To restore its financial dynamism, Hong Kong must truly embrace diversity

Hong Kong has a remarkably long history as being one of the world’s financial centres equipped with the rule of law. But it has been stuck in the past for too long. The financial system is used to standardise big corporations from the US, Europe or the Chinese mainland. The needs of those from emerging markets have sometimes been ignored.

As the world evolves, Hong Kong’s financial system is struggling to swiftly adapt to the intricacies of emerging markets that encompass diverse languages, cultures, religions and legal frameworks across various countries.

A 2022 survey by PwC reveals this shift to a digital focus. About 22 per cent of high-net-worth investors said they switched advisers to improve their digital capability. Meanwhile, those aged 18 to 34 said they prioritise digital capabilities when selecting a wealth management provider, ranking quality of online and digital services as their top priority.

Yet, tech talent is an almost scarce resource in Hong Kong as 76 per cent of technology hiring managers found recruitment “very” or “quite” competitive in 2023, according to a Morgan McKinley report.

Having a varied talent pool consisting of individuals from different nationalities, backgrounds and even religions is crucial for other global financial hubs to foster a vibrant atmosphere.

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Indians born and bred in Hong Kong explain why the city will always be home

Given its distinctive attributes and rich financial heritage, Hong Kong has the potential to significantly enhance its international appeal. By drawing in talented individuals, the city can effectively attract more capital, thereby solidifying its position as a global financial powerhouse.

Times are changing, and Hong Kong has experienced a lot since 2019. To