Hong Kong Official Responds to "Influx of Middle Eastern Funds": Mutual Two-Way Exchange, Tokenized Funds Already Landed on Middle Eastern Wealth Management Platforms

Odaily News In response to the increasingly heated topic of "influx of Middle Eastern funds" in Hong Kong, Hong Kong SAR Government Deputy Secretary for Financial Services and the Treasury, Mr. Chan Ho-lim, responded that there are indeed more clients inquiring about how to transfer funds to Hong Kong or open accounts there. At the same time, he noted that the exchange between Hong Kong and the Middle East is two-way. He revealed that a licensed virtual insurance company from Hong Kong has already expanded its business to Saudi Arabia and the United Arab Emirates, and Hong Kong's tokenized funds have landed on Middle Eastern wealth management platforms. Asian funds can purchase Islamic bond ETFs in Hong Kong, providing Middle Eastern investors with a familiar and trustworthy market. Mr. Chan Ho-lim emphasized that the Hong Kong government will actively develop fintech and digital assets and is currently formulating legislative proposals for the licensing system for digital asset trading and custody services. (Hong Kong Commercial Daily)