InvestHK and Crypto Valley Association Sign MoU to Boost Fintech Collaboration Between Hong Kong and Switzerland
Hong Kong’s investment promotion agency, Invest Hong Kong (InvestHK), and Switzerland’s Crypto Valley Association (CVA) based in Zug, have signed a Memorandum of Understanding (MoU) to boost fintech collaboration. The signing took place during the 2024 Crypto Valley Conference, with the aim of strengthening the mutual relationship and promoting collaboration between the fintech ecosystems of Hong Kong and Switzerland.
King Leung, the Global Head of Financial Services and Fintech at InvestHK, Ilya Volkov, a Board Member of Crypto Valley Association, and Nikoletta Csanyi, the Executive Director of Crypto Valley Association, represented the MoU deal. The MoU focuses on facilitating knowledge exchange and providing market updates to support companies in Hong Kong and Switzerland. By sharing the latest fintech trends and developments, the agreement aims to help businesses gain a better understanding of the evolving landscape.
Furthermore, it encourages interested companies, startups, and investors to explore opportunities within the highlighted sectors by offering relevant information and fostering networking opportunities. The MoU also supports incoming business missions and investment promotion events, which facilitate bilateral investment between the two economies.
Alpha Lau, the Director-General of Investment Promotion at InvestHK, emphasized Hong Kong’s role as a value-adding super-connector for fostering innovation and commercialization. He stated that InvestHK actively supports businesses looking to scale and succeed in Hong Kong and beyond. Lau also mentioned that the MoU represents a new milestone in the collaboration between the fintech ecosystems of Hong Kong and Switzerland, highlighting the city’s appeal as a premier destination for fintech and Web3 innovation.
Csanyi emphasized the limitless nature of innovation and the significance of strategic partnerships like the one between InvestHK and Crypto Valley Association. She stated, “Together, we have the opportunity to shape the future of finance and propel Hong Kong and Switzerland to the forefront of fintech excellence.”
The cryptocurrency licensing system in Hong Kong is facing criticism from Legislative Council member Wu Shuo, who has raised concerns about its impact on market confidence. Wu highlighted the licensing requirements imposed by the Hong Kong Securities and Futures Commission (SFC), which have caused several major exchanges to withdraw their license applications. The system, scheduled to be implemented on 1 June, 2023, mandates that virtual asset trading platforms operating in Hong Kong obtain a license from regulatory authorities. Failure to comply with the licensing requirements could result in the termination of business operations. Wu mentioned the series of withdrawals that have taken place in recent months.
On March 28, HKVAEX, suspected to be affiliated with Binance, withdrew its license application. Subsequently, IBTCEX, QuanXLab, and Huobi HK followed suit, followed by Gate.HK, OKX HK, and Bybit (Spark Fintech Limited). Please note that Crypto is a high-risk asset class and this article is provided for informational purposes only and does not constitute investment advice.