ACCA (the Association of Chartered Certified Accountants) Hong Kong today released a report titled The Role of Professional Services in Strengthening Hong Kong as an International Financial Centre. The report underscores that the unique opportunities and advantages Hong Kong offers cannot be so easily found in other global cities. However, amid geopolitical shifts, economic uncertainties as well as the way that technology is rapidly redefining traditional business and financial models, to maintain success, Hong Kong needs to combine existing strengths with new opportunities that reach beyond traditional pillar industries such as finance, real estate and trading and logistics. Additionally, Hong Kong’s currency which is pegged to the US dollar plays an important role through providing a stable monetary and financial environment for investors by eliminating foreign exchange risk.

Brought together by ACCA Hong Kong, a diverse group of representatives from accounting, audit, tax, advisory, legal, mediation, healthcare / insurance and engineering sectors, participated in a roundtable discussion in November 2024, which focused on the role of professional services as a catalyst of economic and client growth while enhancing Hong Kong’s status as an international finance centre. The insights gathered were compiled into the report. Participants agreed that, in an era where technology is driving change, which in some cases is creating challenges to Hong Kong’s finance and business advantages. To remain competitive, it is vital to give full-play to the city’s unique geographic location, global connectivity and the services offered by the Hong Kong’s wide spectrum of professional services providers. With its well-established professional services infrastructure, Hong Kong continues to attract western corporates running pan-Asian operations as well as entities from Mainland China and the Asia region expanding their regional footprint.

Furthermore, the report highlights that talent has always played a pivotal role in Hong Kong’s success. However, Hong Kong is not alone in facing a shortage of talent necessary to future-proof the city’s business sectors. Similar to many other countries and jurisdictions, Hong Kong is facing the challenge of adapting to evolving industries, demographic trends, technological innovations and mismatched or under-skilled workforces. Roundtable participants agreed that the Hong Kong Government has taken steps to expand the city’s pool of talent. However, they also recognised that professional services practitioners could also contribute to promote Hong Kong as a ‘destination of choice’ to live and work. In terms of career experience advancement opportunities, roundtable participants cited Hong Kong’s close business and economic ties with the Mainland China, especially the Guangdong-Hong Kong-Macao Greater Bay Area (GBA), as well as the city’s time-tested connections and networks with the international business and finance community.

ACCA Global President Ayla Majid, FCCA suggested placing focus on developing a collaborative Hong Kong professional excellence-ecosystem. ‘Whether it’s working with industry, policy makers or investors, professional services build trust while providing a bridge and connection between various stakeholders,’ Majid noted. ACCA Hong Kong Chairman and KPMG Tax Partner Stanley Ho, FCCA moderated the discussion and said, ‘Participants had delivered a united consensus on the need to embrace challenges, collaborate to seize opportunities and be more proactive in driving diversification and innovation to stimulate growth, and highlighted the pivotal role of ethics as the foundation of all professional services, accentuating the critical importance of collaboration in elevating professional standards to fortify and empower a more resilient Hong Kong.’

The roundtable discussion featured distinguished guests, including ACCA Global President Ayla Majid, FCCA and ACCA Hong Kong Chairman Stanley Ho, FCCA, along with the following leading experts from various professional sectors:

• Natalie Chan, FCCA, ACCA Council Member and Banking & Capital Markets Leader (Hong Kong), Deloitte China
• Julia Charlton, Partner, Charltons
• Ir Alice Chow, Senior Vice President, The Hong Kong Institute of Engineers and Director of Strategic Development and Fellow, Arup
• Fiona Harris, Managing Director, Bupa Hong Kong
• Stanley Lo, Vice Chairman, Hong Kong Mediation Council and Consultant, Deacons
• Nicolas Moreau, CEO, HSBC Global Asset Management
• Arthur Shek, Managing Partner, McKinsey Hong Kong
• Ernest Wong, FCCA, ACCA Council Member and CFO, KVB Holdings Limited
• Dr Philip Zhai, Executive Vice Chairman, The Chinese Financial Association of Hong Kong and President, Ascendent Capital Partners (Asia)

The report is available online at: The Role of Professional Services in Strengthening Hong Kong as an International Financial Centre