James Lau Visits Sweden

Secretary for Financial Services & the Treasury James Lau has started his visit to Stockholm to strengthen financial ties with Sweden.

Mr Lau first met Swedish Minister for Financial Markets & Housing and Deputy Minister for Finance Per Bolund.

They exchanged views on green finance and financial technology (fintech) developments on both sides.

Noting that the Swedish government planned to issue green bonds in 2020 to fund budget expenditure on sustainable investments and projects, Mr Lau shared Hong Kong's experience in issuing government green bonds and looked forward to future collaboration on promoting the development of green finance.

Understanding the wide adoption of fintech applications in Sweden, Mr Lau briefly introduced Hong Kong's work on enhancing fintech application and the customer experience, including the implementation of the Faster Payment System and the upcoming operation of virtual banks.

 

Mr Lau also took the opportunity to provide an update on Hong Kong's latest situation and measures taken to address current challenges.

He highlighted the Government's determination to achieve a peaceful resolution, adding that despite recent disruptions, Hong Kong continues to operate efficiently and remains a safe and welcoming place for people and businesses from around the globe.

Mr Lau then visited MTR Nordic AB, a wholly-owned subsidiary of the Mass Transit Railway Corporation in Sweden, to learn more about its operation of metro and commuter rail services in Sweden and other Nordic countries.

In the afternoon, the treasury chief met representatives from Business Sweden and several fintech companies interested in the Hong Kong market.

Learning that Business Sweden is an organisation commissioned by the Swedish government and the local industry to help the country's firms grow global sales, Mr Lau welcomed Swedish companies to expand their businesses to Hong Kong.

In particular, he shared his views on Hong Kong's vibrant fintech ecosystem and invited Swedish fintech companies to participate in Hong Kong FinTech Week scheduled for November.

Mr Lau also visited Findec, an organisation which targets fintech businesses in areas such as regtech, insurtech and blockchain, and exchanged views with the attending companies on the development of various fintech applications in relation to trade finance, cross border payment and personal finance.

He also called on Chinese Ambassador to Sweden Gui Congyou and informed him of Hong Kong's latest developments.