Hong Kong
HKMA encourages virtual banks as part of Smart Banking transition
HKMA encourages virtual banks as part of Smart Banking transition
The de facto central bank believes they promote fintech and financial inclusion.
Private consumption growth expected to weaken to 3.5% amidst inflation pickup
This will likely result in limited purchasing power for Hong Kong consumers.
Omnichannel may just be Hong Kong retail's saving grace
Retailers should tap into this goldmine as the consumer preference of Hong Kongers increasingly turns digital.
Hong Kong slowly losing patronage of Chinese wealthy to Singapore amidst tighter Mainland scrutiny
The number of Chinese HNWI who cited Hong Kong as the preferred overseas investment destination dipped to 53%.
Hong Kong loses to Singapore as top Asian location for MNC headquarters
Therefore, KPMG believes that a tax incentive for funds and RHQ should be introduced.
2 in 5 banks likely to pursue JVs to boost digitisation efforts
This will result in greater industry collaboration between banks and e-commerce players.
Introducing group tax loss relief will boost Hong Kong's international competitiveness: KPMG
The policy would put Hong Kong at par with major financial centres like Singapore and US.
Short-term restaurant activity picks up as total receipts value hit $112.7b in 2017
Thanks to receipts growth in non-Chinese restaurants and fast food shops.
Chinese land buying spree abates as lands sold via government tenders fall to 11%
Blame tighter capital controls and greater scrutiny of overseas purchases.
Steady southbound inflows buffer HSI from market shocks and global bearishness
Stock purchases from Mainland investors were able to offset bourse losses following a US slump.
Household debt weighs heavily on homeowners as home prices far exceed wage growth
The situation could only go worse if local interest rates rise.
Acquisition of Central skyscraper may post the largest property loan at $33b since 2015
A Chinese-led consortium is seeking to acquire billionaire Li Ka-shing’s The Center.
Homegrown startups raise record-high funding as total VC investment hits $425m in Q4
The $220m capital infusion for fintech startup WeLab was the ninth largest year-end deal in Asia.
Government urged to offer profits tax concession to qualified startups and tax relief to angel investors
The move is sure to encourage increased levels of private investment, said EY.
PMI down to 51.1 in January amidst rising backlogs and lower employment
Firms also had to grapple with higher raw material prices which may have led to some layoffs.
3 in 5 companies willing to hire overseas to plug skill shortage
Most employers believe that skill shortages will hamper their daily operations in 2018.
Total visitor arrivals up 4.7% to 5.59m in December
The influx of tourists from the Mainland contributed significantly to the year-end figures.
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