Hong Kong is introducing a policy framework to promote responsible AI adoption in financial services, a move expected to attract family offices and wealth managers. Financial Secretary Paul Chan announced the initiative at FinTech Week 2024, emphasising the city’s growing fintech ecosystem with over 1,100 companies specialising in AI and blockchain.
The government aims to balance innovation with risk management by providing clear regulatory guidelines on AI use, focusing on data privacy, cybersecurity, and operational resilience. This aligns with efforts to position Hong Kong as a hub for global wealth management.
Additionally, new tax concessions will extend to virtual assets by year-end, alongside a licensing regime for digital asset custodians in 2025. These initiatives are expected to bolster Hong Kong’s appeal to family offices seeking diversified investments and cutting-edge financial infrastructure.