FSDC vows efforts to further city's role as global insurance hub

Hong Kong’s Financial Services Development Council pledged on Thursday to promote sustainable growth and innovation to strengthen the city’s position as a global insurance hub, according to a report on its website.

Hong Kong’s insurance ecosystem is primed to drive innovation, attract global capital, and solidify the city’s status as a leading global financial hub for insurers, asset owners and managers, said FSDC chairman Benjamin Hung Pi-cheng.

Hung said the insurance industry is a foundational pillar of Hong Kong’s economy and its role as an international finance center.

FSDC's report sets out recommendations that include developing a comprehensive road map to accelerate cross-sectoral digital transformation and exploring full-fledged adoption of “iAM Smart,” digital ID, and associated digital platforms for insurance services.

STAFF REPORTER