Top bankers to gather in Hong Kong to learn how city has rethought ‘playbook’Around 280 of the world’s top bankers, including 120 group chairmen and CEOs, will gather in Hong Kong next week to learn how the city has been rethinking its playbook as it moves forward, Hong Kong Monetary Authority (HKMA) chief executive Eddie Yue Wai-man said on Monday.This year’s summit will host the biggest number of group-level executives since its inaugural forum in 2022. The financial luminaries include Morgan Stanley chairman Ted Pick, Goldman Sachs chairman David Solomon and Blackstone president and COO John Gray, who will attend the fifth edition of the city’s Global Financial Leaders’ Investment Summit, Yue said. The summit is set to run from November 2 to 4.Titled “Rethinking the Playbook”, the summit takes place shortly after Hong Kong announced its first five-year plan to develop itself as a technology hub and a leading financial centre in September.“The leaders will also experience first-hand how Hong Kong has been rethinking its playbook to transform its economy through innovation and technology, and to stay competitive and forward-looking as an international financial centre,” Yue said in an article posted to the HKMA website on Monday.“We keep consolidating our strengths while continuing to push the frontiers that include the world’s leading offshore yuan hub with ever-expanding depth and reach, a more vibrant fixed income market, an enabling and resilient digital assets and payments ecosystem and new opportunities in gold and commodities business.”Besides presenting Hong Kong’s new development plans to the world’s top bankers, a panel of mainland Chinese financial regulators is expected to convene on November 3, but no names have been released yet.The attendance of high-level mainland officials or regulators has been a feature of the summit for some time. Yue previously said this was a highlight of the event, attracting global bankers to acquire first-hand information about government policies.Regular attendees such as HSBC CEO Georges Elhedery, Standard Chartered CEO Bill Winters and BNP Paribas chairman Jean Lemierre will return, according to the programme. Other top bankers, including UBS CEO Sergio Ermotti, State Street chairman Ronald O’Hanley and JPMorgan Chase vice-chairman Daniel Pinto, will speak during the summit.The welcome dinner on November 2 will take place at the Henderson in Central, while the main summit ­discussion on November 3 and 4 will be held at the Four Seasons Hotel.Chief Executive John Lee Ka-chiu will address the main summit on November 3, while Financial Secretary Paul Chan Mo-po will give a keynote speech the next day.The summit was launched in 2022 to signal Hong Kong was “back in business” after the Covid-19 pandemic.“Since the inaugural edition that marked Hong Kong’s recovery from Covid, the global financial markets have undergone multiple shock waves and tectonic shifts brought by the relentless advancement of technology,” Yue said.He recalled the past four years of summits had been held through challenging times, with regional military conflicts and trade war, as well as blockchain-based technology that had the potential to restructure global financial markets.“Yet the one thing that brings about the most impactful and enduring changes, I would argue, is AI,” Yue said, adding that the investments in artificial intelligence as well as the winners and losers across different industrial sectors will have a huge impact on labour and productivity that add uncertainties and risks in the financial markets.He said these changes underlined this year’s theme.“Over these three days, financial leaders will discuss key macroeconomic trends, financial market shifts and technological advances that are shaping emerging opportunities and risks across various sectors, asset classes and geographies,” Yue said.https://www.scmp.com/business/banking-finance/article/3372140/top-bankers-gather-hong-kong-learn-how-city-has-been-rethinking-playbook?pgtype=live (ICE HONG KONG)

Fonte notizia: South China Morning Post