CPA Congress Special Edition: CPA Congress, 15 July 2023 DRIVING BUSINESS SUCCESS MESSAGES FROM GUESTS OF HONOUR Paul Chan, Financial Secretary; Asmâa Resmouki, President, IFAC FEATURES WITH KEYNOTE SPEAKERS Julia Leung, CEO, SFC; Prof. KC Chan, Chairman, WeLab Bank INSIDE: CREATING A PATHWAY TO ADVANCEMENT: EMPOWERING ENTERPRISES FOR THE FUTURE
With a refreshed layout designed for easy browsing, the new A Plus website delivers a brand new experience to keep you up to date with the latest developments impacting the profession. Enjoy content on the revamped website carefully curated to help you catch up with Institute, accounting and business news and insights, as well as success stories that will inspire you. Whether browsing from your desktop or mobile devices, read up on the latest articles and seamlessly transition to articles on topics that interest you. As easy as it gets. Introducing the new A Plus website Pinpoint articles on specific topics, such as “sustainability” or “digital transformation” with the enhanced search function Bookmark articles of interest and read them later under the always present bookmark tab Find out what topics are covered at a glance with meta tags Consume content by the latest articles, issues, or under specific categories or topics, with options to view PDF or flipbook versions. ESG APLUS.HKICPA.ORG.HK
08 Asmâa Resmouki Message from President of the International Federation of Accountants FEATURES WITH KEYNOTE SPEAKERS 10 Julia Leung Message from Chief Executive Officer of Securities and Futures Commission 12 Prof. KC Chan Interview with Chairman of WeLab Bank and Senior Advisor of WeLab CONTENTS CPA Congress 2023 With the theme “Creating a Pathway to Advancement: Empowering Enterprises for the Future”, the CPA Congress is igniting a spark of innovation and collaboration among professionals to drive businesses forward. The event is the flagship event of the Institute’s 50th Anniversary – an important milestone for the accounting profession as well as for Hong Kong’s development as an international financial centre. Featuring an ensemble of world-class guests and speakers, the CPA Congress is an excellent opportunity for attendees to gain insights into the latest trends and innovations that are on the global agenda for enterprises of all shapes and sizes. With four panel discussions covering Hong Kong’s role in ESG and green finance, mega trends in the digital economy, Greater Bay Area growth, and diversity and inclusion in the corporate setting, the conference has been curated for professionals and business leaders looking to stay ahead of the curve. Through these discussions, attendees learn valuable information to drive growth and contribute to the future success of their organizations. DRIVING BUSINESS SUCCESS About our name A Plus stands for Accounting Plus. It represents a profession that is rich in career options, stays relevant amid rapid changes, and adds value to business. This magazine strives to present the global mindset and varied expertise of Institute members – Accountants Plus. Editor Gerry Ho Email: gerry.ho@mandl.asia Managing Editor Jemelyn Yadao Registered Office 2/FWang Kee Building, 252 Hennessy Road, Wanchai, Hong Kong ISSN 1815-3380 President Loretta Fong Vice Presidents Roy Leung Edward Au Chief Executive and Registrar Margaret W. S. Chan Director of Corporate Communications Rebecca Tam Publication Manager Michael Wong Editorial Coordinator Maggie Tam Office Address 37/F, Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong Tel: (852) 2287-7228 Fax: (852) 2865-6603 Member and Student Services Counter 27/F, Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong Website: www.hkicpa.org.hk Email: hkicpa@hkicpa.org.hk 02 President’s message 04 Programme: morning 05 Programme: afternoon GUESTS OF HONOUR MESSAGES 06 Paul Chan Message from Financial Secretary of the Government of the Hong Kong Special Administrative Region A Plus is the official magazine of the Hong Kong Institute of Certified Public Accountants. The Institute retains copyright in all material published in the magazine. No part of this magazine may be reproduced without the permission of the Institute. The views expressed in the magazine are not necessarily shared by the Institute or the publisher. The Institute, the publisher and authors accept no responsibilities for loss resulting from any person acting, or refraining from acting, because of views expressed or advertisements appearing in the magazine. ©Hong Kong Institute of Certified Public Accountants The digital version is distributed to all 47,519 members, 11,571 students of the Institute and 2,183 business stakeholders quarterly.
PRESIDENT’S MESSAGE Loretta Fong Loretta Fong President Dear esteemed guests and members, “ We hope that the insights gained and connections made during the CPA Congress will empower attendees to be key contributors in their organizations’ path to advancement.” On behalf of the Hong Kong Institute of Certified Public Accountants (HKICPA), I would like to extend a warm welcome to the CPA Congress, our flagship event to commemorate our 50th anniversary. Over the past five decades, the Institute has been committed to enhancing the accounting profession’s standards and promoting its development in Hong Kong and beyond. As we celebrate our golden jubilee, we are proud to reflect on our achievements and look forward to the future with optimism and excitement. The HKICPAwas established in 1973 and over the past 50 years, the Institute, with the immeasurable contributions of our members, has been instrumental in shaping the landscape of accounting in Hong Kong and beyond. We have continuously enhanced professional standards, promoted industry development, and contributed to Hong Kong’s success as an international financial centre. Today, the Institute has expanded its membership to over 47,000 professionals. Our members have played a vital role in supporting the development of Hong Kong’s economy and financial markets, and have been recognized for their expertise and professionalism both locally and internationally. As we celebrate the HKICPA’s 50th anniversary, we take pride in the Institute’s contributions to the accounting profession and the wider community. Our members have been instrumental in helping organizations navigate complex financial and regulatory environments, and have contributed to the development of accounting standards and best practices both in Hong Kong and globally. Beyond celebrating the achievements of the past, we must also look to the future. With the theme “Creating a Pathway to Advancement: Empowering Enterprises for the Future” and an ensemble of world-class guests and speakers, the CPA Congress is a remarkable opportunity for the Institute to do just that alongside professionals and business leaders and exchange insights into the latest topics on the global agenda. In this special CPA Congress issue of A Plus, you will find the programme of the CPA Congress, as well as exclusive content meant to complement the entire experience. We are immensely honoured to have an esteemed lineup of guests and speakers at the CPA Congress, including our Guests of Honour, Paul Chan, the Financial Secretary of the Government of the Hong Kong Special Administrative Region, and a Past President of the Institute; Shu Huihao, Director General of Accounting Regulatory Department of the Ministry of Finance of the People’s Republic of China; and Asmâa Resmouki, President of the International Federation of Accountants (IFAC). You will find respective messages from the Financial Secretary and the President of IFAC to the Institute on our 50th anniversary in the following pages. I would like to share my heartfelt thanks to them for their well wishes and encouragement. Julia Leung, Chief Executive Officer of the Securities and Futures Commission, and Prof. KC Chan, Chairman of WeLab Bank and Senior Advisor of WeLab, as keynote speakers, will provide their unique perspectives on the future of sustainable finance and the power of collaboration respectively at the CPA Congress. Leung has shared a special message congratulating the Institute, while Prof. Chan took time out of his busy schedule to share his thoughts about his career and the development of FinTech in Hong Kong ahead of his keynote speech in this special issue. Be sure to give them a read. I would encourage attendees to take full advantage of the opportunity to engage in the thought-provoking discussions among panellists, exchange ideas with other attendees, and gain valuable insights into the latest developments in these critical areas. I would like to express our heartfelt gratitude to all the speakers, panellists, sponsors and attendees who have made this event possible. We hope that the insights gained and connections made during the CPA Congress will empower attendees to be key contributors in their organizations’ path to advancement. Once again, welcome to the CPA Congress, and we wish you a fruitful and inspiring experience. 2 CPA Congress 2023
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PROGRAMME 4 CPA Congress 2023 09:00 Welcome remarks Loretta Fong, President, Hong Kong Institute of Certified Public Accountants (HKICPA) 09:10 Opening remarks by Guests of Honour • Paul Chan, Financial Secretary of the Government of the Hong Kong Special Administrative Region • Shu Huihao, Director General of Accounting Regulatory Department of theMinistry of Finance of the People’s Republic of China • Asmâa Resmouki, President, International Federation of Accountants 09:40 Officiating ceremony 09:45 Keynote discussion: The Future of Sustainable Finance and Implications for Businesses Moderator: Loretta Fong, President, HKICPA Keynote speaker: Julia Leung, Chief ExecutiveOfficer, Securities and Futures Commission 10:15 Panel discussion 1: Transitioning Hong Kong into an ESG and Green Finance Hub Environmental, social and governance (ESG) factors and considerations are increasingly incorporated as key factors in corporate executions and decisions. This panel session examines how ESG can help corporate leaders and professionals to achieve their business goals with the adoption of professional protocols and ESG financial products. Moderator: Dr. StephenWong, Head, Chief Executive’s Policy Unit Panellists: • Anthony Cheung, ManagingDirector and Head of ESG, Polymer Capital Management • John Haffner, Deputy Director – Sustainability, Hang Lung Properties Limited • Mark Harper, Group Head of Sustainability, John Swire & Sons (H.K.) Limited • Dr. Christine Loh, Chief Development Strategist, Institute for the Environment at the Hong Kong University of Science and Technology • Hendrik Rosenthal, Director, Group Sustainability, CLP Holdings Limited 11:10 Coffee break 11:30 Panel discussion 2: Mega Trends in AI, Virtual Assets, Data Analytics and Tech Economy This panel session will explore the impact of emerging technologies on various industries and how organizations can adapt and leverage these technologies to drive growth and innovation. The panellists will discuss the challenges and opportunities of digital transformation, providing insights and best practices for companies seeking to adopt new technologies and optimize their operations. Moderator: Wilson Chow, Global Technology, Media and Telecommunications Industry Leader, PwCChina Panellists : • Joanne Chan, Deputy Chief Financial Officer, Animoca Brands • Duncan Chiu, Member, Technology and Innovation Constituency, Legislative Council • Sam Lee, Founder and Chief ExecutiveOfficer, Coinstreet • Robert Lui, Hong KongDigital Asset Leader, Deloitte China • Kelvin Tse, Head of Global Partner Solutions, Microsoft Hong Kong 12:30 Lunch break Morning session
APLUS CPA Congress 2023 5 14:00 Keynote address: The Power of Collaboration: Creating a Future of Shared Opportunity and Success Keynote speaker: Prof. KC Chan, Chairman of WeLab Bank and Senior Advisor of WeLab 14:30 Souvenir presentation to sponsors 14:35 Panel discussion 3: Innovation and Collaboration in the GBA: Driving Growth for Hong Kong Professionals With Hong Kong’s well-developed legal framework, financial systemand professional services, what is the role of Hong Kong enterprises in fostering economic development in the Greater Bay Area (GBA)? The panel will explore the opportunities and challenges presented by the region’s rapid growth and integration. The panellists will examine the impact of the GBA on Hong Kong professionals and industries, and discuss strategies for leveraging the region’s unique strengths to drive innovation, growth and collaboration. Moderator: Jasmine Lee, Managing Partner, Hong Kong andMacau of Ernst & Young and Council member of HKICPA Panellists: • Daniel Chan, Executive Vice President and Head of Greater Bay Area, HSBC • Archie Fong, Head of Healthcare and Corporate Finance for Ping An of China Capital (HK) • Peter Kung, Chairman of Supreme Genius Consulting Company Limited • Wilson Pang, Senior Partner, Advisory, Southern China, KPMG • Jennifer Zheng, Head of Customer Lifestyle, China, Cathay Pacific 15:35 Coffee break 16:05 Panel discussion 4: Diversity and Inclusion: Creating a Corporate Culture of Belonging and Empowerment This panel discussion will explore the changing landscape of the workplace and the importance of building a strong organizational culture that attracts, develops, and retains top talent. The panellists will discuss key strategies for fostering a culture of success, including cultivating a sense of belonging and empowerment through diversity and inclusion initiatives, encouraging ongoing learning and professional development, and promoting leadership at all levels of the organization. The panel will provide insights seeking to build a dynamic, high-performing culture that attracts and retains top talent. Moderator: Eric Ng, Chief Strategy Officer, KOS International Panellists: • Winnie Lai, People andOrganization Director, Head of Area South, Greater China, DB Schenker • Melissa Lau, Director and the Hong Kong lead of Diversity, Equity, and Inclusion, Robert Half • Francis Ngai, Founder and Chief ExecutiveOfficer, Social Venture Hong Kong • Jannie Tam, Founder and Senior Director, GROWDynamics Talent Development • Christine Tsang, Board Vice-Chair, TheWomen’s Foundation 17:05 Closing remarks Stephen Law, Chair of the 50th Anniversary Organizing Committee and Council member, HKICPA Afternoon session
GUEST OF HONOUR Paul Chan Photography by Jocelyn Tam 6 CPA Congress 2023
APLUS It is my great pleasure to congratulate the Hong Kong Institute of Certified Public Accountants (the Institute) on its golden jubilee, to be celebrated with the hosting of the CPA Congress. The accounting sector has been playing an indispensable role in the development of our economy. Over the past 50 years, the Institute, being the accounting and auditing standard-setter for Hong Kong, has gone from strength to strength, making sterling contributions to the accounting profession as well as rendering unswerving support to Hong Kong in maintaining its status as an international financial centre. In particular, the Institute provides our accounting professionals with comprehensive training for them to unleash their potential to the fullest and equip them with the necessary knowledge and skills to meet the ever-changing market needs. Under the theme “Creating a Pathway to Advancement: Empowering Enterprises for the Future” and featuring an ensemble of world-class guests and speakers, the CPA Congress is an excellent opportunity for attendees to gain insights into the latest trends and innovations that are on the global agenda for enterprises of all shapes and sizes. I am sure that this f lagship event will offer a constructive platform for exchanging views on topical issues and benefit the accounting profession at large. On this joyous occasion of celebrating such as important milestone, I would like to extend my sincere wishes to the Institute for successfully hosting the CPA Congress today as well as every success in its endeavours in the next 50 years and beyond. “ Over the past 50 years, the Institute, being the accounting and auditing standard-setter for Hong Kong, has gone from strength to strength, making sterling contributions to the accounting profession as well as rendering unswerving support to Hong Kong in maintaining its status as an international financial centre.” Paul Chan Message from Financial Secretary of the Government of the Hong Kong Special Administrative Region Paul Chan Financial Secretary, Government of the Hong Kong Special Administrative Region CPA Congress 2023 7
GUEST OF HONOUR Asmâa Resmouki On behalf of the International Federation of Accountants (IFAC), I am pleased to congratulate the members, students, and management of the Hong Kong Institute of Certified Public Accountants (HKICPA) on the occasion of the Institute’s 50th anniversary. Throughout its history, the HKICPA has been a pillar of the public interest. Its contributions to standard-setting and the development of the accountancy profession have been invaluable to Hong Kong’s remarkable economic development over the decades. Today its work remains vital for economic resilience and for maintaining Hong Kong’s critical position as a destination and avenue for international trade and investment. As a founding member of IFAC, the HKICPA is an important advocate for our profession and the public interest in a dynamic and globally important market. The views and activities of the HKICPA are felt not just within IFAC but also among international standard setters and a wide range of stakeholders in our profession. The secret to the HKICPA’s success is its vibrant student and member base. The hard work and high achievements of these individuals have brought global recognition to the HKICPA’s Qualification Programme and burnished the CPA brand in Hong Kong. The HKICPA is doing exceptional work on some of the global profession’s most pressing issues. By focusing on the services and value it offers to its students and members, the HKICPA is ensuring that these individuals can step into the workforce, or advance within it, with the skills to lead on sustainability, the digital transformation, and more. The HKICPA deserves recognition for its leadership on the global sustainability agenda, in particular. It has long been on the cutting edge of the application of environmental, social and governance (ESG) factors, as well as the green finance agenda. I commend the HKICPA’s achievements in the field and look forward to the bright future made possible by its continued leadership. I congratulate the HKICPA again for 50 years of outstanding contributions to Hong Kong businesses, local and global economies, and, above all, the public interest. I send my best wishes for your continued success for many years to come. “ As a founding member of IFAC, the HKICPA is an important advocate for our profession and the public interest in a dynamic and globally important market. The views and activities of the HKICPA are felt not just within IFAC but also among international standard setters and a wide range of stakeholders in our profession.” Asmâa Resmouki Message from President of the International Federation of Accountants Asmâa Resmouki President, IFAC 8 CPA Congress 2023
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KEYNOTE SPEAKER Julia Leung 10 CPA Congress 2023
APLUS Julia Leung, the Chief Executive Officer of the Securities and Futures Commission (SFC), shared a message to the Hong Kong Institute of Certified Public Accountants (HKICPA) to celebrate its 50th anniversary: “Big congratulations to the HKICPA on your golden jubilee. For half a century, your exemplary commitment to the excellence of the accounting profession has buttressed the quality, integrity and reputation of Hong Kong’s capital markets. The SFC shares your vision to develop Hong Kong as an international financial centre and also applauds your efforts in standard setting and gatekeeping to realize this vision. We look forward to closer cooperation with HKICPA and wish you an even brighter future in the next 50 years.” Leung has been in her current office since 1 January 2023. After joining the SFC in March 2015 as Executive Director of the Investment Products Division, Leung became Executive Director of the Intermediaries Division in June 2016 and took on the additional capacity of Deputy CEO in March 2018. With more than 25 years of public service, Leung has extensive experience in financial regulation, market development and international cooperation. Prior to joining the SFC, Leung was the Under Secretary for Financial Services and the Treasury from August 2008 to December 2013. Before that, she served at the Hong Kong Monetary Authority for 14 years, spending the last eight years as the executive director responsible for financial cooperation with Mainland and other international regulators. Leung graduated from The Chinese University of Hong Kong and earned a master’s degree from Columbia University in the city of New York. In 2014, she authored a book on how Asia has surmounted various financial crises. “ Big congratulations to the HKICPA on your golden jubilee. For half a century, your exemplary commitment to the excellence of the accounting profession has buttressed the quality, integrity and reputation of Hong Kong’s capital markets.” Julia Leung Message from Chief Executive Officer of Securities and Futures Commission Photography by Anthony Tung CPA Congress 2023 11
KEYNOTE SPEAKER Prof. KC Chan Prof. KC Chan, Chairman of virtual bank WeLab Bank and Senior Advisor of the pan-Asian FinTech platform WeLab, talks about the next stage of development for Hong Kong FinTech, and how the industry can thrive with the knowledge of the accounting profession A fter years pushing financial technology (FinTech) development in Hong Kong and grappling with FinTech regulation, Prof. KC Chan had it very clear in his mind what he wanted to do next after leaving his government role in 2017. “Ten years ago, I was already thinking about the FinTech policy in government, and howwe should promote the industry. I didn’t know anything about the actual technology. When I left, I thought this field was very exciting and wanted to work for a small company – I really wanted to be associated with a Hong Kong homegrown start-up in FinTech,” recalls Chan, Chairman of virtual bankWeLab Bank and Senior Advisor of WeLab, the Hong Kong FinTech company. When Chan, former Secretary for Financial Services and the Treasury of Hong Kong, met up with Simon Loong, Founder and Group Chief Executive Officer of WeLab, at a small office in SheungWan, Loong was thinking about applying for a virtual bank license. “That was really appealing to me because I see FinTech as helping ordinary people along their financial journey and I thought a virtual bank can help us work towards that vision,” says Chan. In 2020, WeLab was granted a virtual banking license by the Hong Kong Monetary Authority, becoming the first homegrown Hong Kong FinTech company to establish a virtual bank, and Chan was subsequently appointed the bank’s Chairman. FinTech brings a range of business benefits, and for years has been disrupting the traditional payments industry, enabling consumers to make payments whenever and wherever. But for Chan, the beauty of the technology lies in the social benefits, and its ability to empower users in innovativeways. Hewants to see FinTech have an even greater impact on people’s lives. “From the payments angle, FinTech has changed people’s lives and has come a long way,” he says. “But how can an ordinary person use technology to improve his or her ‘financial journey’?” The financial journey, he explains, often involves saving money, making payments, investing money, buying insurance and so on. “This is how people interact with financial institutions in their daily lives,” Chan says. In terms of making the whole financial journey as seamless as it is with digital payments, Chan believes the FinTech industry still has a long way to go. As Chairman of WeLab Bank, Chan’s focus is to provide more digital wealth products and build smarter banking products at a low cost. “A lot of my friends and colleagues buy and sell stocks, and to me, this is just an action. How do you knowwhich stock to buy? What’s behind these decisions? That’s really my personal passion – looking at how to make the investment journey much more intelligent,” Chan says. Chan is also part of WeLab Group, the bank’s parent company, and is proud of the group’s entrepreneurial spirit. In September last year, the company completed its acquisition of an Indonesian commercial bank, PT Bank Jasa Jakarta, a move allowingWeLab to tap into a market beyond its home city. “I was very enthusiastic about that project,” Chan says, adding that with its close to 300 million population, Indonesia represents a huge opportunity to provide digital banking solutions. “I see it as really important not only for us, but for the Hong Kong FinTech story,” he says. Innovation through collaboration Cyberthreats and attacks continue to be a major risk for the industry. To ensure consumers and businesses can leverage the benefits of FinTech, cybersecurity is critical, notes Chan. “There shouldn’t Redefining the financial journey “ That’s really my personal passion – looking at how to make the investment journey much more intelligent.” 12 CPA Congress 2023
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KEYNOTE SPEAKER Prof. KC Chan be any compromise. Security is a fundamental building block in this whole FinTech ecosystem, so we should all get on with it and make sure we have a good system in place,” he says. “Whether you’re running a FinTech or a simple business holding a lot of customer data, everybody will be vulnerable.” Chan says that for WeLab, cybersecurity is a core competence, particularly as FinTechs are subject to regulations around cybersecurity, data privacy and anti-money laundering and consumer protection. On the topic of the skills needed in FinTech, Chan brings up the importance of collaboration. At his bank, he sees people with traditional banking experience working collaboratively with technology experts to solve problems and share ideas. “With wealth management products, we cannot build this with tech people alone. We have a lot of people from traditional banks with a lot of experience, and then we have people who are more experienced in digitizing products. We have good collaboration between the two. I think that is key to success.” Marrying the traditional banking experience with the digital experience has been particularly valuable as the bank looks to digitalize complex financial products that rely on the human touch. “A traditional bank will sell the products through relationship managers, human beings who talk to the clients. I still think that trust they build is wonderful. How do I bring that same experience, the same trust, and same feeling, from a physical setting to a digital setting?” The ideas man Before joining the world of virtual banking, Chan’s career has been varied. He was appointed as Secretary for Financial Services and the Treasury of Hong Kong from 2007 to 2017, and often spoke on Hong Kong’s potential to becoming a FinTech hub. Before that, he was Dean of Business and Management in the Hong Kong University of Science and Technology. “I was a typical academic. I trained as a Ph.D in Finance, did research, wrote papers, taught students, gave lectures. One day, they say that you’re good at management and you’re asked to be a dean of the school,” Chan says. “You can never really be prepared to be a dean of a school because the dean actually does a lot of managing and a lot of PR, speaking to people and stakeholders. I was never prepared for that. Then I was invited to join the government, and wasn’t really prepared for that either.” Once again he mentions collaboration, this time as a powerful tool for overcoming his unpreparedness. “Through collaborating and building trusting relationships with different parties, I have learned a lot from people around me and leveraged on their skillsets, for example government colleagues who are experts in their professional areas,” he says. “I think collaboration has also helped me enjoy the work that I do because you rely on other people, their expertise and experiences. And you also have a team of people who are honest and trust each other when sharing ideas.” What has also been a constant throughout his career, Chan believes, is an intellectual curiosity. “I think that was the underlying thing. I’ve always wanted to find out what makes things work. How does an organization work? How do you make a school work? How do you set policy? ” Being an educator has played a big part in Chan’s career. He admits that he isn’t exactly passionate about teaching, but more about sharing ideas. “That includes teaching, and also relates to what I’m doing now [at WeLab]. I think that passion was developed when I was very young. I always wanted to have the ability and opportunity to influence people and the society, and to have an impact or influence on other people’s thinking,” he says. Role of accountants Chan points out that at WeLab, there are accountants working not only within the finance team, but also in the technology team. “We have a lot of people coming from accounting firms who work on our technology audit, who know a lot about technology.” When it comes to the role accountants can play in the overall FinTech sector, Chan says the accounting profession undeniably has a strong influence on the industry and its future direction. “The accounting community accumulates knowledge and spreads the knowledge. They are very key stakeholders in our knowledge economy,” he says. “When you think about any kind of innovation in the business or financial world, or even the wellbeing of society, I think accountants have a very important role to play because they really are the professionals whose business is to learn and to figure out things, and to really try to push the boundaries of knowledge.” Adding to this, Chan likens accountants to academics. “They can really analyse an issue, make sense out of it, and then teach all of us about what they found. So I see them as ‘knowledge professionals’ in the FinTech industry.” As Hong Kong aims to maintain its status as a global financial hub, Chan also sees CPAs continuing to play an important role as a core protector of Hong Kong’s financial system. “A financial centre is, of course, measured by the number of initial public offerings, how much money is raised, how many assets are managed, and so on. But behind all that is a financial system and the financial system in Hong Kong is really top-notch, world-class. And in this system, who are the practitioners? The CPAs and the lawyers. So we should really uphold that quality and make Hong Kong as open and internationally recognized as possible. This is fundamental to our success as a financial hub,” Chan says. “Congratulations to the HKICPA for its 50th anniversary! I’d like to thank the Institute for supporting Hong Kong’s status as an international financial hub with its expertise and professional ethics.” “ They [accountants] can really analyse an issue, make sense out of it, and then teach all of us about what they found. So I see them as ‘knowledge professionals’ in the FinTech industry.” 14 CPA Congress 2023
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