organisations, financial institutions and private-sector leaders from around the world gather in Hong Kong
as speakers. They analyse global economic dynamics, promote collaboration among stakeholders, explore sustainable
economic development models and identify opportunities for multilateral cooperation.
The Forum is expected to attract over 3,000 finance and business elites, including more than 70 delegations from
Mainland China, Southeast Asia, Japan, Korea, the Middle East, Australia, Europe, and the United States. The Forum aims
to showcase the vibrancy of Hong Kong and promote the convention and exhibition industry to participants from all over
the world as an economic growth driver.
The Opening Session of the Forum featured opening remarks by John Lee, the Chief Executive of the HKSAR, special remarks
by Li Yunze, Minister, National Financial Regulatory Administration (NFRA) and welcome remarks by Dr Peter KN Lam,
Chairman of the HKTDC. Dr Lam said: “A year post-pandemic, what we all are seeking are opportunities to grow and
transform and create a better world for future generations. Opportunities that can only come to fruition as a result of
sustained multilateral cooperation. Themed ‘Multilateral Cooperation for a Shared Tomorrow’, the Forum brings together
leading policymakers and industry players from the world of finance and business to engage in meaningful,
forward-looking conversations and find ways to collaborate for success on today’s most pressing issues.”
The two-day Forum encompasses diverse events, including plenary sessions, policy dialogue, keynote luncheons and
business networking opportunities. Through meetings and exhibitions, it delves into global economic outlook,
opportunities in China, investment prospects, green finance, financial technology, the ecosystem of family offices,
renminbi internationalisation and financial development in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). These
hot topics comprehensively showcase Hong Kong’s advantages as an international financial centre.Diverse speakers from the Middle East and ASEAN for plenary discussions
This year’s Forum focuses on exploring opportunities in Mainland China, the Middle East and ASEAN. One highlight was the
Plenary Session I – Charting the Path to a Shared Future, hosted by Christopher Hui, Secretary for Financial Services
and the Treasury of the HKSAR. The session brought together financial officials from around the world to share their
countries’ outlook on financial policies for this year. The guest speakers included Ali bin Ahmad Al Kuwari, Minister of
Finance of Qatar; Julapun Amornvivat, Deputy Minister of Finance of Thailand; Mohamed Maait, Minister of Finance of
Egypt; Suahasil Nazara, Vice Minister of Finance of Indonesia; and Marko Primorac, Minister of Finance of Croatia.
Following that, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, hosted a Policy Dialogue session Towards
International Economic and Financial Cooperation. The session discussed how to maintain financial system stability
amidst changes in monetary policies, fluctuations in commodity prices and frequent extreme weather events. The guest
speakers in this session included Burkhard Balz, Member of the Executive Board of the Deutsche Bundesbank; Lkhagvasuren
Byadran, Governor of the Central Bank of Mongolia; Thomas Helbling, Deputy Director of the Asia and Pacific Department
at the International Monetary Fund (IMF); Ian Johnston, Chief Executive of the Dubai Financial Services Authority; and
Scott Morris, Vice President of the Asian Development Bank. They exchanged valuable insights on issues such as how to
respond to global financial crises through multilateral cooperation.Prof Sachs from the UN analysed responsible capitalism
The Keynote Luncheon on the first day heard welcome remarks by Paul Chan, Financial Secretary of the HKSAR. This was
followed by a keynote address from Prof Jeffrey D Sachs, President of the UN Sustainable Development Solutions Network.
The speech explored how Responsible Capitalism could foster public-private partnerships and drive the economy towards
sustainable development. Following Prof Sachs’ speech, Ronnie Chan, Chair of Hang Lung Properties Limited, moderated a
discussion session.Financial and business leaders discuss global economy, cooperation opportunities
The afternoon session began with the Panel Discussion on Global Economic Outlook, moderated by Victor Fung, Chairman of
Fung Investments. The panel included esteemed speakers such as Lorenzo Bini Smaghi, Chairman of Société Générale; Jenny
Johnson, President and Chief Executive Officer of Franklin Templeton; Chartsiri Sophonpanich, President of Bangkok Bank
Public Company Limited; and José Viñals, Group Chairman of Standard Chartered plc. They shared insightful perspectives
on prospects for the global economy and future policy directions.
The afternoon session continued with Plenary Session II - Finance for Sustainability and The Role of Multilateralism,
once again hosted by Christopher Hui, Secretary for Financial Services and the Treasury of the HKSAR. The panel featured
Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank; Alexandra Jour-Schroeder, Deputy
Director-General of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union at the
European Commission; Hala El Said, Minister of Planning and Economic Development of Egypt; and Dilma Rousseff, President
of the New Development Bank. They delved into such topics as the impact of nearshoring, rising protectionism and
multilateral cooperation on regional economic development, financial standards and sustainable financial development.Empowering global economic integration by unleashing China’s potential
The Panel Discussion on Stewarding China’s New Chapter debuted this year, aiming to explore the potential of Mainland
China’s market and analyse the role and advantages of Hong Kong under strategic initiatives launched by the mainland.
The session was moderated by Fan Gang, President of the China Development Institute, and featured prominent figures from
the financial and business sectors who are well-versed in Chinese market trends. They shared insights on how businesses
worldwide could seize opportunities presented by the rapid development in Mainland China. The guest speakers included
Jan Craps, CEO & Co-Chair of Budweiser APAC and APAC CEO AB InBev; Fang Feng-lei, Founder and Chairman of Hopu Investments; Liu Yang,
Chairperson and Chief Investment Officer of Atlantis Investment Management; Jung-Ho Rhee, Vice Chairman of Mirae Asset
Securities; and Anil Wadhwani, Chief Executive Officer of Prudential plc.
The first day of the Forum also heard the results of a joint market survey by the HKTDC and Knowledge Partner PwC on the
financial industry’s views on application of artificial intelligence. Raymund Chao, Chairman of PwC Asia Pacific and
China, pointed out during the Forum that the survey revealed a growing prevalence of AI applications in financial
services. Survey findings emphasised the importance for the industry of seizing opportunities and harnessing the
developmental potential of AI more effectively.
Thematic sessions discussed topics trending across the world, covering the global economic outlook, impact of
sustainability on insurance and capital markets, as well as collaborative opportunities in asset and wealth management.
Additionally, Global Spectrum, Dialogues for Tomorrow, and Fireside Chat sessions brought together pioneers from
different industries to delve into current hot topics such as next-generation entrepreneurship, cybersecurity, food
supply and Islamic finance.Unlocking investment opportunities with over 400 projects at AFF Deal-making
To facilitate substantial cooperation, the HKTDC and Hong Kong Venture Capital and Private Equity Association (HKVCA)
are co-organising AFF Deal-making. This platform enables participants to engage in one-on-one meetings, connecting them
with funds and investment projects from around the world. The event focuses on key industries such as financial
technology, environment, energy and clean technology, medical technology, deep technology and food and agriculture. This
year’s AFF Deal-making has attracted over 200 investors and more than 400 projects. Following conclusion of the Forum
tomorrow, participants can use the deal-making online platform for virtual meetings until 30 January (Tuesday) to
continue exploring key opportunities in different fields.Creating business connections through multiple exhibition zones
The Forum continues to feature exhibition zones including Fintech Showcase, Fintech HK Startup Salon, the InnoVenture
Salon and Global Investment Zone which bring together over 100 exhibitors, including local and global financial
institutions, technology companies, start-ups, investment promotion agencies and sponsors. Participants include
knowledge partner PwC, along with HSBC, Bank of China, Standard Chartered Bank, UBS, China International Capital
Corporation (CICC), Huatai International and Cyberport.
The Global Investment Zone features participation from countries and regions including Canada, Dubai, Egypt, Finland,
Kuwait, Luxembourg, Mainland China, Malaysia, Mauritius, Portugal, Spain and the UAE. Investment promotion agencies
introduce local investment environments and potential projects on-site. The InnoVenture Salon is dedicated to supporting
start-up development and provides a platform for more than 100 start-ups to connect with international investors and
potential partners. At the FintechHK Startup Salon 60 enterprises from Hong Kong, Australia, Austria, France, Japan,
Korea, the Mainland, Singapore, Thailand, the United States and Vietnam showcase innovative concepts in areas such as
AI, blockchain, insurtech, payment technology, regulatory technology and wealthtech.Momentum continues at key sessions tomorrow
AFF continues tomorrow with rich content, including diverse thematic discussion sessions and workshops that
comprehensively analyse trends in capital markets, RMB internationalisation, philanthropy, green smart cities, financial
technology, healthcare investments and more. A highlight will be the lunch session where Prof Douglas W Diamond, Nobel
Laureate in Economic Sciences in 2022 and Merton H Miller, Distinguished Service Professor of Finance at the University
of Chicago’s Booth School of Business, will deliver a keynote speech on multilateral cooperation, deconstructing the
phenomenon of global geopolitical fragmentation.
A highly anticipated session is the Dialogue with Bob Prince, featuring Mr Prince, Co-Chief Investment Officer of
Bridgewater Associates, the world’s largest hedge fund. He will share his investment insights and views on multilateral
cooperation. Another new session, CIO Insights, will also take place tomorrow morning, bringing together chief
investment officers from internationally renowned institutions to share their experiences in guiding asset allocation
and investment decisions during economic uncertainty. Other featured AFF guests tomorrow include Susan Chan, Senior
Managing Director, Head of Asia Pacific, Head of Investments, Asia Pacific of BlackRock; René Buehlmann, Chief Executive
Officer, Investments of abrdn plc; Janet Perumal, Senior Managing Director, Wellington Management Company; and Min-Lan
Tan, Head of Chief Investment Office APAC of UBS AG.
To allow overseas participants to experience the vibrant colours of Hong Kong and promote the conference and exhibition
economy, the organisers have collaborated with several organisations to offer exclusive experiential activities for
those visiting Hong Kong, including free admission to the Hong Kong Palace Museum, Hong Kong’s iconic Aqua Luna red-sail
junk boat, TramOramic tour, and open-top Big Bus arranged by the Hong Kong Tourism Board. In addition, they can enjoy
dining discounts at various restaurants and special offers at local tourist attractions, as well as participate in
guided tours.