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Time to Take a Fresh Look at Hong Kong Asia's Towering

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Time to Take a Fresh Look at Hong Kong Asia's Towering BRAND HONG KONG 3 MONOCLE TIME TO TAKE A FRESH LOOK AT HONG KONG Hong Kong is a high-functioning, sophisticated and layered ecosystem. We meet some of the most interesting players from the worlds of business, technology, the arts and more – and find out why they love their city. The natural environment is high on many lists but some of their answers will surprise you: from a hotel chief’s love of tennis to a gallerist’s favourite ferry route. brandhk.gov.hk ASIA’S TOWERING CITY BRANCHES OUT. Hong Kong has always provided a unique platform for businesses looking to build a presence in 1 2 3 Financial services Trading and logistics Tourism Asia and this decade will be no Hong Kong is first and foremost Hong Kong made its name as Hong Kong’s hospitality experts an international financial centre. a trading entrepôt and that have been keeping residents different. The four core pillars This dynamic city of some 7.5 million import-export ethos continues and office workers well looked people is a global banking giant to this day. Everything and everyone after while they wait for the safe of the economy (see 1 to 4) are with a deep pool of investment is on the move and this city knows return of overseas tourists. capital and a chart-topping global how to transport goods around Myriad international chefs and powering ahead with the rapid stock exchange. A combination of the world. Cargo enters and leaves restaurateurs are cooking up this rich financial pedigree with one of the busiest airports in the a storm in Hong Kong, where local adoption of technology and the new technology has created the world, while lorries drive in and out palates are both uncompromising framework for a growing fintech of the container port at all hours. and hungry for fresh concepts. rollout of reforms. Meanwhile, a industry. Banking and insurance Even the ships themselves are up Five-star service has always start-ups are benefitting from for sale: Hong Kong is the regional been one of Hong Kong’s specialities. creative set of pillars has arisen regulatory reforms and the port of call for the buying and The city’s heavyweight hotel sector ability to hire talent from all over selling of luxury yachts. Geography has the red carpet ready to roll (see 5 to 8) that leverage the the world, leading one CEO to continues to pay dividends: half of out and plans in place to wow city’s traditional strengths and describe Hong Kong as “the city for the world’s population lives within new guests and diners in the digital banking”. five hours by air. years ahead. lead to broad opportunities. 4 5 Business and professional services Science and technology Not everyone in Hong Kong works Hong Kong has a strong science in finance; there are also plenty of and technology background; lawyers, accountants, engineers hidden-away laboratories just tend and architects too. Hong Kong’s to be overshadowed by the bright professional-services sector stands lights of banking and finance. Now out in Asia for its expertise and the industries are being brought overseas companies looking to closer together. Biotechnology invest or expand in mainland China companies are funding research by come to Hong Kong for its trusted listing on the stock market, while legal system. Students, meanwhile, entrepreneurs are working with are drawn to its top-ranked academics to take inventions from universities. Hong Kong invests the lab to the market. Manufacturing heavily in education and its natural and hardware have always been environment provides opportunities among Hong Kong’s strengths and for learning beyond the classroom. robotics is a new growth area. 6 7 8 Design Fashion and textiles Arts and culture Hong Kong’s current crop of Many Hong Kong fortunes (and Hong Kong is adding a few more designers is starting to make business yarns) have been made layers to its established reputation a name for themselves around in the textile industry and the as an international art market. A the region and their expertise garment industry is stitched into variety of artists’ spaces and creative extends far beyond hospitality the fabric of this city. Alongside enclaves are springing up across the interiors. The city is home to one international brands sourcing city and art lovers around the region of the world’s largest workplace materials and manufacturing, local are eagerly awaiting the opening design firms, where creative creatives are developing their own of a world-class contemporary art teams are collaborating to create brands and fashion graduates are and design museum in Kowloon. safe, clean and inspiring office getting a commercial leg-up before International curators and other environments. There’s also launching their designs on the global industry professionals are building plenty of fun to be had along catwalk schedule. Members of the a home as well as a career in Hong with the hard work. Exploring younger generation are helming Kong, while developing a strong Hong Kong’s great outdoors is a classic labels, while new arrivals are appreciation for its culture. In this natural source of inspiration and giving luxury a second life. Nevertheless, modern skyscraper city, heritage provides the city’s creatives with some fashions never change: in Hong appreciation is on a high and an fresh ideas. Kong, it always pays to look the part. old ferry is the real star. Financial services Hong Kong’s growing fintech sector has a clear edge over other markets – thanks to the unique combination of the clout of its prestigious financial institutions and its full-throttle 1 FINTECH WINS entrepreneurial attitude. Here are some highlights. Old bank, new tricks Payment plan Pay as you go Mox Octopus Some 15 million Octopus transactions take place every Standard Chartered is banking Octopus started out in 1997 as a world-leading day in Hong Kong, royalty in Hong Kong. It’s the oldest payment method for public transport before either by card or via issuer of Hong Kong banknotes still in expanding to convenience stores, fast food and smartphone. Fast existence and also founder of a other retailers. “It has always been our dream and convenient “tap start-up. Mox launched in September to take Octopus outside Hong Kong,” says CEO and go” technology continues to be 2020 – one of eight virtual banks Angus Lee (pictured). Travellers might soon be preferred to scanning launched in 12 months. “We are using Octopus to pay on mainland China’s subway QR codes and a new building a future operating model for network and deals with smart-card transport initiative, rolled out Standard Chartered,” says Mox CEO systems around Asia are also on the cards. in July 2020, should Deniz Güven (pictured), a Turkish help the company banker and former basketball player. penetrate the city’s final few cash Hong Kong’s clutch of new holdouts, mainly internet-only lenders follows taxis and traditional sweeping reforms in 2017 by the wet markets. Trust blue Hong Kong Monetary Authority. Mox’s bank card is a specially created Pantone colour called “Hong Kong is pioneering in Asia,” “trust blue”, a nod to Hong says Güven, who transferred from Kong’s neon lights and the Singapore to set up Mox. “It is going corporate colours of Mox’s to be the market in digital banking.” parent, Standard Chartered. Dog days Talent show OneDegree staff come from as far OneDegree afield as the US and Australia. “That is the strength of Hong Kong,” says Insurance start-up OneDegree Alvin Kwock, who has built the firm occupies a floor in Fun Tower, a from scratch with fintech talent from pet-friendly building in Kwun Tong. all over the world. The former industrial area, now an alternative business district, is currently home to a cluster of insurance companies, from long- standing players Axa and AIA to a new batch of online-only insurers My Hong Kong such as OneDegree. CEO and Lawrence Chu, co-founder, Oriente co-founder Alvin Kwock (pictured), a former banker, is keen to explore Oriente, which allows SMEs to provide credit to emerging lifestyle trends such as customers without a bank account, is expanding e-commerce; coverage for the return throughout southeast Asia. Co-founder Lawrence shipping costs of unwanted orders Chu (pictured) is based at its HQ in Hong Kong, is a popular policy. Pet insurance, where he is also a keen collector of contemporary launched in April 2020, is another art. Chu and his wife Natalie recently decided to growth area. “There are more dogs sell some of their art to fund a series of grants and and cats in Hong Kong, Taiwan and an artist-residency programme. “We are looking Japan than there are kindergarten for new ways to engage in art,” says Chu on the and primary school kids,” says morning of the Sotheby’s auction. The 40-year-old Kwock, while playing with golden began collecting while living in London and kept it retriever QQ. OneDegree has also up after moving back to Hong Kong in 2005. Young opened a Taipei office (where cats are artists feature heavily in his gallery at home, which more common pets among staff) and displays Hong Kong’s Firenze Lai, Stephen Wong it’s in the process of expanding into and an early Chris Huen (alongside work by even mainland China, Singapore and Thailand. younger painters: the four Chu children). Trading and logistics A long-standing trade nexus, Hong Kong is geographically blessed – as a port, an aviation hub and a terminus for goods travelling by land across Asia.
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