Commentary

The new international accounting standards on treatment of leases will have a serious impact on the financials and operations of many companies in Hong Kong.

The 2019 Standard Chartered Hong Kong Marathon saw a record number of participants take part in this annual race. After the event, social media feeds were flooded with posts from marathon-going friends and friends of friends; complete with high-quality photos from professional and amateur photographers.

Data hacks, security breaches, vulnerable IT systems – these are all hot topics in Hong Kong at the moment. With high-profile data security stories dominating headlines, the importance and fragility of personal data are very much in the public eye and have turned everyone’s attention to what businesses are doing ­– or not doing – to safeguard this data.

Governments around the world are putting policies in place to curb carbon emissions in line with the Paris Agreement on climate change. With a significant proportion of the urban population spending much of their time in commercial buildings, the onus is on the real estate industry to provide sustainable properties that will mitigate negative environment impacts. Many countries in the Asia Pacific region are implementing aggressive measures to address environment challenges such as rising carbon emissions, which is spurring the introduction of incentives to construct green buildings. Hong Kong is no different; it continues to make strides to protect its world class status through its sustainable development as a ‘smart city.’

Over the past few years, Hong Kong has established itself as one of the hottest global hubs for startups. As the region’s financial hub, as well as being a springboard to the burgeoning Mainland China market, local and international startup founders alike are using Hong Kong as the base to establish and launch their businesses.

E-commerce is Hong Kong’s number one side hustle pursuit, according to GoDaddy’s Gig Economy Survey in 2017, highlighting the city’s enduring entrepreneurial spirit. The growing numbers of Hongkongers involved in sideline businesses or side hustles can thank the proliferation of cloud technology, which is empowering people to put their ideas quickly, efficiently, and affordably online, as they look to acquire new customers and grow their ventures.

Two years ago, I shared with Hong Kong Business readers how we will be able to build smarter retail infrastructure through in-store artificial intelligence (AI). I am pleased to see that AI-based chatbots are now in widespread use around the world. However, the incredible potential of AI remains largely unrealised in Hong Kong, whilst the number of opportunities has expanded immensely.

According to the Global Financial Centre Index, Hong Kong ranks as the third leading global financial centre after London and New York. In 2017, the number of transactions reached 610 million in the local securities market, with stock connects to Shanghai and Shenzhen bourses bringing in even more business. This is one reason why the Hong Kong financial services industry remains a favourite target for cyberattacks.

WiFi is going to turn into an emerging marketing asset. Businesses will incorporate in their WiFi networks the ability to monitor where their visitors are and use this real time location data to engage with their customers. This is evident from a report about Wi-Fi Analytics which expects the Wi-Fi analytics market to grow at a Compound Annual Growth Rate (CAGR) of 29.54% by 2022. The survey findings on Wi-Fi usage from Hong Kong Wireless Technology Industry Association showed almost half (49.3%) of the Hong Kongers use free Wi-Fi public hotspots to connect the Internet.

Five key questions to ask when signing Belt and Road contracts

The beauty of living in a place where the history and geographic location fuels inventive minds is very apparent here in Hong Kong. The city’s landscape pushes builders to create the astonishing feats of engineering that are our bridges and tunnels. And the fast-paced economy has led to the world-renowned MTR public transportation system, that notably has strong cellular signals available underground, allowing passengers to remain connected whilst traveling on the train. Hong Kong’s history of being a hub for Asia-Pacific trade fuels the region’s desire to be connected via e-commerce.

In the high-paced city that is Hong Kong, the internet is alive, changing, and always moving towards new technologies and trends. If entrepreneurs and small business owners want to keep up then they will need to monitor the pulse of changing website design and SEO trends to help further optimise their online presence and strengthen their online profitability. They can do this themselves or work with website design professionals so that their online presence takes advantage of the five trends outlined below.

The unveiling by the HKSAR Government of its Smart City blueprint late last year gave an insight into the transformation that, if all goes to plan, will improve city management, quality of living, enhance economic growth and modernise Hong Kong.

As a multiculturalist hub in Asia and due to its proximity with China, Hong Kong faces various challenges when it comes to develop a digital marketing strategy.

The advertising and PR industry is currently undergoing unprecedented change. Great Hong Kong SAR, Mainland Chinese and other Asian brands, as well as overseas brands looking to do business in Asia are thinking differently and approaching challenges differently. One of the primary reasons for this is technology, increases in the value of data, and AI advancements that come from marrying the two. Put down the WeChat session while you read this article!

The dominance of the large, listed companies so long at the heart of Hong Kong’s economic and business culture is under threat, challenged by the government efforts to boost competition, increasingly sophisticated shareholder demands, changing or disrupted markets and rival economic centres in the region.