COLLEGE HOMES, INDUSTRIAL SITES A BRIGHT SPOT IN HONG KONG PROPERTY SLUMP
20 TOP REAL ESTATE AGENTS UNDER 40
RICH FAMILIES OFFLOAD LUXURY HOMES AT A LOSS TO REPAY DEBT
HK BUILDERS PIVOT OVERSEAS AMIDST HOUSING SLUMP
MAINLAND SHOPPING SURGE LEAVES HONG KONG RETAILERS STRUGGLING TO COPE
At Fidelity, we have a forward-looking vision to help empower our clients to take charge of their investments and build a nest egg through digitalisation and retirement planning education. Our commitment has been recognised by industry awards and accolades over the years.
Outstanding investment capabilities
“The 2024 MPF Awards” by MPF Ratings Gold Rated Scheme for 12 consecutive years1
Retirement solutions tailored to members
“The 2024 MPF Awards” by MPF Ratings Best MPF Post-Retirement Product 3
Dedicated investor education
“The 2024 MPF Awards” by MPF Ratings Best Communication & Education for 8 consecutive years2
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Hong Kong Business Technology Excellence Awards 2024 Mobile - Financial Services4 Digital - Financial Services 5
The above awards are for reference only. It is not indicative of the actual performance of the constituent funds. For the award information details, please refer to https://www.fidelity.com.hk/awards.
1 Fidelity has won Gold Rated Scheme from MPF Ratings for 12 consecutive years during the period of 2013 to 2024 - the rating(s) only represent MPF Ratings’ assessment standard (for details, please visit: https://mpfratings.com.hk/ratings-methodology/).The results are based on the investment choices and performance, fees and charges and qualitative assessment of an MPF scheme as of 31/12/2012, 31/12/2013, 31/12/2014, 31/12/2015, 31/12/2016, 31/12/2017, 31/12/2018, 31/12/2019, 31/12/2020, 31/12/2021, 31/12/2022 and 31/12/2023.
2 Fidelity has won Best Communication and Education Award from MPF Ratings for 8 consecutive years during the period of 2017 to 2024 - the award(s) only represent MPF Ratings’ assessment standard (for details, please visit: https://mpfratings.com.hk/awards-methodology/). The results are based on the assessment across the various communication and education criteria of an MPF scheme as of 31/12/2016, 31/12/2017, 31/12/2018, 31/12/2019, 31/12/2020, 31/12/2021, 31/12/2022 and 31/12/2023.
3 Fidelity has won Best MPF Post-Retirement Product in 2024 from MPF Ratings - the award(s) only represent MPF Ratings’ assessment standard (for details, please visit: https://mpfratings.com.hk/ awards-methodology/). The results are based on the assessment on the post-retirement initiatives of an MPF scheme as of 31/12/2023.
4 The award only represents Hong Kong Business Magazine's assessment standards (for details, please visit: https://hongkongbusiness.hk/event/hong-kong-business-technology-excellenceawards). The results are based on the assessment across nominations of financial services industry’s mobile technology category as of 14/06/2024.
5 The award only represents Hong Kong Business Magazine's assessment standards (for details, please visit: https://hongkongbusiness.hk/event/hong-kong-business-technology-excellenceawards). The results are based on the assessment across nominations of financial services industry’s digital technology category as of 14/06/2024.
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Hong Kong's commercial property market is projected to decline by 19%, but investors are still bottom-fishing for properties that promise stable returns. They’re targeting hotels that can be converted into student housing and industrial sites that can be repurposed into cold storage facilities or data centres. Dive into these trends on page 18.
As home prices in Hong Kong reach an eight-year low, local construction firms are looking overseas to stay competitive. These firms are now exploring new markets beyond the city's borders, such as nearby Macau and all the way to Saudi Arabia. Turn to page 12 to know more.
We also spotlight Hong Kong’s 20 most notable estate agents, who are setting new benchmarks in the industry. Discover their stories on page 22.
Meanwhile, banks, credit raters, and hospitals are amongst the first to leverage relaxed data transfer rules in the Greater Bay Area. Know how the new data privacy regulations will impact your businesses on page 6.
Lastly, our Hong Kong Business Awards celebrate the trailblazers driving innovation and growth in the largest awards dinner to date. The National Business Awards honour exceptional local businesses and their outstanding initiatives, and the Technology Excellence Awards spotlight companies that are leading the charge in their respective industries’ tech revolutions. Turn to pages 32 to 35 for the full list of this year’s winners.
Read on and enjoy!
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Value offerings essential for Hong Kong's mega-event success
Younger and fresher names are gaining prominence in the art scene as Asian collectors brush past their comfort zones, shifting their gaze from Western values to a wider spectrum of artists and themes. Some of the top-performing lots were works by younger Asian artists such as Teppei Takeda of Japan and Sun Yitian.
The recovery of staff numbers in HSBC and other banks in Hong Kong increased the number of total bankers employed in 2023– but investment bankers are likely not enjoying the hiring boom. About 82,705 bankers and staff are employed by 16 banks in Hong Kong, according to data from the 2024 Bank Rankings.
In Hong Kong, the competition for space extends beyond the living to the deceased. It’s been hardly discussed, but there is a critical shortage of niches. The government has put a positive spin on the situation by promoting green burials, raising hopes for a very acceptable solution for modern residents.
Privatisation
Hong Kong’s M&A market may have faltered early in the year, but experts anticipate a busy year-end with shareholders and private equity turning undervalued public companies private and seeking alternative listings. In Asia Pacific, there have been 26 take-private deals from January to April, amounting to US$8.2b.
Hospitality and tourism players are at the cusp of fully reaping the benefits of Hong Kong’s mega events boom if only they prioritise value offerings. The stronger Hong Kong dollar, cheaper prices in other markets, and expensive airline tickets are making the city more expensive on a relative basis.
Student accommodation developer Y.X. builds dorms with gaming lounges
Acknowledging that play is essential during and outside school, operator Y.X. ensures its accommodations support student residents in balancing their studies with leisure time by providing gaming facilities. Y83 is a 25-storey property converted from a 374-room hotel that can house almost 600 students.
Hong Kong will not be seeing any new virtual banks for now, as none of the eight existing virtual banks in the city have turned a profit yet.
In its 2024 review of virtual banks, the Hong Kong Monetary Authority (HKMA) stated that it does not see a strong reason to introduce more virtual bank players to the market. The central bank highlighted several factors, including intense competition amongst the current banks, their lack of profitability, and a decline in interest from new applicants seeking licenses.
“Looking ahead, with the diversity of VBs and incumbent banks, the HKMA considers that the current number of virtual banking licenses is optimal and does not see any strong justification to introduce more new VB players to the market at this juncture,” Eddie Yue, chief executive of the HKMA, said in the report.
Maintaining a healthy sector
Introducing more VBs may further intensify competition in the retail banking sector and is “unlikely to be conducive to a healthy development of the sector,” the HKMA added.
Hong Kong’s central bank also noted a decline in the number of enquiries from interested parties to apply for a VB license, which it said indicates a lack of interest from prospective new players in the sector.
Authorities instead intend to maintain the current structure of the VB sector with a view of “facilitating long-term development of the eight VBs” as well as maintaining a healthy competitive landscape in Hong Kong’s banking industry.
Despite the profitability woes and challenges due to the pandemic, the VBs has so far achieved HKMA’s three policy objectives.
Virtual banking, the innovative banking model driven by the adoption of technology, is gaining wide market acceptance in Hong Kong.
Banks, credit raters, and hospitals are amongst the first to take advantage of relaxed data transfer rules between Hong Kong and the nine mainland cities in the Greater Bay Area, amidst Chinese efforts to allay foreign business concerns about strict data flows and reverse a decline in foreign investment.
The city’s Digital Policy Office has received expressions of interest from key players in these sectors, Joyce Chan, a partner at London-based law firm Clyde & Co, told Hong Kong Business. But there is no public record showing the companies that have submitted these forms, she pointed out.
Financial institutions stand to benefit from the relaxed data rules, which took effect in December 2023, since they deal with large volumes of personal information, said Dora Si, a partner for the Intellectual Property Department at Deacons, a law firm in Hong Kong.
She said healthcare providers would also gain from the arrangement because it allows patients to “more efficiently and conveniently share medical records, which potentially speeds up diagnosis too.”
Hospitals could also share research and development resources,
biomedicine and clinical trial data, while insurance companies could fast-track claims, said Joyce Ma, senior associate at Clyde & Co.
China’s rules on data transfers, introduced in 2021 have empowered the government to shutter or fine companies that leak or mishandle sensitive information.
In March, Beijing loosened the rules by exempting data collected in international trade, cross-border travel, manufacturing, academic research, and marketing that don’t contain “important” information from security checks, as it tries to ease corporate worries and revive faltering growth in the world’s second-largest economy.
These laws have no specific coverage for the Guangdong–Hong Kong–Macao Greater Bay Area (GBA), and a standard contract for transferring personal information within the GBA was jointly issued by Chinese and Hong Kong regulators in December 2023 to fill this gap.
The adoption of the relaxed data rules within the Greater Bay Area is voluntary. Data transfers should exclude important data, which may include personal information depending on relevant agencies or regions. The standard contract also does not cover the transfer of personal information to people or organisations outside the Greater Bay Area.
Chan noted that companies in China must align their data processing practices with stringent requirements on cross-border data transfers, and these standards apply to cross-border data transfers from Mainland China to Hong Kong.
“The implementation of the GBA standard contract will no doubt be the first step to ease these restrictions and simplify the exchange of data between the mainland cities in the GBA and Hong Kong to facilitate business,” she told the publication.
Chan said financial institutions could quicken loan approvals and bank account openings from clients in the Greater Bay Area because of the relaxed data rules.
Si said cross-border banks and financing institutions would benefit from the more relaxed data rules which potentially smoothen the transfer of credit histories and other personal information as part of their operations.
Contract work in Hong Kong, once culturally taboo, is gaining momentum amidst rising demand for talent and flexible employment terms.
Market uncertainty and corporate belt-tightening have led companies to favour temporary hires to mitigate risk and remain financially stable. Contractors have also proven to be ideal for short-term projects that demand quick hiring.
“There is a greater need for good contract talent in Hong Kong,” Matthew Sullivan, a senior manager at Robert Walters Hong Kong’s Financial Services, told Hong Kong Business. “Unlike permanent
workers, contractors don’t need an extensive benefit package. However, the cost of hiring a contractor can sometimes outweigh the cost of hiring somebody permanent.”
Hiring managers can also bypass the process for headcount approval, which could take months, letting them fasttrack recruitment, he said.
Moreover, some people look for flexible work that they can leave after a year without being judged for it, Sullivan added.
Hong Kong is experiencing major shifts in finance and technology that have led to high demand for contractors due to the temporary nature of project work, he added.
A survey by Robert Walters in July found that 62% of employers planned to hire contractors this year, whilst 51% started recruiting last year. Technology companies were the most active hirers of these workers at 27%, followed by finance and human resources at 14% each.
Hong Kong recruitment firm Hays said there is demand for a more agile and highly skilled workforce that can deliver specific improvements amidst rapid changes across industries, advances in technology and the need for employers to adapt to evolving market conditions.
“[The] increasing demand to hire contractors in Hong Kong has resulted in a decrease in the availability of some interim hires and the supply of certain skills,” Matt Hayes, a senior director at Hays, said. He said contract work gives professionals a chance to quickly develop new skills and gain experience, whilst engaging with cutting-edge technologies in their chosen industry.
However, the cost of hiring a contractor can sometimes outweigh the cost of hiring somebody permanent
“Uncertainty in global economic conditions have resulted in the reluctance of employers to take on fixed costs such as large volumes of new permanent hires,” Hayes said. “Contractors can offer a more flexible resource from a budgetary perspective. [They] are also increasingly viewed as a viable alternative to traditional external consulting resources," he added.
The construction sector experienced a slowdown in the second quarter of 2024, with overall activity declining further compared to the previous quarter.
According to the RICS Global Construction Monitor, the net balance for construction activity dropped to -19 in Q2, down from -14 in Q1. Both private and private non-residential construction workloads saw significant declines, with net balances of -41 and -28, respectively.
This sluggish performance is largely attributed to financial constraints, which had a net balance of +72, followed by rising material costs (+70) and insufficient demand (+67).
Adding to the industry's challenges is a notable skills shortage, particularly a lack of managers (+59), skilled tradespeople (+55), and quantity surveyors (+52).
In a world where convenience is king, Hong Kong-based health tech start-up Libpet is into designing smart robot wheelchairs not just for the physically challenged but for everyone. Through innovation, its inclusive device for mobility and productivity helps minimise physical effort, making life so much easier.
“Libpet is a healthcare robotic company [developing] the smart robot and the smart house manager system for the elderly,” Jojo Xu, CEO and co-founder of Libpet, said in an interview with Hong Kong Business
But its product is not only for those in need of augmenting their physical limitations to get about. Mobility and repetitive movement can also be a common pain point for many active bodies. “There [is so much] energy [being] wasted. So, we want to develop a smart system,” Xu said, noting how Libpet is transforming smart mobility with its innovative wheelchairs.
Their product boasts advanced features like stair-climbing capabilities and autonomous driving systems. Also, the start-up offers innovative smart home technology like the GoX, a robot designed for chores such as vacuuming and mowing.
“I co-founded this company with some of my batch friends, and we feel that the aging population will be very serious in the next 10 [to] 20 years. So we said, ‘Why [don’t] we just turn the autonomous driving technologies and robotic technology into a wheelchair?’ And we can co-found a robotic company” the CEO shared with the publication.
Libpet’s high-tech wheelchair comes in three versions: Libpet Power, Libpet Mini, and Libpet Air. These models each have varying features such as ground and obstacle clearance, adjustable components, smart controls, and an ultrasonic anticollision system. All functions can be managed via the Libpet App on any phone or tablet.
“Libpet offers three variations: the Power, Air, and Mini. While they might seem like different products, they are essentially the same, made up of interchangeable components. For example, the chair is one component that can be adjusted and customised. Another key part is the base, which we call the base display. It runs on regular roads, has autonomous driving capabilities, and can even navigate stairs,” Xu explained.
Each of these smart wheelchairs offer practical and flexible upgrade options. “If you purchase one version, like the Mini, you can upgrade to the Power or Air by adding or swapping components. This modular approach saves you money and offers flexibility,” said Xu.
“Additionally, the smart home system can control various aspects of your environment, from your dog to home lighting, enhancing energy efficiency and convenience,” he said.
Face masks and hospital gowns may soon be tossed into the biodegradable bin as green tech startup ÖKOSIX tackles global medical waste with ÖKOMER, a fully decomposable polymer derived from plant fibre and other natural materials.
In order to develop more organic and biodegradable products, increase its market reach, and expand its factory scale, the company seeks $5m in venture capital, according to founder and CEO Eddie Yu.
The Hong Kong startup also plans to hire more workers in research and development, sales and marketing, and laboratory operations, Yu said.
“We are endorsed by GMI, a US market research company, that we are the first company in the world to have developed fully biodegradable medicalgrade face masks (our first product),” he said in a Zoom interview. “We need to keep the bar high, so we’re going to develop more products.”
These new products will include fully compostable organic sanitary pads and diapers, which have a big market, he told Hong Kong Business
Pandemic response
ÖKOSIX, which started in February 2021 at the height of the global coronavirus pandemic, is helping solve
the world’s plastic crisis by using organic and biodegradable raw materials to make disposable products such as face masks, medical dressings, orthopaedic braces, diapers, wipes, and air filters.
“At the moment, in hospitals, after medical disposable products are used, they will be incinerated, right? We want to change that because our material is fully compostable,” he added, noting that the world spends $400b to process medical wastes.
“We want to help with that.”
The global COVID-19 pandemic is estimated to have generated 7,200 tons of medical waste daily, much of it in the form of disposable masks, according to a Massachusetts Institute of Technology study in 2021.
ÖKOSIX products made from green raw materials fully break down naturally in six months, compared with the hundreds of years it takes for plasticbased products to do so.
Most fall prevention technologies for the elderly focus on mitigating the risks, rather than addressing the underlying factors that may trigger them. Health tech Surge Motion aims to offer deeper insights into a patient's specific fall risks and triggers, with the help of a belt device linked to a mobile app that cuts assessment time from 30 minutes to 90 seconds.
Surge Motion plans to bring its fall prevention tech to the US and has raised US$3m from angel investors in 2023 to support its expansion plans, CEO Gary Jin told Hong Kong Business
According to Jin, Aspire Motion Connect, Surge Motion’s remote therapeutic device, is already recognised by the U.S. Food and Drug Administration (FDA) and has earned ISO certification. Additionally, Surge Motion
has partnered with several physiotherapy clinics in the U.S. Falls are the second leading cause of unintentional injury deaths globally, with 684,000 deaths annually, mostly among those over 60, according to the WHO. Fall-related injuries carry high financial costs, averaging US$3,611 in Finland and US$1,049 in Australia.
The insurance group’s headquarters in Hong Kong has an indoor track, gym and sports hall.
Visitors to AIA Group’s headquarters in Hong Kong’s Wan Chai District could not help but feel warm and cosy as they are surrounded by off-white walls and high ceilings with a slick shine, and an atrium staircase.
They are greeted by giant red letters on a glass pane with the words “HEALTHIER, LONGER, BETTER LIVES” as they enter the lobby, whose walls have rectangular recessed patches of green jungle.
But AIA is not a campus. It’s a finance corporation, the third-largest insurance group in the Asia-Pacific region by market capitalisation, based on S&P Global.
AIA Group is trying to promote a healthy lifestyle among its employees by equipping its Hong Kong headquarters with amenities that one would normally see in a first-rate hotel or
sports club, not in a regular insurance office.
The company’s revamped headquarters, which opened in May, include a 200-metre indoor, air-conditioned running track, a gym with see-through walls, and a multi-purpose sports hall with a motorised basketball hoop system, all designed to enhance employee well-being.
The 22-storey building can house 1,800 employees — 50% more than the capacity of the original building that was built there in1969.
“Witnessing our colleagues enjoying the new facilities, such as the multi-purpose hall and the indoor running track, has been immensely rewarding,” Parkes Lee, head of Real Estate Investment at the AIA Group, told Hong Kong Business.
1 The entrance slogan reflects the soul of AIA's headquarters design.
2 The HQ boasts a continuous 80-metre atrium staircase connecting the lobby on the ground floor all the way to the top.
3 The 200-metre indoor, airconditioned running track in the AIA building.
4 The multi-purpose hall hosts corporate events and employee-led sports activities.
5 Natural daylight enters the headquarters through its glass exterior, with a three-metre floor-toceiling height.
6 AIA's canteen features a rain capture system.
Construction firms and contractors have turned to overseas markets to stay afloat amidst a property slump in Hong Kong, where home prices have nosedived to an eight-year low.
Some have sought opportunities in hot markets like Saudi Arabia. They can fabricate these on the mainland and then transport these to Hong Kong to reduce labour input and reduce costs
The city’s builders are trying to land deals in hot construction markets like Saudi Arabia, whilst some are turning to nearby markets such as Macau, where many industry players are already active, Christopher Tung, a partner at K&L Gates Hong Kong, told Hong Kong Business
Housing prices in Hong Kong continued their free fall in July, dropping by 1.9% month on month and 4.7% year to date, according to Knight Frank. Residential deals have declined for four consecutive months to 3,652 in August after peaking at about 8,500 transactions in April.
Though many builders have looked overseas for growth, some still seek opportunities locally when possible, Tung said in an e-mailed reply.
State construction projects are one area where they can still make money, including the Northern Metropolis Development Strategy and the Greater Bay Area Plan, said Donglai Luo, senior economist at the Royal Institution of Chartered Surveyors
(RICS). The first seeks to transform Hong Kong’s New Territories into a hub for advanced technology, whilst connecting the Hong Kong Peninsula to China’s Shenzhen City. The second is a Chinese government project that will connect Hong Kong, Guangzhou, Shenzhen and Macau, plus seven other supporting cities on the mainland into a single economic and business hub.
Turner & Townsend Pte Ltd. in a June 2024 report said the Northern Metropolis is a “key economic lever” in this year’s budget that would influence the construction industry. It involves site formation and infrastructure works in the ShenzhenHong Kong Boundary Control Points Economic Belt, as well as in the Yuen Long and North districts. There will be 300 square kilometres of new residential, commercial and industrial areas.
Other projects in the 2024-2025 budget that are likely to stimulate construction activity include the Hong Kong Microelectronics Research and Development Institute and Hong Kong Centre for Medical Products Regulation, the expansion of Science Park and Cyberport 5, and the Chinese Medicine Hospital
and Government Chinese Medicines Testing Institute.
Meanwhile, there might still be hope for Hong Kong’s housing market, as the government tries to sell 5,690 flats in eight sites under its land sales programme for 2024 and 2025. Hong Kong also seeks to build 440,000 housing units by 2033-2034.
The state is also helping ease construction costs. Under its 2024-2025 budget, it increased the financing caps for development projects, letting developers secure as much as 100% of construction costs through building mortgages.
Rising building material prices have fuelled the decline in construction activity, according to RICS. Hong Kong is the most expensive place to build in Asia, with average construction costs per square metre at $35,000 (US$4,500), based on Turner & Townsend’s 2024 International Construction Market Survey.
Fong Chung (FC) Lee, chief quantity surveyor of the Hong Kong government, said the prices of copper and steel have been on the high side. A 15mm thick copper pipe that’s 1,000 metres long costs $54.40 (US$7) per metre, while 100 tonnes or more of structural steel beams cost $2,607 per tonne, according to data from Turner & Townsend.
The sector is also grappling with the rising cost of skilled labour. In Hong Kong, the hourly rate of a general labourer is $171 (US$22), compared with $70 ($9) in nearby Shanghai.
Lee said some companies have requested their employees to take three to five days of unpaid leave each month due to high labour costs.
To keep labour costs down, Luo said the government has been promoting digitalisation and the use of off-site or Modular Integrated Construction, where freestanding blocks complete with finishes, fixtures, and fittings are made in a factory and transported to a site for installation.
“That means all major construction activities are carried on off-site,” he said. “They can fabricate these on the mainland and then transport these to Hong Kong to reduce labour input and reduce costs.”
By Dr Simon Lee, Director of Artificial Intelligence and Emerging Technology, AIA Group
One of the ways to win the race to adopt Generative AI (Gen AI) and turn it into a competitive advantage is to have strong support and endorsement from the highest levels of an organisation’s leadership.
Major organisations across the financial industry are grappling with the opportunities, risks, and rapid development presented by Gen AI. Robust technology platforms and a market ripe for innovation play important roles in how well an organisation can integrate Gen AI, but the key factor to leading this race is placing Gen AI at the heart of a company’s strategic plan, with endorsement from senior leaders all the way to the tech talent who put it all together.
Having top management endorse Gen AI adoption means related projects are fast-tracked, resource requests come with top-level pre-approval, and everyone in the organisation is working together towards the same goal. It removes countless organisational barriers before they have been erected and has helped us become recognised as an early Gen AI leader in our industry.
Whilst buy-in from leadership drives adoption, there are also other factors that help determine if Gen AI can become a competitive advantage for an organisation. An organisation’s technology, digital, and data
platforms must be robust, up to date, and ready for the challenge. Legacy technology systems or a lack of scalability and flexibility can quickly derail a Gen AI strategy.
In 2020 AIA undertook a three-year technology, digital, and analytics transformation, which created a strong foundation to deploy Gen AI across our business at scale. We moved infrastructure to the cloud, modernised our technology architecture, improved the quality of our data, and built digital tools and platforms, allowing us to make decisions faster and more accurately.
The success of our technology transformation has been widely recognised with numerous awards, including the recent Hong Kong Technology Excellence Awards for Infrastructure Technology for AIA’s Cloud-Powered Transformation, Analytics Award for Transforming the Agency Experience with Data and AI, and Hong Kong National Business' Initiative Award for Technology, Digital and Analytics at AIA.
As a leading pan-Asian life and health insurer, we benefit from Asia’s speed in innovation and technology adoption.
We operate in 18 markets across Asia, and each market is unique, with differences in language, culture, regulation and development. Historically, this fragmentation has created challenges because documentation, product features, and campaigns must be tailored to suit each market.
Gen AI and its incredible built-in language abilities are bridging this fragmentation in a way we have never witnessed with any previous technological advance.
Gen AI development is moving at an incredible speed whilst delivering tremendous material
value and increased productivity within areas including operations, marketing, and customer relations. There are opportunities across the insurance industry to leverage this new technology to better serve our customers from end-to-end. Recognising the opportunities for Gen AI within a business and applying a specialised understanding of that business to better leverage the power of Gen AI is critical to success.
One of our strategic goals is to make health insurance and healthcare more accessible, affordable, and effective for customers. Technology helps us achieve this. Healthcare is rapidly being digitalised, creating a datadriven business and demand for tech-enabled services and solutions such as Gen AI.
For example, across our markets, we have hundreds of thousands of cases every year where medical documents need to be reviewed as part of the underwriting and claims processes. AIA Thailand is testing a Gen AI application that automates the process and cuts the time required for each review in half.
Our customers put immense trust in us as their insurer and health partner and it is our duty to honour that trust.
We are able to move fast on Gen AI because we have implemented a Responsible Use of Artificial Intelligence Standard, guided by accountability, soundness, ethicality, fairness, transparency, and explainability. We have also established a Group-wide AI Council which helps manage risks and security and a Data Council which ensures data availability, quality, and privacy. Putting these guardrails in place means we can act fast whilst maintaining our security and brand trust.
We have many distinct advantages when it comes to adopting Gen AI.
The full-throated support of our board and senior executives enables us to more effectively leverage these advantages.
Our leaders are confident that our rapid, strategic, and secure integration of Gen AI will become a competitive advantage and enable us to fulfil our purpose to help people live healthier, longer, and better lives.
The key factor to leading this race is placing Gen AI at the heart of a company’s strategic plan
In today’s intricate world of logistics, efficiency, and information flow are key factors driving the industry. Rhenus Warehousing Solutions Hong Kong is a trailblazer, leveraging cutting-edge technologies to enhance the warehousing experience for a diverse range of industries. With an unwavering focus on digitalization, Rhenus has built its operations on the foundation of innovation, creating a future-proof platform that meets the rapidly evolving needs of businesses.
A prime example of Rhenus‘ commitment to digitalization is the deployment of Autonomous Mobile Robots (AMR) at its Yuen Long warehouse. These robots have redefined efficiency, improving picking speed by 200% and ensuring precision in order processing. The introduction of AMR technology marks a significant leap forward, positioning Rhenus as an industry leader in automation and operational excellence. Data analysis plays a critical role in refining these operations. Rhenus constantly compares real-time data to optimize performance, ensuring that technology seamlessly integrates with human oversight to deliver enhanced results.
Rhenus’ innovative solutions go beyond technology—they cater to the unique requirements of a broad range of industries, including high-tech electronics, retail, and pharmaceuticals. By implementing flexible storage solutions and advanced safety protocols, Rhenus is able to manage complex supply chains with ease.
With agility at the core of its operations, Rhenus offers tailored services that ensure clients’ supply chains run smoothly, even in dynamic market conditions. This flexibility, combined with the company’s state-of-the-art infrastructure, sets Rhenus apart as a reliable and forward-thinking partner.
Safety remains a core focus at Rhenus. The company invests heavily in compliance and training to ensure that all operations meet the highest safety standards. By maintaining strict adherence to industry regulations, Rhenus ensures that its workforce and the goods it handles are well-protected. Also, Rhenus is committed to sustainability. Through the integration of sustainable logistics and environmentally friendly practices, the company contributes to reducing the carbon footprint in its operations, helping clients achieve their own sustainability targets.
Rhenus Warehousing Solutions Hong Kong is not just a provider of logistics services—it is a pioneer in the digitalization of warehousing. By combining automation, data-driven insights, and a strong commitment to safety, Rhenus continues to lead the way in transforming the logistics industry. As businesses face increasing complexity in their supply chains, Rhenus is well-positioned to offer innovative, agile solutions that meet the demands of the future.
From AI-powered design platforms to intelligent data extraction tools, Li & Fung is committed to harnessing the power of technology to drive innovation and enhance supply chain efficiency.
Li & Fung has been adopting AI and digital tools to simplify processes for greater efficiency at the workplace. With the introduction of new and upcoming digital tools available in the market, there remains the risk of confidential data exposure through external platforms. To ensure data security whilst riding the digital wave, Li & Fung has developed various AI digital solutions for the company and its people.
Redefining innovation: Fashion meets AI
Li & Fung's LF Design Ideation, an AI-powered design platform, provides designers with a powerful tool to navigate the complexities of fashion creation with ease and speed, by integrating the capabilities of two AI design powerhouses, DALL-E and Stable Diffusion. The synergy of DALL-E's ability to generate vivid images from textual descriptions and Stable Diffusion's capacity to create imagery based on existing visuals enables a limitless reservoir of design inspiration and capabilities.
“LF Design Ideation reflects Li & Fung’s commitment to innovation and its visionary approach to embracing technological advancements in fashion,” said Keith Ip, Chief Technology Officer at Li & Fung. The result is a dramatically reduced design ideation timeline from 2 weeks to days or hours, integrated AI-powered features including auto-tagging, design suggestions, and image generation to enhance the design process, and quick generation of visually captivating mood boards made possible through AI prompts.
Tailored GenAI solutions for workplace security and efficiency
In an era where the pace of business demands
increasingly quicker access to information and data processing capabilities, Li & Fung harnessed the power of generative AI (GenAI) to develop an internal one-stop solution to enhance productivity whilst safeguarding corporate data integrity and privacy, the LF AI Portal. The portal comprises of a comprehensive suite of AI-powered tools designed to streamline various data interaction processes in the workplace. The ‘LF Custom Bot’ utilises the OpenAI Assistants API for users to incorporate their knowledge bases and develop bots with specialised domain knowledge, enabling teams to develop tailored bots for different needs.
Revolutionising data extraction with AI
Like many global companies, Li & Fung is no stranger to the everyday challenges of handling a diverse array of documents. These documents are crucial for operational efficiency but come in various formats and structures, making data extraction a significant bottleneck.
Li & Fung’s Smart Extraction platform leverages the advanced capabilities of Retrieval-Augmented Generation to intelligently identify document types, extract vital metadata, and discern all relevant tables. It presents a user-friendly interface alongside a document preview, enabling users to select the information they need to extract effortlessly. This process is optimised by generating specific prompts for each type of
document, facilitating a one-click extraction process that outputs data directly into an organised Excel file. By supporting API integration, Smart Extraction is capable of receiving documents from these channels, automatically extracting essential data, and incorporating it seamlessly into the relevant databases or systems.
One of the most valuable capabilities of Smart Extraction is its ability to validate data. Smart Extraction automates this process by extracting key data points and validating document integrity swiftly and efficiently. Such capabilities are being embedded in Li & Fung’s TechPack Management Application which handles most of the incoming customers’ TechPacks, which is a very common document of a style specification in Li & Fung’s industry.
As a leader in the global sourcing and logistics industry, Li & Fung is committed to leveraging cutting-edge technologies to unlock operational efficiency and value for the entire supply chain. In addition, Li & Fung has various other AI-driven projects that are dedicated to transforming the industry. With continued focus on innovation, agility, and customercentricity in the areas of fashion, home & accessories, and ESG, Li & Fung is excited to lead the way in shaping and delivering the supply chain of the future.
LF Design Ideation reflects Li & Fung’s commitment to innovation and its visionary approach to embracing technological advancements in fashion
Converted hotels and industrial estates offer investors a lifeline.
Investors are bottom-fishing for properties with stable returns such as hotels that can be converted into student houses, and industrial sites that can be repurposed into cold storage or data centres amidst Hong Kong’s property slump. They are also targeting distressed homes and retail spaces, analysts said, after the city’s big landlords and property developers faced the steepest real estate downturn in two decades last year.
Hong Kong’s commercial real estate deals dropped by 4.6% to $5.3b in the second quarter from three months earlier, according to Colliers. It expects the full-year figure at $30b, a 19% yearly decline.
Meanwhile, CBRE expects home prices to continue falling in the second half, and a 5-10% decline for the full year, even after the government scrapped property curbs in February. Rentals, on the other hand, are expected to grow by another 6% this
Compared with traditional hotel assets, student accommodation offers a more resilient income stream and requires lower operating costs
year, spurred by the growing class of foreign university students and married couples, it said.
Hotels repurposed for student accommodations are emerging as the top choice for investors, as the influx of mostly mainland Chinese students leads to higher rents. For the 2024 academic year, which started in September, the government has doubled the non-local student quota of publicly funded, post-secondary institutions to 40% of admissions.
“The shortfall of approximately 120,000 student beds highlights the potential for further expansion and investment in the student accommodation sector,” Kathy Lee, head of Research at Colliers Hong Kong, told Hong Kong Business.
In February, Ovolo Group sold The Sheung Wan, a 56-room boutique hotel in Hong Kong’s Sheung Wan district, for US$41m ($319m) to Dash Living & PGIM Real Estate. The hotel was later
converted into a co-living development called Dash Living on Queen's.
In the first quarter, Hong Kong Metropolitan University bought Urbanwood Hotel in Hung Hom for student housing. Now called MU88, the 16-storey tower has 255 rooms and can house 480 people. Operations started in August.
In September, Centaline Group, one of Hong Kong's largest property agents, entered the student housing market by acquiring the 63-room Popway Hotel in Tsim Sha Tsui, near Polytechnic University. It intends to convert it into a 150-bed student accommodation facility.
CBRE estimates that by 2027, non-local post-secondary students in Hong Kong will have exceeded 100,000. Between now and 2027, there will be 30,751 new non-local students, but only 8,558 hostel beds will be available, or a shortfall of 22,193 beds, it said in a report.
More resilient income
Martin Wong, head of Research and Consultancy for Greater China at Knight Frank, noted that three- and four-star hotels are struggling because locals don’t go there for dinner or a buffet. Tourists, on the other hand, prefer high-end hotels.
“Investors are taking this opportunity to buy some of these hotels and convert them into other living sectors like student accommodation or co-living [spaces] because on a per square foot basis, the return is kind of higher compared with the original hotel setup,” he added..
Student accommodations are more than 90% occupied, with stabilised net operating income margins of 70-75%, depending on scale, according to Colliers.
“Compared with traditional hotel assets, student accommodation offers a more resilient income stream and requires lower operating costs, including reduced staff and marketing expenses,” it said in a report.
“With the right product, investors
can achieve significant rental premiums and accretive rental yields. Units smaller than 100 sq ft saw a compound annual growth rate (CAGR) of 7.2% over the last five years,” it added.
Investors seeking higher yields are also increasingly turning to the industrial segment for assets that can be converted into cold storage or data centres, said Marcos Chan, executive director and head of research at CBRE Hong Kong.
The property consultant in a report found that mainland Chinese companies and international hyperscalers are driving the demand for data centres in Hong Kong, alongside local IT service providers.
Meanwhile, JLL in a report earlier this year said cold storage yields 30-50% higher rents than dry warehouses. Investors, however, are struggling to find suitable industrial buildings for conversion, said Christopher Young, head of Logistics and Industrial at JLL Hong Kong.
He noted that many industrial buildings in Hong Kong were built for light industrial manufacturing, rather than for warehousing and logistics.
“Only buildings with a large floor plate — above five-metre ceiling heights and over 200 lb/sq ft floor loading, with sufficient space for truck loading and unloading — would be suitable to accommodate the needs of today's operators,” he added.
Within the retail and residential sectors, cash-rich investors are capitalising on distressed assets, which also happen to offer high yields.
Wong said investors prefer assets with discounts of as much as 40% rather than smaller cuts of 5-10%.
There have been at least six notable transactions involving distressed retail assets in the first half.
In July, Toyo Mall sold the sixth floor of Allway Garden Phase 3 in Tsuen Wan for $218m at $1,765 per sq ft, whilst Lai Sun Group sold several floors and parking spaces at Alto Residences for $540m at $3,939 per sq ft.
The residential sector also has many distressed assets, Wong said, attracting investors that don’t need substantial bank financing.
The Hong Kong government has also lowered the extra stamp duty on some real estate.
"Previously, the stamp duty was 15%,” he said. “Now, it's down to 3-4.5%, much lower than before. With home prices also discounted by 2526% from their peak, the residential sector still holds interest for both individual and cash-rich investors.”
Chan said property transactions barely hit $24b in the first half
With home prices also discounted by 25-26% from their peak, the residential sector still holds interest for both individual and cash-rich investors
amidst a high interest rate environment, adding that many of these were large transactions.
Wong said lower interest rates could still change Hong Kong’s property landscape.
In September, the US Federal Reserve cut its key rate by 50 basis points, pushing Hong Kong’s central bank to cut by a similar amount to 5.25%. The slow pace of the US easing cycle means Hong Kong interest rates are unlikely to go down substantially until next year, Wong said.
Colliers’ Lee said investors should bargain-hunt for Grade-A offices, whose capital values have fallen by 40% from peak COVID-19 levels.
CBRE’s Chan, meanwhile, urged investors to keep an eye out for highstreet shops, as more foreign tourists visit Hong Kong.
International visitor arrivals rose by 9.2% to almost 4.5 million in August from a year earlier, according to Xinhua, citing data from the Hong Kong Tourism Board. This brought the eight-month figure to 29.5 million, up 43.7% year on year.
Chan expects the city’s inbound tourism to improve in the second half and next year as Hong Kong hosts exhibitions, conventions and major sports and entertainment events that seek to attract not just Chinese from the mainland but also visitors from other countries.
He also said lower interest rates could boost domestic consumption. “I expect the retail market to continue improving over the next six to 12 months. Local investors should consider high-street shops, especially those familiar with the Hong Kong market.”
Payment collection settlements process as quickly as one working day after transaction, whilst enabling merchants to manage all sales transactions in a single platform.
DBS Bank (Hong Kong) Limited (“DBS Hong Kong”) and The Payment Cards Group Limited (“Yedpay”) announced the launch of “DBS MAX Merchant Solutions,” a one-stop solution for managing sales operations, featuring a suite of tools that streamline payment collections and enhance operational efficiency for merchants in Hong Kong. The payment collection settlements proceed as quickly as 1 day after the transactions.
Recent research by DBS Hong Kong highlighted that nearly 70% of merchant respondents are currently utilising digital payment methods, with 86% planning to adopt new digital payment methods in their operation within the next 12 months. However, inaccurate financial records due to reconciliation challenges (35%) and inefficient settlement time from their payment acquirers (31%) were the main challenges for businesses.
The new “DBS MAX Merchant Solutions” address these pain points by offering swift onboarding, where business accounts can be opened in as fast as one working day and collection settlements processed as quickly as one day after the transaction. The solution is compatible with a wide range of 21 payment options and provides a flexible integration with various sales channels. By consolidating sales operation data and bank account information into a single platform, “DBS MAX
Merchant Solutions” allow merchants to enhance efficiency, gain data-driven insights, and advance their digital transformation whilst providing banking-level security safeguards.
Boris Chan, Managing Director and Head of Global Transaction Services, DBS Bank Hong Kong, said, “We are excited to partner with Yedpay to make business operations easier for merchants. This solution addresses two
critical merchant pain points – reconciliation challenges and slow settlement time. By combining the strengths of DBS and Yedpay, ‘DBS MAX Merchant Solutions’ enables them to manage collections seamlessly, whilst expanding their range of digital payment options and providing a comprehensive support to the merchants.”
Beatrice Tai, Chief Operation Officer, Yedpay stated: “Over the past few years, Yedpay has evolved from a payment service provider into an acquirer. We have developed a comprehensive understanding of the challenges, complexities, time constraints, and costs that merchants face in payment and settlement processes. We see tremendous opportunity to collaborate with DBS Hong Kong, combining our new cloud-based processing technology with DBS’ banking expertise to jointly develop solutions that streamline processes for merchants. By working hand-in-hand, we can deliver seamless settlement solutions that reduce friction and costs for merchants.”
As businesses continue to navigate the evolving landscape of digital payments, DBS Hong Kong remains dedicated to providing tailored solutions that enhance operational efficiency and support sustainable growth.
"By combining the strengths of DBS and Yedpay, ‘DBS MAX Merchant Solutions’ enables them to manage collections seamlessly, whilst expanding their range of digital payment options and providing a comprehensive support to the merchants"
SPEAK TO OUR TEAM
Last September, sensitive data breaches highlighted vulnerabilities in Hong Kong's data privacy landscape. Cyberport reported a major hack exposing staff details and credit card records. Coupled with the new Data Security Law in Mainland China, data protection has become a critical priority for businesses operating across both regions.
As a prominent real estate and retail conglomerate in Hong Kong, our client faced significant challenges:
Frequent data breaches threatening brand reputation
Evolving regulations with limited legal expertise
Complex cross-border data transfer compliance
Difficulty in tracking regulatory updates
Established robust data security frameworks Streamlined crossborder data processes Mitigated legal risks and regulatory penalties
LexisNexis has significantly alleviated the burden of our data compliance management while enhancing our reporting and communication with headquarters.
- A local retail and real estate conglomerate
Our client turned to LexisNexis for comprehensive legal and compliance support:
✔ Data Security Framework
Established a robust knowledge framework using LexisNexis’ Practical Guidance Data Protection module.
✔ Compliance Checklists
Conducted self-assessments to ensure adherence to data protection standards.
✔ Standardised Contracts
Developed compliant templates for cross-border transfers.
✔ Regulatory
Utilised smart alerts for timely updates from Lexis China Compliance Intelligence on industry changes and penalties.
In search of the best agents under the age of 40, Hong Kong Business reached out to more than 40 property firms in the city. After rigorously reviewing nominations from the firms, five women and 15 men made it to the final cut. Agents on this year’s list come from JLL, CBRE, Colliers, Savills, and Knight Frank. Leading the pack are CBRE and Savills, with six representatives each. The youngest on the list is from JLL.
Realtors who specialise in the office market took the lead, taking six spots.
This year’s awardees are million and billion sellers and have handled big clients such as AIA, Standard Chartered Bank, Nvidia, ICBC (Asia), Oriental Patron, and the Hong Kong Metropolitan University (HKMU).
One of the awardees brokered the sale of the house at 39 Shouson Hill Road — the most expensive single-dwelling sale in Hong Kong's history — for $5.93b (US$761m) in 2018.
Here are this year’s awardees, arranged from youngest to oldest.
Jacqueline Wong, a senior manager at JLL Office Leasing Advisory, has over five years of experience and has advised on transactions exceeding 1.5 million sq ft. Starting as a graduate trainee at JLL, she transitioned to Office Leasing Advisory, where she provides strategic advice to anchor occupiers. Notable transactions include a 150,000 sq ft pre-commitment to a Grade A office building, a 90,000 sq ft renewal, and a 45,000 sq ft new letting.
Ken is a director at CBRE’s Office Leasing Team in Hong Kong, and he specialises in tenant representation and strategic advisory services. He handles approximately 30 transactions annually and advises on office portfolios of international banks and law firms, and the accounts he handles total over 1 million sq ft. His significant projects include Aon’s 40,000 sq ft acquisition and Marriott International’s 32,000 sq ft restructuring.
Carman is the youngest senior associate director at Colliers Hong Kong's Office Services. She joined the firm as a graduate trainee in 2017 and quickly advanced after her success in office leasing advisory. In the span of seven years, she transacted more than 1.2 million sq ft worth $650m, including a 148,200 sq ft relocation for AIA. Specialising in tenant representation, Carman is recognised for her expertise in handling portfolios of multinational corporations, particularly in the insurance industry.
Brian is a senior manager in the Office Leasing team at Savills, and he specialises in comprehensive real estate consultation, including tenancy negotiations and rent reviews. With a client portfolio spanning sectors such as banking, finance, retail, and quasi-governmental bodies, Brian has advised on over 100 transactions totalling more than $900m. Known for his strategic thinking and client dedication, Brian has earned a reputation as a trusted adviser to his clients and as a rising star in the real estate industry.
Travis, associate director at CBRE Capital Markets, began his career in 2015 as a graduate trainee, later joining the Valuation and Consulting team. Being a registered professional surveyor, his expertise in investment analysis has made him a trusted adviser to private equity funds, investors, and developers. He played a key role in the $1.3b Rosedale Kowloon Hotel deal, recognised for its complexity and scale. His role in multiple high-value transactions has contributed to deals exceeding $4b in recent years.
Clinton, a senior manager at Knight Frank's Capital Markets team, specialises in diverse transaction modes such as tenders, asset sales, and equity transfers across all asset types. Since joining the firm in 2021, he has served a wide range of clients, including ultra-high-net-worth people and institutional funds, with notable deals like Jessville Manor and Kwai Shun Industrial Centre. Clinton is also active in the Knight Frank Young Entrepreneurs Committee, which is designed to foster innovation, entrepreneurship, and leadership development among the firm's younger professionals.
Regina is a key member of Knight Frank's Residential Agency team for the past five years, and she specialises in luxury residential leasing and sales. Since 2019, Regina has led over 265 leasing transactions, including a prestigious townhouse on Plantation Road. Most residential sales completed by her exceeded $22m in value, totalling to $67m. She is also a certified ESG planner by the International Chamber of Sustainable Development, and a member of the company's ESG Taskforce. Known for her expertise, attention to detail, and strong client relationships, Regina is highly recommended by her past and present clients.
Jammy, senior manager at Savills Valuation and Professional Services, specialises in complex real estate matters, particularly under the Land (Compulsory Sale for Redevelopment) Ordinance (Cap. 545). He has successfully managed over 15 applications under this ordinance and advised on significant projects, including a 1,500-unit development with 830,000 sq ft of gross floor area. Jammy also excels in lease modification and land exchange negotiations, notably securing a 35% premium reduction from the government, solidifying his reputation as a trusted adviser.
Tay is a distinguished director at CBRE, and he has managed over 1.5 million sq ft of transactions in his decade-long tenure. He has served prominent clients such as Standard Chartered Bank, Nvidia, and the Hong Kong University of Science and Technology. He has also made a significant impact over 3.5 million sq ft in landlord representation and consultancy, including projects like the mixed-use commercial development Airside in Kai Tak and The Bay Hub in Kowloon Bay. Tay's strategic acumen and leadership have made him a key figure at CBRE.
Simon, an associate director at CBRE in Hong Kong, specialises in real estate investment advisory and transaction management. With over a decade of experience, he has brokered over $8.5b in transactions. Simon co-founded the PropTech Institute, promoting technology in real estate, and serves as president of Western University's Alumni Association in Hong Kong. He also co-chairs the Property Committee at the Canadian Chamber of Commerce, fostering ties among Canada, Hong Kong, Greater China and the AsiaPacific region.
Lisa, associate director of Office Services at Colliers, is a leading expert in cross-border leasing for firms in the People’s Republic of China (PRC), specialising in relocation and expansion. With over 60 deals totalling more than 600,000 sq ft, her clients include ICBC Asia, China Industrial Financial International, and Oriental Patron. Notably, she managed the first office relocation to Cheung Kong Center II in Central. Lisa frequently travels to Tier 1 cities in China, connecting business opportunities between Hong Kong and the mainland, earning a strong rapport with PRC landlords and tenants.
Glory Fock, a director in JLL's Office Leasing Advisory in Kowloon, has over 14 years of experience managing the occupational needs of local and multinational corporations. In her seven years at JLL, she has overseen leasing transactions exceeding 1.5 million sq ft, generating more than $45min revenue. In 2024, Glory managed the largest surrender case in Tsim Sha Tsui (109,000 sq ft) and facilitated a client’s relocation to Kai Tak (72,000 sq ft) within three months. Her expertise and dedication consistently earn high client satisfaction ratings.
Derek Li is a seasoned real estate professional with expertise across diverse sectors, including office, retail, industrial, residential, hotel, and collective sales. He is the associate director of Kowloon Commercial Sales for Savills. Since 2019, he has excelled in complex transactions, notably representing the Hong Kong Metropolitan University in leasing their back office and acquiring a hotel for conversion into a student hostel. A member of the Royal Institution of Chartered Surveyors, Derek is committed to tackling more complex real estate challenges, driving innovation and excellence.
Felix is the senior director of Sales and Investment for JLL's International Residential team, and he has over 13 years of experience in overseas property investment. He has sold more than $7b in properties from 2015 to 2023, including 10% of the UK's tallest residential tower. Leading his team since 2018, Felix excels in marketing projects across the UK, US, Japan, and Australia, serving ultra highnet-worth clients and real estate funds in getting good value investment deals. He is a recognized expert and frequent media commentator.
Keith, deputy senior director at Savills Hong Kong and head of Mainland China Business, is a leading expert in real estate with over 12 years of experience. Specialising in office, retail, and apartment transactions across Hong Kong and Mainland China, Keith has completed deals totalling over $18b, including landmark sales like Hopson International Tower ($5b). Known for his deep knowledge of real estate finance and cross-border taxation, Keith is also a recognised industry thought leader, frequently hosting webcasts and speaking at high-profile forums.
Terry, senior manager of Residential Development and Investment at Savills, specialises in super luxury residential transactions in Hong Kong. Notably, he facilitated the sale of 39 Shouson Hill Road for $5.93b, the most expensive second-hand residential sale in Hong Kong's history. In the past nine months, Terry completed over $2.1b in deals, including the complex sale of 8-12A Wilson Road, navigating intricate "collective sale" and "alienation restriction" challenges. His negotiation skills and dedication consistently deliver exceptional results for clients.
Joseph, a senior director at CBRE's Industrial & Logistics Services team, has over 10 years of experience specialising in industrial leasing and investment. His expertise spans mini-storage, logistics warehouses, data centres, and more. Notable transactions include a recordsetting $438m sale of a 300,000 sq ft automobile pre-delivery inspection centre and a 150,000 sq ft automation warehouse lease in Kwai Chung. Joseph's extensive network and industry knowledge make him a highly respected and valuable member of CBRE Hong Kong.
Andrew is the senior director at Colliers, and he leads the Restructuring Property Services team within the Capital Markets & Investment Services Department, specialising in insolvency restructuring and asset sales. Promoted in July 2024, he has driven significant transactions, including a $5.9b residential development site and various high-profile properties totaling over $10b. Andrew's trilingual skills and expertise in dealing with PRC developers, private equity funds, and local investors have solidified his reputation in Hong Kong's real estate market.
Stanley is the director at CBRE’s Industrial & Logistics Services team, and he has excelled in handling complex transactions across diverse sectors such as logistics, automotive, and pharmaceuticals. With over a decade at CBRE, including a background in Learning & Development, Stanley has successfully managed major deals, such as consolidating tenants in Dragon Industrial Building and securing a 97,751 sq ft lease for SF Supply Chain in Fanling. His expertise and commitment make him a trusted adviser and key asset to CBRE and his clients.
Louis Yu is a senior manager with Savills' International Residential Sales team in Hong Kong, and he has quickly risen in the real estate industry. With a background in residential sales and property management, Louis has led successful sales strategies for major developments like One Kai Tak and Marina South. At Savills, he has transacted over 130 deals, including a $250m sale in central London and a property in the Super Prime Old War Office development. Louis is recognised for his expertise and dedication, earning a spot on Savills' International Super Prime Team.
A stuttering economy has driven some to sell for as low as half the price.
Rich families in Hong Kong are selling their villas and mansions at deep discounts so they can pay off debt, exacerbating the city’s prolonged property slump.
“About 40% of secondary property deals worth $50m in July were sold at a loss,” Cathie Chung, senior director of Research at JLL in Hong Kong told Hong Kong Business.
Declining collateral value that is prompting banks to call in loans, prolonged economic uncertainty, elevated interest rates, and cautious buyer sentiment are to blame, the expert added.
But this is not new, Chung said, noting that the market downturn for luxury properties started way back in 2022. “But in recent months, the market saw more motivated vendors softening the asking price to exit.”
In July, the family of Ho Shungpun, director of real estate investment firm Kowloon Investment, sold four mansions in Hong Kong’s Peak area for $1.1b — a 40% discount from 2017 values — so they could repay a $1.6b loan from Hong Kong-based private equity firm Gaw Capital Partner, according to Knight Frank.
A foreclosed mansion at Jardine’s Lookout was sold for $360m, a more than 60% discount from its asking price three years ago.
Chung said banks are more aggressive and eager to demand loan payments amidst declining collateral values.
Data from CBRE showed that about three-quarters of high-end luxury residential deals in the first half of 2024 involved cash-strapped sellers.
Limited liquidity, fund flows, and valuation are also driving the trend, said Cherrie Lai, head of Residential Sales at Savills Hong Kong.
Lai said the fund flows from foreign investors have not been steady in the past few years, leading to constrained liquidity. As a result, mortgage banks can only offer lower loan-to-valuation ratios, putting property buyers with insufficient cash at a disadvantage.
“In the absence of any uplifting of the loan-to-valuation ratio or stable valuation price, these properties actually have a smaller batch catchment of buyers and suffer a higher loss,” she added.
Because of this, demand for properties is declining, forcing
sellers to dispose of low-value properties at deep discounts.
Whilst some rich sellers are losing money from their property sales, others, both foreign and local, are capitalising on the trend.
“The discounted properties have attracted more cash-rich local endusers who are beginning to look at these types of properties because they understand the market,” Chung said.
“The cash-rich are looking for longer-term investments, and mainland Chinese buyers have been quick to capitalise on the decline in luxury property prices,” she added.
Lai noted that back then, buyers had to pay a premium for something unique. “Nowadays, when there's a discount, they would look for the high end, even top end.”
But Chung said buyers are still approaching the market with caution, as speculative demand remains minimal and buyers prioritise sustained investment over quick gains.
“We find buyer sentiments have largely shifted towards viewing these properties as long-term investments rather than short-term opportunities,” she said. “So the primary motivation behind purchases mainly focus on asset allocation and securing the stable and long-term value of the properties.”
People are also buying properties for their own use, sometimes making small renovations to keep costs low. Lai said that these wealthy buyers still look at the location and prefer prime areas.
“Those owners suffering from business loss or liquidity issues will try to liquidate some of the properties to pay up the loan or try to relieve the interest rate payment,” she said. “[For them,] that would be the main objective or main part of the discount property.”
Lai said market conditions remain uncertain due to still high borrowing costs and the unpredictable speed at which the supply can be cleared to make way for new investments.
“We still have a lot of supply accumulated in the pandemic, and we didn't have many land sales in the past years, so we need to absorb and clear this ongoing stock before we can move on to a new market outlook,” she added.
The mobile app offers parents an intuitive platform for managing their children's meals, including allergen information and sibling orders.
As today's educational landscape continues to evolve, it is crucial for catering services to adapt and embrace technological advancements to better serve their communities. Chartwells, the renowned brand of Compass Group in the education sector, has exemplified this commitment through the successful launch of a cutting-edge mobile app for school meal enrolment. This digital transformation represents a proactive approach to enhancing parent engagement, streamlining operational processes, and prioritising the well-being of students.
The era of unwieldy paper forms and labourintensive data input is now a thing of the past. Chartwells has seamlessly transitioned from traditional meal enrolment methods to a dedicated mobile application, offering parents an intuitive and efficient platform to enrol their children in meal programmes with just a few taps on their smartphones.
This shift to digital innovation has not only simplified the enrolment process but has also significantly increased parent engagement, empowering them to make informed decisions for their children's dietary needs.
One of the most remarkable features of the new mobile app is its comprehensive allergen information. Parents now have access to detailed allergen details for each meal
option, enabling them to make well-informed decisions tailored to their children's specific dietary requirements. This advancement not only fosters a safer and more inclusive setting for students with dietary limitations but also enables all parents to place a higher emphasis on their children's health and overall wellness.
Moreover, the new mobile app introduces a convenient feature that allows parents to order meals for siblings who attend the same school. This added function simplifies the process for parents with multiple children, providing a one-stop platform to manage meal enrolment for all their school-going kids within a single application. This comprehensive strategy in addressing diverse parental needs underscores Chartwells' dedication to delivering a seamless and all-encompassing experience for families and educational institutions alike.
In addition to the mobile app, Chartwells has further enhanced its total solution by introducing innovative self-service kiosks at school cafeterias. These kiosks provide a convenient and efficient way for students to select and purchase their meals, reducing wait times and streamlining the overall dining experience. By offering a comprehensive range of digital solutions, including the mobile app and self-service kiosks, Chartwells is redefining the landscape of school meal programmes, prioritising efficiency, engagement, and the well-being of students.
The successful transition from traditional meal
enrolment methods to a modern, user-friendly app underscores Chartwells' dedication to leveraging technology to enhance parent interactions and streamline operational processes within the education sector.
The impact of this digital transformation extends far beyond mere convenience. It represents a significant milestone in Chartwells' commitment to embracing digital innovation to simplify processes, enhance parental engagement, and prioritise the wellbeing of students. By leveraging technology to modernise meal enrolment processes and cater to diverse parental needs, Chartwells is leading the way in revolutionising catering services in the education sector.
"The successful launch of the cuttingedge mobile app for school meal enrolment underscores our commitment to leveraging technology to enhance parent interactions and streamline operational processes within the education sector," said Steven Lee, Head of IT & Digital Solutions.
With the integration of allergen information and the convenience of managing meal enrolment for siblings, Chartwells showcases a progressive approach to leveraging technology for the benefit of catering services in the education sector.
The successful launch of the cutting-edge mobile app for school meal enrolment underscores our commitment to leveraging technology to enhance parent interactions and streamline operational processes within the education sector
About 1,500 lingering and 23 overboarding INEDS in 810 and 181 firms are in the spotlight. MARKETS
Hong Kong’s stock exchange faces resistance in its plan to limit the tenure of independent non-executive directors (INED) and the number of boards they can sit on, amidst a global economic uncertainty.
Some market players have questioned the wisdom of the timing, whilst others insist the proposal is a step in the right direction toward better corporate governance.
The government expects the economy to continue growing for the rest of the year, though factors including geopolitical tensions and persistently high global interest rates pose a risk.
The proposal to ban INEDS from holding office with a listed company for over nine years continuously is unlikely to make “any real difference to board independence in the majority of cases,” Julia Charlton, a principal partner at boutique law firm Charltons, told Hong Kong Business.
Charlton said the proposed nine-year tenure cap could deprive many listed companies and their stakeholders of experienced non-executive directors “who understand the particular company’s business and regulatory obligations and may be well placed to offer informed opinions on the company’s affairs.”
Implementation
Under the Hong Kong Exchanges and Clearing Ltd’s (HKEX) plan, which was proposed in June, newly listed companies must comply starting January 2025, whilst existing companies have three years to do so.
Charlton noted that whilst the HKEX links INED tenure to independence in its consultation paper, it could evaluate more fully the potential benefits of long tenure in some cases.
But Claudia Yiu, a partner at law firm Simmons & Simmons, said the nine-year tenure cap is important given INEDS’ “integral role in providing checks and balances for both management and the rest of the board.”
"An INED’s lack of ties with the issuer supports their ability to provide an objective view, which may counter the views of nonindependent directors or the issuer’s management,” she told Hong Kong Business
“If an INED has a long-established relationship with the issuer’s management, the director may be less inclined to raise questions or otherwise scrutinise management decisions as a result of that familiarity,” she added.
The cap could also encourage the board of listed companies to get fresh perspectives, Yiu said.
Johnson Kong, managing director at BDO Hong Kong, said losing a long-serving and experienced independent nonexecutive director should not be a problem because he could just be given a different position in other units.
Under the rules, a non-executive director or who has served the board for nine years may go back after a twoyear cooling-off period, during which he must not hold a directorship position at the company or any of its units.
Regulators in countries like the UK and Australia have acknowledged in their corporate governance codes that lengthy board tenures can affect a director’s independence, Kong said.
Meanwhile, Charlton doubted the effectiveness and necessity at the current time of the main proposals in the revised Corporate Governance Code framework, specifically the need for listed companies to appoint a lead INED.
Charlton said shares of Hong Kong-listed companies are generally not as widely held as those in the UK, which may be a factor in the latter’s requirements relating to a lead INED.
‘Independent voice’
Twenty-three overboarding INEDs served on the boards of 181 companies listed on the HKEX, or about 7% of all members, at the end of 2023, according to Charltons. Five overboarding INEDs held 10 or more listed company directorships.
About 1,500 INEDs have served as directors in 810 companies — about 31% of Hong Kong’s listed companies — for longer than nine years, according to HKEX data.
Yiu said a lead INED could “strengthen the INEDs’ independent voice by facilitating communication with the rest of the board.” She added that the proposal is not meant to just reinforce board independence.
“The idea is that a lead INED can serve as a clear point can provide shareholders with the INEDs’ views on the issuer’s governance and matters such as corporate strategy,” she said.
The six-board limit is crucial, noting that whilst independent non-executive directors may not be involved in an issuer’s day-to-day affairs compared with executive directors, they are held to the same standard of care, she added.
“Where a director takes on too many directorships and/ or has other significant outside commitments, this may compromise their ability to devote sufficient time and energy to properly discharge their duties in respect of each issuer on whose board they sit,” she added.
They must innovate, improve service or partner with their rivals amidst slumping sales.
Hong Kong’s retail scene is floundering as locals spend their money across the border, and retailers need a new game plan to win, including cross-border partnerships with their mainland counterparts.
“As further integration into the Greater Bay Area is expected, collaborations and cross-border partnerships are necessary and essential,” Prudence Lai, a consultant at Euromonitor International, told Hong Kong Business.
“Cross-border partnerships among business units for businesses operating in both markets are key to providing a unified brand experience,” the Euromonitor expert added, noting that brands could build trust and loyalty regardless of the channel and location.
Shopping exodus
Hong Kong’s retail sales have been declining since March as locals go north to border-adjacent areas like Tuen Mun and Yuen Long to shop, whilst the recovery in inbound tourism spending remains slow.
Retail sales in June fell by 9.7% to $29.9b from a year earlier, according to data from the Census and Statistics Department. First-half sales declined by 6.6%.
Hong Kong residents made more than 1.1 million trips to the rest of China during a three-day holiday ending 1 July.
“The convenience of going northbound via high-speed rail and buses has greatly facilitated Hong Kongers keen to go northbound,” Lai said. “The lower cost of living on the mainland is also a major attraction for Hong Kongers to enjoy services and experiences at a fraction of the cost in Hong Kong.”
Cheaper clothing and grocery prices on the mainland is also driving the trend. Euromonitor's Voice of the Consumer: Lifestyle survey in 2024 showed that 31% of Hong Kong residents were worried about the rising cost of living this year, up from 20% in 2023. Hong Kongers are also drawn to mainland-exclusive shopping experiences such as Sam's Club and Costco, along with large shopping mall complexes and all-in-one clubhouses.
Shops on the mainland also offer a more engaging retail experience given their big size. Experiential shopping is a thing for 78% of Hong Kongers, compared with the global average of just 58%, Euromonitor said.
Mid-segment businesses in Hong Kong that charge as much as $300 per head have been hit the hardest, after locals discovered premium dining experiences on the mainland at the same prices.
Hong Kong retailers should leverage their unique strengths and improve the shopping experience to win back customers, Kai Tang, head of Adyen’s Hong Kong office, said in an interview.
They can also diversify their products, use personalised marketing campaigns and technology to improve customer service.
Two of 10 Hong Kong retailers plan to expand overseas either by opening brick-and-mortar stores or activating online
shopping channels, according to the Adyen Index 2024.
“They are also aware of steps to take in order to maintain competitiveness,” Tang said. “Around 20% plan to increase revenue in 2024 by using technology to improve supply chain visibility, diversifying offerings [and] personalising marketing campaigns.”
Adyen said Hong Kong Retailers should offer personalised perks such as membership rewards and discounts because 70% of Hong Kong consumers prefer tailored experiences. But this might be a tough nut to crack, with less than 5% of companies saying they know their customers well enough.
“How businesses can deliver on this depends on how they make use of the consumer information they have at their disposal,” Tang said. They can use their purchase history to know what really matters to their customers, he added.
He said understanding consumer behaviour and designing an effective loyalty program require tracking cross-channel sales data. Tang said 73% of Hong Kong retailers that used payment-linked loyalty programs have reported higher sales, whilst 68% of consumers are more likely to shop if their loyalty programs work with their payment cards.
Retailers should also use social media to boost sales. Adyen found that 75% of Hong Kong consumers have shopped on social media, compared with the 44% global average. Hong Kongers make an average of seven purchases a month via social media.
The Hong Kong Business National Business Awards and Hong Kong Business Technology Excellence Awards have returned to honour the exceptional talent and innovation of homegrown businesses across diverse industries and leading figures in technological advancement.
With businesses fuelling local growth with their unique offerings and companies leveraging technological advancements, they are reshaping markets by enhancing efficiency, connectivity, and consumer experiences in Hong Kong.
The Hong Kong Business Magazine held a prestigious showcase of innovation and achievement at the Hong Kong Business National Business Awards 2024 and Hong Kong Business Technology Excellence Awards 2024 Awards Dinner on 4 September 2024. Celebrating outstanding companies for their exceptional achievements and technological advancements, the event attracted almost 300 guests, making it the largest awards dinner to date.
This year’s awards programmes showcased the success and remarkable transformative projects and initiatives that made a positive impact and set new benchmarks in the industry. It also recognised
AIA Group
• Initiative Award - Life Insurance
FSE Lifestyle Services Limited
• Excellence Award - Conglomerates
GreenTomato
• Excellence Award - IT Services
Hong Kong Airport Services Limited
• Excellence Award - Aviation
HONG KONG BUSINESSTECHNOLOGY EXCELLENCEAWARDS 2024
Ace integrator Limited and Watsons Hong Kong
• Automation - Engineering
AIA Group
• Analytics - Life Insurance
• Infrastructure Technology - Life Insurance
Airport Authority Hong Kong
• Facial Recognition - Aerospace
Airport Authority Hong Kong
• Automation - Aviation
Anlyvis Limited
• Startup - Technology
AXA Hong Kong & Macau
• Cloud - Insurance
• AudioTech - Insurance
Baxter Healthcare Ltd
• Smart Technology - Healthcare Technology
companies with groundbreaking innovative products and solutions and pioneered digital transformation.
A panel of renowned industry experts served as judges for this year's Hong Kong Business National Business Awards: Edmund Li, Partner (Technical), Crowe (HK) CPA Limited; Yam Tak Fai Ronald, Partner, Audit and Assurance, RSM Hong Kong; and Andy Wong, IPO leader and China and Hong Kong Business Leader, SW Hong Kong.
For this year’s Hong Kong Business Technology Excellence Awards, the esteemed panel of judges included: Mattieu Lambert, Partner, Consulting, Cloud & AI, Deloitte, Asia Pacific; David Chen, Partner, Technology Consulting, Ernst & Young Advisory Services Limited; Stanley Sum, Partner, Technology Consulting, KPMG Advisory (Hong Kong) Limited; and James Lee, Partner - Consulting (Data, AI & Emerging Technology), PwC Mainland China and Hong Kong.
The judges' thorough evaluation was crucial in certifying that the winners were recognised for the most outstanding and forwardthinking achievements.
Congratulations to all the winners!
BOC Group Life Assurance Company Limited
• App - Life Insurance
Carbon Wallet
• App - Retail
• Sustainable Technology - Retail
China State Construction Engineering (Hong Kong) Limited
• Information Management - Construction
China Unicom Global Limited
• Data Centre - Telecommunications
CICC
• Fintech - Investment Banking
Cigna Worldwide General Insurance Company Limited
• Digital - Insurance
• Mobile - Insurance
Compass Group Hong Kong Limited
• Digital - Food & Beverage
Console Connect
• Mobile - Telecommunications
CTF Education Group
• Mobile - Education
CTF Life
• Data - Insurance
EasyView
• API - Brokerage
Fidelity International
• Mobile - Financial Services
• Digital - Financial Services
FPT Software
• Software - Insurtech
GreenTomato
• AI - Digital Transformation Consulting
GrowthOps
• Digital - Financial Technology
Hang Seng Bank
• AI - Banking
• Digital - Banking
Hong Kong Trade Development Council
• Digital - Public Organization
HSBC
• Automation - Banking
• Blockchain - Banking
HSBC
• Virtualisation - Banking
HSBC
• Analytics - Financial Services
HSBC
• Automation - Financial Services
Inchcape Hong Kong Limited
• AI - Automotive & Transport System
KBQuest Hong Kong Limited
• AI - IT Services
Kerry Properties Limited
• Digital - Residential Building Construction
Lenovo PCCW Solutions
• AI - Government
LexisNexis Hong Kong & Taiwan
• AI - Legal
Li & Fung Trading Limited
• AI - Supply Chain
Link Asset Management Limited
• Analytics - Real Estate
LRQA
• Analytics - Supply Chain
Mannings
• AI - Retail
• Digital - Retail
Meko Holdings Limited (Jollibee)
• Customer Identity And Access Management - Food & Beverage
• Payment Solutions - Food & Beverage
MTR Corporation
• AI - Transportation
• Smart City - Transportation
OSL
• Blockchain - Financial Technology
PerksBar Limited
• Blockchain - Financial Technology
Plaza Premium Group (PPG)
• Cloud - Travel Services
PrimeCredit Limited
• AI - Financial Services
Prudential Hong Kong Limited
• AI - Insurance
Shangri-La Circle
• Mobile - Hospitality & Leisure
• Robotics - Hospitality & Leisure
Shiseido (Hong Kong)
• Data - Beauty & Cosmetics
• Analytics - Beauty & Cosmetics
STATRYS
• Fintech - Payments
Sun Life Hong Kong Limited
• App - Financial Services
SUNRATE
• Payment Solutions - Financial Services
Swire Pacific
• Emerging Technology - Conglomerates
Swire Properties
• Digital - Real Estate
• Mobile - Real Estate
• PropTech - Real Estate
The Hong Kong and China Gas Company (Towngas)
• Analytics - Energy
The Hong Kong Jockey Club
• Mobile - Sports
TransUnion Limited
• Fintech - Financial Technology
• Machine Learning - Technology
Uni-China Group
• Online Services - Retail
Unlimitics
• AI - Education
Urban Access Solutions
• Smart City - Property Services
• Smart Technology - Automotive & Transport System
Vodatel Networks (H.K.) Limited
• Cybersecurity - Education
Vpon HK
• AI - Marketing Technology
WeLab
• Fintech - Banking
Xin Performance Limited
• Enterprise Software - Hospitality & Leisure
Its Live Young Rewards App leverages innovative technology to empower users to make informed lifestyle choices and earn rewards for healthy habits.
BOC Group Life Assurance Company
Limited (“BOC Life”) is committed to leveraging cutting-edge technology to improve lives, serving as a reliable and trusted life partner for all stakeholders. The Live Young Rewards App is a shining example of this dedication, designed to empower users to prioritise their well-being through innovative solutions that fundamentally transform their health journeys.
Empowering wellness and sustainability through innovative technology
At BOC Life, innovation isn't just a goal; it's a dedicated effort to positively impact the community. In 2021, BOC Life introduced the Live Young Rewards App, a groundbreaking initiative in partnership with top-tier smartwatch labels, health tech start-ups, social platforms, local merchants, charities, and social enterprises aimed at forging a fresh wellness ecosystem in Hong Kong. Central to this endeavour is the “Live Young” rewards programme, designed to inspire users to embrace healthier lifestyles by reducing their biological age.
BOC Life encourages everyone to make positive lifestyle changes. Enrolment in the “Live Young” rewards programme is free-ofcharge. This approach ensures widespread user engagement and opens doors for progressive opportunities. The plug-and-play technology allows BOC Life to connect with merchants easily and continually introduce fresh wellness services that meet users' evolving needs.
The Live Young Rewards App represents a cutting-edge health and wellness solution, seamlessly integrating gamification, charity endeavours, and social connectivity all within a single platform. Through a strategic partnership with ReMark, an InsurTech company under the SCOR Group, BOC Life has distinguished itself by introducing the Biological Age Model (BAM™) algorithm. Developed in collaboration with SCOR and GARMIN, this algorithm leverages five key metrics like steps, active calories, BMI, resting heart rate, and sleeping hours to offer users insights into their biological age, effectively demonstrating the impact of their lifestyle choices and enabling personalised risk profiling.
The BAM™ algorithm doesn't just provide health insights; it serves as a powerful motivator for users to embrace positive lifestyle changes whilst earning meaningful rewards. The app's evolution is based on user feedback and industry trends, attracting numerous business partners and over 110,000 users since launch.
Through strategic partnerships, BOC Life has significantly improved customer engagement. The Live Young Rewards App serves as a personalised wellness platform that rewards users' dedication to wellbeing. By motivating users with rewards
for adopting healthier habits and providing invaluable support on their wellness journey, the app's social and interactive features enable users to engage with friends, family, and like-minded individuals, fostering a supportive and motivating community crucial to cultivating habits for long-term well-being.
BOC Life actively fosters future talent, exemplified by initiatives like the St. James New Generation Financial and Technology Designer's Programme. This endeavour champions STEAM education in Hong Kong, equipping students with coding skills to unleash their creativity in scientific exploration. Beyond technical skills, the programme cultivates a sense of community responsibility, encouraging students to leverage technology for societal advancement. Since its inception in 2021, the initiative has made a positive impact on 17 primary schools. BOC Life’s commitment transcends individual welfare, encompassing broader societal goals. Through collaborative efforts, educational campaigns, and a resolute focus on enhancing health and well-being, the company is dedicated to shaping a brighter future and upholding its role as a trusted life partner for the public.
At BOC Life, innovation isn't just a goal; it's a dedicated effort to positively impact the community
The company’s adoption of AI-powered speech analytics technology, tackling operational challenges with innovation, leveraged customer experience, and provided efficient customer service.
The Hong Kong and China Gas Company Limited (Towngas) proudly showcases its transformative journey with the innovative Speech Analytics (SA) Model, which recently earned the Hong Kong Business Technology Excellence Award. This recognition highlights Towngas's commitment to leveraging technology that enhances operational efficiency and elevates the customer experience.
At Towngas, understanding customers' needs has always been the top priority, along with addressing inquiries through its dedicated customer service team. To continuously enhance the customer experience, the company is committed to leveraging innovative technologies that
streamline service processes. With the rising volume and complexity of phone inquiries, Towngas recognised the need for a more efficient solution and developed the Speech Analytics Model, which has been instrumental in this transformation. Thanks to this AI-driven model, Towngas achieved over 120% growth in eService usage and a 25% reduction in hotline inquiries.
"Our unwavering dedication to exploring new ideas and utilising AI's capabilities is driving us towards a dynamic and promising future that is responsive to change and full of forward-looking opportunities," stated Don Cheng, Head of Commercial – HK Utility and Head of the Sustainable Green Energy Hub at Towngas.
Delivering exceptional results
This cutting-edge AI solution harnesses machine learning to analyse and categorise customer phone inquiry transcriptions with remarkable efficiency. Utilising advanced technologies such as speech-to-text, keyword extraction, and categorisation, the SA Model achieves an impressive 94% translation accuracy and 88% categorisation accuracy. This allows Towngas to gain valuable datadriven insights into customer needs.
To encourage the use of its eService
system, Towngas sends a confirmation SMS for maintenance appointments after a call is made. With streamlined processes in place, more customers can manage their service requests independently, reducing reliance on traditional channels.
Queenie Chan, General Manager – Business Analytics & e-Development at Towngas, remarked, “We believe that this real-time analysis will empower us to derive valuable data-driven insights, recognise significant trends, and efficiently assess customer sentiment. By continuously improving our understanding of customer needs, we are committed to enhancing the overall experience for our valued clients.”
Our unwavering dedication to exploring new ideas and utilising AI's capabilities is driving us towards a dynamic and promising future
As a public utility, Towngas has always been closely linked with the public’s daily life. Fulfilling our corporate social responsibility is an indispensable part of our corporate philosophy – that is why in addition to providing a safe and reliable energy supply, we proactively engage with society and cater for people in need. Besides leveraging innovative technologies to improve people’s lives, Towngas also gets out in the field to connect with people through campaigns like distributing festive food to the underprivileged during the holiday season. Since its establishment in 1999, our Towngas Volunteer Service Team has contributed over one million service hours to the community over the years. Going forward, Towngas will continue to make a positive impact on society and strive towards a brighter future for all.
With a focus on digital innovation, sustainability, and strategic collaboration, CTF Life is transforming the insurance landscape.
Chow Tai Fook Life Insurance Company Limited ("CTF Life") is proud of its rich, nearly 40-year history of providing a wide range of insurance and financial planning services, helping customers and their loved ones navigate life’s journey with personalised planning solutions, lifelong protection, and diverse lifestyle experiences.
As a wholly-owned subsidiary of NWS Holdings Limited and a member of Chow Tai Fook Enterprises Limited, CTF Life consistently strengthens its collaboration with the diverse conglomerate of the Cheng family (“Chow Tai Fook Group” or “the Group”). It draws on the Group’s robust financial strength, strategic investments across the globe, and advanced customercentric digital technology with the aspiration of becoming a leading insurance company in the Greater Bay Area.
New brand, unchanged commitments
The design of the new CTF Life brand uses turquoise as the brand colour, symbolising endless vitality and injecting strong impetus into its sustainable development. The use of earth colour tones highlights its commitment to environmental protection, nature and sustainability. Its brand logo further signifies commitment to support customers throughout their life journey – from well-being, growth, and healthcare to legacy.
With "Value Beyond Insurance" as its brand promise, CTF Life leverages the
extensive resources of the Group's diversified conglomerate and is committed to serving customers and their loved ones at every stage of their life journey.
Diverse Experience, Lifestyle Privileges, and Membership Alliance
To fully reflect the commitment of creating "Value Beyond Insurance," CTF Life launched a new membership platform, "CTF Life · CIRCLE," offering three tiers of memberships: Basic, Gold, and Diamond. It unlocks a world of privileges across the Group’s diverse conglomerate, covering hotels, catering, education, health services, and more. It also connects to other joint membership clubs such as New World CLUB and KLUB 11, following by future extension to The CTF Club (Chow Tai Fook Jewellery's membership programme) and New World China Club (New World China’s exclusive membership programme); living up to its promise to achieve "Diverse Experience," "Lifestyle Privileges," and "Membership Alliance" for its members.
Digital transformation, technology innovation CTF Life has always been committed to improving customer digital experience and realising its customer-first commitment. To achieve this, CTF Life uses digital innovation,
data, analytics, and artificial intelligence to amplify the extensive support from the Group's diverse conglomerate and creates a unique advantage in the industry. Through collaboration with Insurtech partners, CTF Life continues to focus on using technology to keep it at the forefront of the industry. The Data - Insurance accolade received at the Hong Kong Business Technology Excellence Awards 2024 is a true testament to its technology innovation.
“The digital transformation strategy at CTF Life is essential for maintaining our competitive edge. It goes beyond just adopting new technologies; it also focusses on reshaping our culture and redefining how our teams collaborate and innovate together,” Derek Ip, Chief Digital and Technology Officer of CTF Life, said.
Reputable brand, confidence guaranteed CTF Life has received an A- rating from Fitch Ratings and an A3 rating from Moody's Investors Service. Its solvency ratio at the end of June 2024 is as high as 337%, exceeding the regulatory minimum requirement of 150%. The Hong Kong Risk-based Capital (HKRBC) solvency ratio was 289%, well above the 100% Prescribed Capital Requirement under HKRBC regime.
According to the latest data from the Insurance Authority, CTF Life’s business performance in the first half of 2024 was impressive. The Annualised Premium Equivalent (APE) increased by 33% YoY, better than the overall industry growth of 29%. The company ranks 10th based on APE performance. Agency distribution APE performance increased by 44% YoY, far exceeding the overall industry growth of 5%, ranking at 8th place in the industry. Partnership Distribution APE performance continued to grow YoY, with an increase of 31%, and continues to occupy a top 3 position.
The CTF Life brand highlights its strong collaboration with the group. This helps empower CTF Life to cultivate an array of strategic collaborations, both internally and externally, enriching their operations and enhancing their ability to create more value beyond insurance. The horizon of CTF Life is indeed brimming with promise and potential for the future.
The digital transformation strategy at CTF Life is essential for maintaining our competitive edge
With a new name under a renowned brand, CTF Life continues to be faithful to its innovative spirit, and commitment to consistently exceeding expectations. We will further leverage the collaboration with the diverse conglomerate of Chow Tai Fook Group to craft financial planning solutions that aim to enrich your life, and unleash its many amazing possibilities.
EiQ supply chain intelligence software enhances supplier visibility and ESG risk management.
Businesses with global supply chains often lack the visibility needed to mitigate human rights risks and environmental risks across their operations. As stringent due diligence laws for companies are being implemented worldwide and issues like forced labour and child labour are increasingly at the forefront of media exposés, supplier visibility and data management become more vital for businesses. These are the driving forces behind EiQ, winner in the Analytics - Supply Chain category at the HKB Technology Excellence Awards 2024.
EiQ is a data-driven solution used by global businesses to enhance Environmental, Social, and Governance (ESG) due diligence and assurance. The software provides in-depth risk analysis for sourcing regions, products, and suppliers, allowing companies to monitor risks and trends in near real-time.
EiQ hosts data from over 25,0000 onsite audits yearly and civil society data via a centralised platform, leveraging predictive analytics and media alerts connected to supplier risks. Through EiQ, brands, retailers, investors, and suppliers can navigate regulatory requirements and transform their supply chain sourcing.
Through its robust dataset and machine learning capabilities, companies can proactively manage and better understand the pain points in their supply chains. EiQ generates ESG risk scores for sourcing countries, commodities, and suppliers and uses its adverse media tool, Sentinel, to scan suppliers for potential ESG violations.
The platform also leverages segmentation capabilities, where businesses can divide their supplier base based on customised metrics and understand areas in their value chain where there is highest risk exposure to audit violations, enabling them to allocate remediation resources more effectively.
EiQ optimises ESG reporting through a streamlined system that integrates data from various sources into a unified system. Organisations can communicate their ESG data using dynamic visualisations of key metrics tailored to their reporting requirements. The platform’s extensive dataset allows for benchmarking against industry peers and monitoring risks and trends in near real-time. Companies can compare their supply chain data against the wider global dataset for metrics such as transparency rates, average monthly wages, highest weekly working hours, and more.
Helping companies source responsibly
EiQ is being adopted by an increasing number of brands and retailers across the world to improve their risk management, strengthen supply chain integrity and drive positive
impact. Its users include some of the world’s largest brands, who rely on the analytical capabilities of EiQ to make informed decisions on how to address supply chain risk.
“EiQ serves as a one-stop-shop to help businesses enhance their ESG risk management practices and mitigate critical human rights and environmental risks across global supply chains. We are delighted that the hard work put into this solution is being acknowledged and we aim to continue driving positive impact and strengthening supply chain integrity,” said JP Stevenson, Head of Market Development, EiQ.
About LRQA
LRQA is the leading global assurance partner, bringing together decades of unrivalled expertise in assessment, advisory, inspection, and cybersecurity services. Our solutionsbased partnerships are supported by datadriven insights that help our clients solve their biggest business challenges.
Operating in more than 150 countries with a team of more than 5,000 people, LRQA’s award-winning compliance, supply chain, cybersecurity, and ESG specialists help more than 61,000 clients across almost every sector to anticipate, mitigate, and manage risk wherever they operate.
In everything we do, we are committed to shaping a better future for our people, our clients, our communities and our planet.
EiQ serves as a one-stop-shop to help businesses enhance their ESG risk management practices and mitigate critical human rights and environmental risks
Its AI-driven data centres are strategically positioned to facilitate global connectivity.
China Unicom Global Limited (China Unicom Global), dedicated to providing comprehensive global digital information services, won the Data Centre - Telecommunications category at the HKB Technology Excellence Awards 2024. This award recognised the innovative China Unicom Global Intelligent · Cloud Data Centre, which is driving the advancement of artificial intelligence (AI) and digital transformation in the region and beyond.
The China Unicom Global Intelligent · Cloud Data Centre features customisable "superhigh," optimising space utilisation and enabling expansion in line with customers’ demands and power requirements. This design prioritises energy efficiency and promotes sustainability.
Whilst standard data centres typically utilise 47U cabinets, the Intelligent · Cloud Data Centre offers greater flexibility with the option to add separate 10U, 20U or 30U racks, achieving a maximum capacity of 77U. This approach has significantly enhanced the overall efficiency of the data centre.
At the same time, China Unicom Global prioritises the implementation of “greener cooling” solutions. This includes utilising chilled water refrigeration and leveraging emerging technologies such as AI inspection and data analytics to streamline inspections, manpower, and resource utilisation.
Spanning 37,000 square metres and housing over 4,500 racks, the state-of-the-art facility boasts seamless connectivity to 60
countries and regions through 15 submarine cables. Since its launch in 2016, the Intelligent · Cloud Data Centre has established strong connections with major cloud providers.
Meanwhile, the increasing adoption of AI applications is driving demand for advanced computing support. Recognising this trend, China Unicom Global has responded by offering customised smart computing application services and solutions to meet the evolving needs in this domain.
This includes the provision of cross-border all-optical smart network services with large bandwidth, low latency, and high reliability, as well as the offering of a customised IaaS management platform to implement efficient monitoring and scheduling. These solutions
empower customers with high-speed interconnection and data interoperability across different office locations.
To further support the growing demand for AI and advanced computing, the company has launched a computing power scheduling platform named Xing Luo, along with the Unicom Yuanjing large-scale model. These offer diverse computing power services by integrating intelligent computing, supercomputing, and general computing, whilst delivering integrated intelligent computing solutions, a comprehensive set of foundational large-scale models, and various services across multiple sectors.
The HKB Technology Excellence Awards celebrates innovation and excellence in Hong Kong's dynamic tech landscape, highlighting companies that lead the way in technological disruptions within their industries.
The China Unicom Global Intelligent · Cloud Data Centre features customisable "super-high," optimising space utilisation and enabling expansion
Managing a portfolio of office towers across multiple geographical locations can be a complex and demanding task. When the daily challenge involves overseeing millions of square feet of commercial spaces, finding the right tool to streamline operations and enhance management capabilities becomes pivotal to efficient business management.
For portfolio managers at Swire Properties, having the ability to flexibly manage their buildings is crucial in the highly competitive market. This leads them to beg the question: What can enable staff to address client demand effectively and for frontline staff to perform tasks in a time- and cost-effective manner?
Rethinking the way of work
portfolio, the innovative app equips users with the agility to boost productivity, turbocharge leasing processes, and capitalise on the "flights-to-quality" trend. In today's competitive office leasing market, where tenants have numerous options and attractive offers, the ability to better understand tenant preferences and expedite desirable results can impact business success. The app's advanced capabilities also bring forward opportunities for prospective clients, reduce paperwork and enhance client satisfaction through improved responsiveness, thereby increasing the likelihood of securing leases.
For developers like Swire Properties, leveraging technology to manage buildings is critical to benefit from operational efficiency.
The Frontline Workplace Mobile App was designed to empower employees with the resources to enhance productivity. It streamlines daily manual tasks such as patrolling and reporting defects, allowing staff to automate site-specific work order assignments using NFC and QR codes. The app features task management and realtime communication functions to eliminate paper-intensive tasks through a secured mobile system. Its dashboard interface consolidates tasks and enhances visibility for reporting lines.
“The Frontline Workplace app is a game changer in how we manage our buildings. By integrating technology into daily operations, we create an environment that fosters collaboration and a culture of service excellence, which helps our frontline colleagues deliver a great and consistent service experience for our tenants, making their jobs more fulfilling and meaningful.” Swire
Embracing a digital-first solution, Swire Properties developed two mobile apps to enhance the leasing process and empower front-line staff to execute daily tasks, thereby increasing efficiency and productivity. The two initiatives include the Portfolio Management Platform Mobile App and the Frontline Workplace Mobile App.
Serving as a comprehensive portal, the Portfolio Management Platform Mobile App (PMP) streamlines the entire leasing process, encompassing leasing management, property management, and tenant services. This centralised platform delivers real-time data and insights, empowering portfolio managers to swiftly address client inquiries with precise information. Consequently, this facilitates the development of tailored leasing strategies that meet specific client needs.
Enhanced capabilities, increased opportunities
Revolutionising the way to manage the
Don Taylor, Director, Office of Swire Properties said, “These tools emphasise the critical role of digital connectivity and advanced technology in delivering service excellence. They reflect our dedication to leveraging technology and digital solutions to enhance responsiveness to our tenants, elevate the overall user experience, and improve our environmental performance, meeting the needs of modern office tenants.”
Enhancing service excellence through innovations is vital to maintaining a competitive edge in the rapidly evolving real estate market. Since the app's implementation, the time required to execute core business processes has decreased by up to 80%, improving communication and service management whilst ensuring high-quality tenant services.
“The collaborative innovation exemplifies Swire Properties’ emphasis on innovation and digital transformation,” said Jon Ng, Director, Digital & IT at Swire Properties.
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It has delivered customised solutions that make urban living more convenient by ensuring hassle-free access control and payment services.
Urban Access Solutions (UAS), an access control and electric vehicle charging (EV) platform company and a subsidiary of MTR Lab, nabbed two titles –Smart Technology - Automotive & Transport System and Smart City - Property Services – at the coveted HKB Technology Excellence Awards 2024 for its inventive solutions that drive sustainable mobility and pioneer the use of transport smart cards for access control and enhancement of property management services.
Improved efficiency and security with Octopus Card integration
UAS has successfully expanded its Octopus Card-based access control solutions from MTR-managed properties to non-MTR premises, a proof of the effectiveness and adaptability of its technology. This capability has pushed UAS to enhance convenience and operational efficiencies in residential properties, office buildings, car parks, and schools. UAS has developed a comprehensive solution that integrates various systems such as smart kiosks, lift control, and mailbox control. This integrated approach allows for seamless management of building operations, creating a more efficient and user-friendly environment. Today, UAS collaborates with over 20 partners and serves 300 clients across the region.
UAS drives sustainable mobility Amongst its recent successes is the expansion of its solutions from access control to smart parking and EV charging.
UAS has taken access and mobility convenience to the next level by aligning with Hong Kong’s go-green initiative.
The EV charging and smart parking platform Jove provides smart parking features including contactless entry and exit, guidance to parked cars, automated payment, and shopping mall parking redemption, optimising drivers’ time and delivering a convenient parking experience. It serves as a collaborative platform to connect EV charging value chain partners
Together with partners, Jove has rolled out over 250 public charging points in shopping malls in Hong Kong within nine months since its debut in late 2023. In the coming years, it aims to expand its charger network coverage to diverse locations, including more shopping malls, car parks, commercial buildings, MTR premises, and petrol stations, to ultimately drive the wider adoption of sustainable mobility solutions.
With these innovations, UAS is bridging industry gaps and enhancing customer experiences as it relates to making urban living safer and more convenient.
“UAS is continuously innovating and adapting to the evolving needs of the market. With our Octopus-based access control expertise and the launch of our innovative Jove platform, UAS is wellpositioned to support the deployment of the government's smart city initiatives and Hong Kong’s smart mobility development,” Kelvin Chan, Head of UAS, said.
The HKB Technology Excellence Awards celebrates innovation and excellence in Hong Kong's dynamic tech landscape, highlighting companies that lead the way in technological disruptions within their industries.
UAS is continuously innovating and adapting to the evolving needs of the market
The app’s innovative and interactive platform encourages eco-conscious shopping choices, supports environmentally responsible retailers and actively promotes a greener future.
Social innovation venture Carbon Wallet, a subsidiary of MTR Lab, has been recognised with distinctions in the App - Retail and Sustainable Technology - Retail categories at the coveted HKB Technology Excellence Awards 2024 for its one-stop green lifestyle rewards platform that empowers users to easily adopt sustainable habits to enhance retail sustainability.
‘Green In, Green Out’
Carbon Wallet has been promoting sustainable actions through its unique "Green In, Green Out" proposition since 2021. The App promotes low-carbon actions, such as recycling and sustainable shopping, by offering Carbon Wallet Points (CW Points) that users can redeem for environmentally friendly rewards, aligning with the principles of sustainability.
Carbon Wallet users can earn CW Points through six Green Actions, which constitute “Green In.” Meanwhile, CW Points can be used to redeem over 60 types of green rewards, including eco-friendly household goods, vegan skincare products, eco-tours, and MTR rides, embodying the “Green Out” concept. The platform engages government agencies, enterprises, sustainable brands, and green groups to foster a thriving, sustainable ecosystem.
To empower individuals to take more green actions, Carbon Wallet App visualises users’ carbon reduction achievements and contribution to the environment through daily life illustrations of energy savings and
provides a “Go Green Map” to locate nearby recycling points and green shops.
With its “Green In, Green Out” proposition, Carbon Wallet has become the first pointconversion partner of the Environmental Protection Department’s GREEN$ Electronic Participation Incentive Scheme. Its further integration with Octopus Cards has seamlessly combined daily green consumption with points and rewards as a digital wallet, allowing automatic CW Point earnings when users take MTR or make a purchase at eligible green merchants with their linked Octopus Cards.
Since its inception, the app has witnessed incredible growth and user engagement. As of July 2024, it has over 175,000 installations and more than 83,000 registered users. Collectively, these users have reduced carbon emissions by around 2,350,000 kilograms, equivalent to the CO2 absorption capacity of
more than 102,200 trees in a year.
In 2023, carbon savings by the users jumped by 276% YoY, and the recorded number of recyclables grew by 227%.
“Carbon Wallet stands apart as a marketfirst solution in completing the cycle of sustainable consumption, having attracted over 80 environmentally conscious partners so far, helping Hong Kong citizens build better recycling habits and adopt a greener lifestyle, and providing integrated sustainable marketing solutions to brands,” said Chester Cheng, Co-founder of Carbon Wallet.
The HKB Technology Excellence Awards celebrates innovation and excellence in Hong Kong's dynamic tech landscape, highlighting companies that lead the way in technological disruptions within their industries.
Carbon Wallet stands apart as a market-first solution in completing the cycle of sustainable consumption
The quality ground handling services offered by HAS help to keep the wheels turning at Hong
Hong Kong International Airport (HKIA) is pivotal to Hong Kong’s success as a global business hub – and Hong Kong Airport Services (HAS) plays a key role in keeping the wheels of the airport turning smoothly, whether it’s helping to get passengers to their destinations or providing round-the-clock cargo and transportation services.
HAS has worked tirelessly to establish itself as the leader in providing services for a diverse customer base ranging from full-service premium airlines to low-cost carriers and freighter operators. Its dedicated team of over 2,300 employees aims to deliver the highest level of service to meet customers’ needs.
The company is keen to push forward to keep the Hong Kong hub operating smoothly. As passenger and cargo numbers at the airport continue to grow, HAS is implementing digital and data-centric systems to boost operational efficiency and enable it to offer ever-improving services. At the same time, a continued focus on safety excellence and sustainable operations will underpin everything the company does.
As airport operations become increasingly complex and competitive, the company is working to stay on top of its game in every area to ensure continued success. HAS is excited about the opportunities presented by the addition of the third runway at HKIA and remains committed to providing quality services to existing customers as well as welcoming new airlines, with the overall goal of contributing to Hong Kong’s growth as a worldclass aviation hub.
Over the years, HAS has built a very strong presence at HKIA, providing ramp and cargo services, passenger services and
transportation services for a distinct customer base of more than 30 clients. Its dedicated team utilises more than 2,400 items of ground services equipment to run a seamless 24/7 operation at HKIA.
The scale of that operation is impressive. Annually, HAS handles more than 62,000 departure flights, 2.9 million passengers, 1.3 million units of baggage and cargo, and 1.2 million rides on its transportation services.
New technologies and innovative solutions are being introduced to great effect. For example, the customised Ramp Handling System 2.0 has improved efficiency and effectiveness by summarising real-time data and reports, allowing for a holistic overview of the operational status for both management and supervisors.
Leveraging its innovation and expertise, HAS meets the high standards of service at HKIA, ensuring seamless operations and customer satisfaction.
Commitment to safety and sustainability
HAS puts a priority on creating a safe, healthy and secure working environment for staff and stakeholders alike, ensuring that their experiences are positive and their advancements in life are supported.
Amongst recent initiatives, the company has conducted heat stress risk assessments to identify and eliminate potential health and safety hazards resulting from extreme weather conditions. It has also implemented a heat stroke prevention safety campaign alongside measures to ensure employees stay hydrated and cool whilst working outdoors. Safety will remain a top priority as the company continues to grow.
Sustainability, meanwhile, has always been a core component of the HAS operations. With the goal of reaching net-zero carbon
emissions by 2050, the company is implementing a long-term phased fleet electrification plan with 100% of its private cars operating in restricted areas at HKIA already electrified.
Reducing waste is another priority. One of the initiatives introduced by HAS, the E-Cargo Consignment form launched in the fourth quarter of 2023, is saving more than 100,000 pieces of paper annually.
Aviation remains key to Hong Kong’s future as a hub for business and trade, but the industry must acknowledge its impact on climate change and take actions to run more sustainable operations. Having already taken steps to reduce its emissions, HAS will continue with measures such as its fleet electrification plan to further reduce the company’s carbon footprint.
Unlimitics is using AI to create immersive school simulations that help neurodivergent students reframe their learning experiences, build confidence, and hone essential life skills.
The Neurodivergent Club is putting out welcome mats — approximately 1 in 59 children in the United States is diagnosed with Autism Spectrum Disorder whilst attention deficit hyperactivity disorder (ADHD) affects around 5% of children globally. Neurodiversity advocates for recognising and respecting the diversity of human cognition. Individuals with neurodiverse conditions often possess strengths in creativity, problem-solving, and pattern recognition. However, it’s alarming that a study found that 70% of neurodiverse individuals have faced bullying at some point in their lives. Research suggests that early intervention and support can significantly improve outcomes for these individuals, highlighting the need for societal shifts toward acceptance and accommodation.
Caley Lin, the founder and CEO of Unlimitics, has emerged as a key figure in the field of AI - Education, recently receiving the 2024 Hong Kong Business Technology Award. Her journey began during her studies at Harvard University, where she incubated Unlimitics, inspired by her deep connection with neurodivergent children. “They are extraordinary. There’s never a dull moment with them,” she remarked, recalling a particularly inventive ADHD student who found creative ways to memorise passwords. Caley passionately believes in the transformative power of intensive behavioural training for these children. She shared the story of a former student with ADHD and dyslexia who, with dedicated support, learned to identify and manage his triggers. “I quit
being a quitter!” the student shared with her.
With Unlimitics, she’s pioneering the first generative AI school simulation game, enabling neurodivergent children to revisit their school experiences, make new choices, and explore multiple outcomes— reinventing their narratives in the process.
Customised education to support learners Unlimitics offers an array of innovative features tailored to educators and practitioners aiming to support neurodivergent students effectively. With real-time data collected from teachers, the platform crafts customised simulation
videos that serve as main quests, alongside a series of side quests—all focused on target behaviours in relatable scenarios. This approach not only helps generalise skills to real-life contexts but also engages students in a narrative that feels personal and relevant. Each choice presented in these simulations is thoughtfully designed by certified executive function specialists, ensuring that students receive targeted strategies to enhance their executive functioning skills. This dynamic environment allows students to explore decision-making freely whilst observing the consequences of their choices, fostering a deeper understanding of their behaviours and empowering them to navigate challenges with confidence. For educators, Unlimitics will be an essential tool in creating inclusive learning experiences that honour the unique strengths of neurodiverse learners.
This dynamic environment allows students to explore decision-making freely whilst observing the consequences of their choices
This achievement highlights the company’s commitment to enhance user experience, drive efficiency, and adapt to changing needs.
Sun Life, the third largest MPF provider in Hong Kong, was named the winner of the App - Financial Services category of the renowned HKB Technology Excellence Awards 2024. The company has transformed the mandatory provident fund (MPF) landscape through its innovative mobile applications that provides cutting-edge solutions and enhances user experience.
Sun Life MPF member app
Amongst the apps that the company developed is its “Sun Life MPF” member mobile app — a revolutionary tool that simplifies MPF management for members. It features an intuitive interface for modifying investment mandates and switching funds quickly, enabling members to adapt their portfolios to market conditions and personal financial goals. The app also offers efficient access to e-statements, allowing users to view and download their electronic statements from the past 24 months. This feature supports Sun Life’s sustainability efforts by reducing paper usage.
At the same time, the member app’s features for updating contact information and handling instruction cancellations before the cutoff time ensure that users remain connected and in control of their accounts.
The company currently receives around 3,000 to 8,000 fund switching investment mandate change requests every month, with over 97% of these submissions made online. The shift to digital submissions has enhanced operational efficiency and reduced processing times, leading to higher client satisfaction and increased trust in the brand’s services.
Sun Life MPF agent app
Another app innovation that Sun Life has
developed is its MPF agent app, which enables agents and clients to complete applications collaboratively regardless of their physical locations. This capability is powered by the app’s pioneering co-browsing solution, which has proven to be highly effective in maintaining business continuity during challenging times.
Future enhancements to the Sun Life MPF agent app will include a QR code system to allow multiple clients to initiate applications simultaneously (one-to-many applications) during seminars, as well as Optical Character Recognition technology to streamline the application process by converting text from ID cards into machine-readable format.
The “Sun Life MPF” member mobile app and agent app are exemplary in their innovation, effectiveness, and adaptability.
These tools have set new benchmarks in the MPF industry, enhancing user experience and operational efficiency.
“As we continue to evolve these platforms, they will remain at the forefront of technological advancement, driving excellence in MPF management,” Nigel Ng, Head of Information Technology, Wealth & Pensions at Sun Life Hong Kong Limited said.
The HKB Technology Excellence Awards celebrates innovation and excellence in Hong Kong's dynamic tech landscape, highlighting companies that lead the way in technological disruptions within their industries.
As we continue to evolve these platforms, they will remain at the forefront of technological advancement, driving excellence in MPF management
For the second consecutive year, GrowthOps has been honoured with the Digital - Financial Technology award, a testament to its role as a pioneer in the Financial Services Industry (FSI).
GrowthOps’ recognition comes at a time when technological innovations, particularly artificial intelligence (AI) and data-driven platforms, have reshaped the landscape of financial services. Over the past year, the industry has faced multiple challenges, not only due to global economic shifts but also due to the increasing complexity of its operations and the pressure to adopt emerging technologies.
The success of GrowthOps in driving technological innovation in the FSI can be attributed to its core tenets: flexibility, scalability, and sustainability. These principles are integral to the company’s approach to developing products and solutions for its clients.
• Flexibility – GrowthOps has found that many legacy systems lack the flexibility to be easily modified or upgraded. By focussing on flexibility, the company ensures that its solutions can be customised to meet the unique needs of each client.
• Scalability – GrowthOps ensures that its solutions can accommodate business expansion or contraction as needed. Whether an institution is experiencing rapid growth or navigating economic uncertainty, scalable solutions enable it to remain agile
• Sustainability – GrowthOps ensures that its products and solutions align with the strategic goals of its clients,
enabling them to achieve sustainable growth. Through stakeholder interviews, advanced technology designs, and pilot testing, GrowthOps works closely with its clients to assess the effectiveness and adaptability of its solutions. By addressing flexibility, scalability, and sustainability, the company ensures that its technology products are meeting the requirements of today and continue to deliver values in the future.
A year ago, many companies within the FSI were merely evaluating the feasibility of AI solutions. Today, the demand for AI feasibility studies and implementations has surged. The primary driver for this shift is the realisation that AI, when applied effectively, can deliver significant business and operational benefits. GrowthOps has witnessed firsthand how AI can accelerate digital transformation projects, enabling institutions to improve customer engagement, operational efficiencies, and user experiences.
For example, GrowthOps developed a unified platform that revolutionised AI-powered signature verification, task management, and cheque clearing, resulting in an 80% reduction in daily manual tasks and a 70% dip in information technology maintenance costs.
One of GrowthOps' most exciting innovations is its Data Intelligence Platform, designed specifically for the FSI. This platform leverages the power of AI and data lakehouse technology to transform how financial institutions manage and utilise data. The platform enables organisations to collect massive amounts of data, structure it into a data warehouse, and use AI to analyse and project insights. By delivering these insights as intuitive
dashboards, charts, and reports, the Data Intelligence Platform enhances the user experience. Financial institutions can use this data to drive product innovation, improve customer interactions, and streamline team collaboration. The platform also improves operational efficiency by automating manual and complex workflows. Whilst still in development, the Data Intelligence Platform has the potential to revolutionise the way financial institutions operate.
Overcoming challenges in the FSI Security, data privacy, and regulatory compliance are paramount concerns for any financial institution. GrowthOps recognises that any breach of these standards could result in significant financial and legal consequences, as demonstrated by several high-profile data breaches in recent years.
To mitigate these risks, GrowthOps takes a proactive approach by engaging with key stakeholders – including IT, business, and compliance teams – during the initial assessment and requirement-gathering stages. This ensures that all security and compliance considerations are incorporated into the design and development of solutions. The company also conducts comprehensive systems and user testing to identify and address any potential vulnerabilities before the solutions are implemented.
GrowthOps’ second consecutive DigitalFinancial Technology award underscores its commitment to innovation in the financial services industry. By harnessing the power of AI and data intelligence, the company is helping its clients navigate the challenges of digital transformation whilst improving efficiency and customer experiences.
Contact Number: 2805 9009
Email Address - hkg@growthops.asia
Website URL - www.growthops.asia CONTACT
The success of GrowthOps in driving technological innovation in the FSI can be attributed to its core tenets: flexibility, scalability, and sustainability
Lenovo PCCW Solutions received the HKB Technology Excellence Award in AI - Government for its AI Video Analytics Solution, marking a significant advancement in enhancing occupational and pedestrian safety.
As the digital transformation era accelerates into a new frontier, AI has taken centre stage as the driving force of emerging technology development. In the ever-evolving technology landscape of today, organisations are seeking trustworthy leaders to harness growth opportunities.
As the technology service arm of Lenovo, Lenovo PCCW Solutions (LPS) has established itself as a key player in the AI space, leveraging decades of experience and a robust network of ecosystem partners. With over 4,000 domain experts across 11 regional offices in the Asia Pacific, LPS is trusted by more than 60 government clients, with multiple partnerships spanning over 20 years.
As a long-time advisor to the Hong Kong Government, LPS’ expertise was sought to address workplace safety concerns following latest statistics identifying fall-related accidents as the primary culprit of injury risk across construction, manufacturing, and F&B sectors.
LPS’ AI solution was built entirely in-house, encompassing everything from video data collection, AI model training, EDGE processing, to hardware, and front-end application development.
By integrating advanced algorithms and machine learning, the AI video analytics system can monitor environments in realtime, detecting potential risks and alerting
personnel immediately to prevent accidents before they occur. The system can monitor equipment compliance with safety protocols, detect human falls, and analyse patterns and anomalies in data, enabling a proactive safety approach that prevents injuries in the workplace or on the escalator.
LPS has also placed a large emphasis on data security, integrating face blurring into all AI models out of the box to ensure the protection of personal privacy.
One of AI’s greatest strengths is its capacity to learn and adapt from the data it receives, allowing for a level of versatility that would be unachievable otherwise. This new AIcentred model has expanded the potential for creative applications — and LPS has pivoted its strategy to take full advantage of these new possibilities.
The company has incorporated similar AI technologies to enable drone-based video analytics, with exciting use cases in firefighting, search and rescue in mountains
or dangerous areas, and other critical public services. Further still are the opportunities for value creation in supply chain management, where AI video analytics can be a tool to elevate quality control.
At the heart of LPS's mission is the goal to transform data into actionable insights, bridging theory and practice to create societal benefits. By tailoring AI models to specific client scenarios and needs, LPS supports AI adoption from inception to execution, regardless of existing infrastructure. LPS is constantly expanding its AI offerings, including real-time AI troubleshooting for optimising operational efficiency and the deployment of generative AI as intelligent assistants for compliance, customer service, professional guidance, training and education, and more. This mix of technical expertise and practical delivery experience positions LPS as a crucial digital partner for organisations in the race for AI.
LPS remains committed to empowering sustainable AI adoption and will continue to forge ahead as a responsible AI leader and advisor. Backed by Lenovo, the company will continue to refine its AI solution portfolio, striving for a safer and smarter future for all.
At the heart of LPS's mission is the goal to transform data into actionable insights
PPG has transformed its operations through digital innovation with the launch of oneTECO, an end-to-end platform that centralises airport services for operators and passengers.
Founded in Hong Kong 26 years ago, Plaza Premium Group (PPG), a leading global airport hospitality services provider, has evolved from its origins in lounges to include airport terminal hotels, airport concierge services, and dining concepts in its portfolio over the years. During the pandemic, PPG accelerated its digital transformation and made a $10 million investment to develop its own digital solutions - Smart Traveller, a digital membership program, and oneTECO (One Travel Experience Ecosystem), an end-to-end integrated solution to consolidate airport passenger services. Today, technology stands as one of the key focusses of PPG’s blueprint alongside people and sustainability.
oneTECO: The game changer in airport services operations
Within the airport hospitality sector, the maze of platforms and service providers has long been a challenge for both operators and travellers. This fragmented approach not only complicates bookings but also limits service providers in understanding and optimising the customer journey effectively.
Realising the challenges posed by the fragmented nature of the airport service industry, PPG took the lead on a solution. With a clear vision in mind, PPG aimed to revolutionise airport services through a centralised marketplace that caters to the diverse needs of airport operators and passengers alike. In a remarkable feat, PPG successfully developed and launched
oneTECO in less than 10 months. This is a groundbreaking achievement that marked a pivotal moment in the company's digital transformation journey.
This innovative solution was designed to streamline operations, seamlessly connecting both demand and supply on a single platform, ultimately offering end-to-end efficiency. By focussing on personalised services and enhancing overall operational efficiency, PPG has not only redefined industry standards but also set a new benchmark in airport operations. From personalised meet-andassist services to wheelchair assistance and beyond, passengers now have access to tailored experiences that seamlessly align with their individual preferences.
oneTECO is a first-of-its-kind product. Before its creation, there was not a single platform that could offer marketplace, reservation, and fulfilment services, along with real-time analytics and deployment.
With successful implementations at major airports like Hong Kong and Bangalore, the scalability of this system is instrumental in PPG's ambitious plans to expand to 25 key global travel hubs within the next five years. Already, more than 80 airports worldwide have embraced oneTECO's meet-and-greet services, enriching the travel experience for passengers across the globe. oneTECO has also received industry recognition. In the 2024 Hong Kong Business Technology Excellence Awards, PPG was named winner in the CloudTravel Services Category.
Continuing to pioneer the future of travel, PPG is increasing its investment in research and development to advance services and customer experiences using technology, digitalisation, as well as robotics. The company is preparing to open an innovation hub in Hong Kong to pilot new technologies. Leading PPG’s innovation journey is Prasan Verma, Plaza Premium Group’s Chief Technology Officer: “Today the customer expects the organisation to know them well. This means that the organisation needs to build the Single Customer View to identify the customer uniquely and then make the information available at all the touch points for personalised offerings and services. In PPG, digital transformation is no more a ‘once in a while’ programme. Instead, it has become a way of life and we are constantly using technology to improve our efficiency, deliver a better experience, and drive revenue upwards and onwards.”
The company was recognised in the Fintech - Payments category of the HKB Technology Excellence Awards 2024.
Since its founding in 2019, Statrys has reshaped the financial landscape for small and medium-sized enterprises (SMEs). What began as a response to the frustrations of traditional banking has evolved into a comprehensive platform that empowers businesses to thrive globally. Statrys' journey is marked by milestones that underscore its commitment to innovation, security, and client success.
Statrys was developed to simplify the complex processes SMEs encounter when managing multi-currency accounts and conducting international transactions. With its fully digital platform, Statrys has transformed the way businesses open and operate accounts, making these processes more straightforward, transparent, and accessible. In just a few years, Statrys has served over 3,500 clients and facilitated more than US$2.4b in transactions. Over the last 12 months alone, Statrys has achieved a 70% increase in client acquisition, a 100% increase in payment processing volume, and a 32% growth in its workforce.
Continuous improvement is central to Statrys's mission. The platform is continually upgraded to meet SMEs' evolving needs, offering enhanced features and enhanced mobile app features. With seamless integration into Xero, financial management becomes automated, providing real-time insights and reducing workloads for more efficient business operations. Statrys facilitates both local and
international payments for businesses. For international transfers, Statrys utilises the SWIFT network and has recently added SWIFT GPI tracking to provide better visibility on transaction status. For local payments, Statrys leverages efficient payment routes in multiple countries across Asia, Europe, and North America. With the majority of local payments being credited on the same business day and international transactions typically processed within 16 hours, Statrys offers the reliability that businesses need to operate smoothly.
Human touch in customer support
Offering support in seven languages, Statrys provides fast, personalised assistance, ensuring clients feel understood and valued. This approach is reflected in their 4.6 Trustpilot rating, showcasing the high level of customer satisfaction and trust in Statrys.
Expanding their global footprint
From its headquarters in Hong Kong, Statrys has expanded its workforce and established offices in Singapore and Thailand. This expansion not only reflects the growing demand for Statrys’s services but also its ability to meet the diverse needs of businesses across different regions. By offering financial solutions that reach across borders, Statrys plays a crucial role in enabling SMEs to scale their operations internationally.
Statrys operates under stringent regulatory frameworks, holding licenses from Hong Kong Customs and Excise and the UK Financial Conduct Authority.
These licenses ensure adherence to the highest standards of financial security and compliance. For SMEs, this means having a trusted partner that adheres to regulatory standards and prioritises the security and safety of their funds.
Security is a core value at Statrys. The platform is built in-house using advanced technologies and is hosted on Amazon Web Services with robust security measures, including AES encryption, MFA, and more. A dedicated IT security team, whilst a regular newsletter keeps clients informed about the latest frauds and scams.
Transparency and competitive pricing
With FX fees starting at 0.4%, Statrys has positioned itself as a cost-effective alternative to traditional banks, which would often impose higher markups on currency exchanges. The company's focus on transparency and affordability has empowered SMEs to manage their finances more efficiently and confidently.
Building stronger, more sustainable businesses
Statrys's impact goes beyond financial transactions, with a strong commitment to sustainability. Through its clean ocean campaign, a portion of every transaction supports ocean conservation. By fully digitising its platform, Statrys also reduces its environmental footprint, aligning with global sustainability trends.
As Statrys grows, it remains focussed on enhancing services. Plans include advanced mobile app features to further streamline SME financial management. Their vision is clear: to be the leading partner for SMEs navigating global markets.
By offering a secure, transparent, and innovative platform, Statrys empowers businesses to manage finances with ease, scale globally, and contribute to a sustainable future. As Statrys continues to evolve, its impact on SMEs and the broader business community will solidify its position as a key player in global finance.
Statrys empowers businesses to manage finances with ease, scale globally, and contribute to a sustainable future
The partnership between Check Point and Vastcom presents an advanced EASM solution designed to anticipate and neutralise cyber threats before they impact an organisation.
In the dynamic theatre of digital operations, cyber defences constantly face evolving threats. Partnering with Vastcom, Check Point introduces its advanced External Attack Surface Management (EASM) service to fortify organisational cyber resilience. This service proactively identifies and mitigates unseen vulnerabilities, safeguarding indispensable assets. In an era of pervasive digital threats, the advent of comprehensive security solutions is critical. Check Point's collaboration with Vastcom addresses the triad of challenges: visibility, testing coverage, and prioritisation.
Check Point Software Technologies: Leading the way in cybersecurity
Check Point Software Technologies is a renowned cybersecurity company that provides industry-leading solutions to protect organisations worldwide against cyber threats. With a focus on innovation and security excellence, Check Point is committed to delivering cutting-edge technologies to safeguard businesses in today's digital landscape.
Vastcom Technology Limited: Trusted Check Point solution partner
In the digital age, cybersecurity is not just a concern—it's a necessity. Vastcom Technology Limited, founded in 2010, is at the forefront of cybersecurity solutions, with a strong focus on customer satisfaction. With offices in Macau, Hong Kong, Zhuhai, and Singapore, Vastcom offers a wide range of products and services tailored to assist customers in their digital transformation. Vastcom is a trusted partner for digital
transformation and ICT solutions, holding the ISO 27001 certification to ensure the highest security standards for IT Help Desk Services. Recognised for innovation, Vastcom received
the prestigious Technology Enterprise Certification from the Macau SAR Government, a distinction awarded to only 15 entities in 2023.
Vastcom & Check Point - External Attack Surface Assessment (EASM)
The confluence of Check Point's advanced EASM solution with Vastcom's technical expertise crafts a formidable defence mechanism tailored for contemporary digital challenges. This strategic partnership assists businesses of all sizes to preemptively strike against potential cyber threats.
Unveiling the Hidden: In the digital sprawl of today’s business environment, assets stretch across cloud, on-premises, and third-party services. Vastcom’s service commits to an exhaustive discovery of these assets, ensuring no component of a digital ecosystem goes unnoticed.
Anticipating Threats: Beyond recognising vulnerabilities, Vastcom’s approach is to preemptively address them. The company’s proactive vulnerability assessment and management processes are foundational in identifying potential security gaps before they are exploited by malicious actors.
Mimicking the Adversary: With auto-pen (Dynamic Application Security Testing), Vastcom simulates real-world cyberattacks against applications. This critical testing phase helps uncover otherwise hidden vulnerabilities, reinforcing applications against advanced threats.
Prioritising Protection: Categorising assets based on criticality and risk exposure enables focussed security efforts. This strategic classification ensures that the most critical vulnerabilities are addressed with priority, optimising security resource allocation.
Strategising Defence: Vastcom’s risk analysis goes beyond traditional metrics to provide a nuanced understanding of potential threats in the context of a company’s unique operational landscape. This insight allows for informed decisionmaking and fortification of defences in alignment with business priorities.
Reinventing Cybersecurity: Guarding Every Corner of the Digital Landscape Vastcom’s pioneering EASM service is a guardian in the shadows, meticulously uncovering and protecting against the vulnerabilities hidden within your digital expanse. It's a common misstep for traditional security measures to miss these concealed risks, leaving a significant portion of one’s digital presence exposed and easy prey for savvy cyber attackers. The innovative approach doesn't stop at unearthing these hidden dangers; it transforms them into actionable priorities, enabling teams to settle the most pressing issues. By integrating cutting-edge analytics and continuous vigilant scanning, Vastcom’s positions businesses to not just to react to threats but to proactively anticipate and neutralise them, propelling them ahead in the cybersecurity game and ensuring a safer digital future. As the digital realm continues its inexorable expansion, the threats within evolve in complexity and cunning. The alliance between Check Point and Vastcom forges a path towards a new standard in cyber defence through its EASM service. By choosing its proactive security measures, businesses can gain more than protection; it can gain assurance in their resilience against the cyber adversities of tomorrow. Join Vastcom in revolutionising security strategy and shielding what is unequivocally invaluable.
This strategic partnership assists businesses of all sizes to preemptively strike against potential cyber threats
Hong Kong’s outbound travel trend, whilst in line with prepandemic levels, is being stimulated by improved accessibility with the Greater Bay Area and the weaker currencies in the Mainland and key destinations such as Japan.
The strong dollar means people’s Hong Kong Dollars are stretching further in those markets whilst Hong Kong has become more expensive for many inbound visitors.
The growing trend of visitors looking for more meaningful experiences rather than material purchases is amplifying this impact, evidenced over Chinese New Year and the recent May Labour Day Holiday, with many inbound visitors opting to see the city’s sites whilst spending less, with some visitors coming in for the day, spending the night in Shenzhen (given the cheaper accommodation), and then coming back across to Hong Kong again.
As we cross the mid-way point of the second quarter of the year, let’s explore how visitor numbers and Hong Kong’s hotel sector performed in the first quarter of 2024.
Overnight visitors surge year-on-year
Against the backdrop of the city’s 34 million visitors in 2023 (of which 17.16 million were overnight visitors), Q1 2024 had 11.23 million total visitors, with nearly 8.7 million (77%) from the Mainland. Of the total visitors, 5.6 million were overnight visitors, up 240% year-on-year, with 3.86 million (69%) from the Mainland and the balance from short-haul and long-haul markets.
The US was the largest contributor from the long-haul market segment with 134,070 overnight visitors, whilst Japan, the Philippines, South Korea, Taiwan and Thailand each contributed over 100,000 inbound overnight visitors. India has become another key source market, with over 45,000 visitors for the quarter.
Approximately 60% of total visitors came for vacation, 22% for visiting family and friends, 10% for business and 8% for other reasons. Understanding the nature and purpose of inbound visitors and unpacking these trends has enabled certain hoteliers to better cater to different segments of the market. Whilst overnight visitors surged yearon-year for the first quarter, the number remained 28% below the 7.775 million overnight visitors in Q1 2019.
Hotel performance – a local perspective
Occupancy (OCC) for Q1 2024 was 85%, up from 76% for the same period in 2023. Average Daily Rate (ADR) was up 19% to HKD 1,430 against the Q1 2023 average of HKD 1,200. Revenue Per Available Room (RevPAR) climbed to HKD 1,216 versus HKD 912 in Q1 2023, although just slightly above the full-year 2023 RevPAR of HKD1,148. Taking a closer look at the month-on-month performance, daily rates for January and February 2024 were up significantly (between 20% to 40%) in 1Q23, boosted by Chinese New Year and major events compared with the fact that Hong Kong had just started to open up in early 2023.
On a district level, Yau Ma Tei and Mong Kok in Kowloon performed strongly, with occupancy averaging 94% for the first three
SHAMAN CHELLARAM Senior Director - Asia, Valuation & Advisory Services Colliers Hong Kong
months of the year. Tsim Sha Tsui was in the high 80% range for the same period, with other Kowloon locations hovering at the mid-80% level. Central and Western posted high - 70% occupancy, whilst Wanchai was at 84% for the quarter.
In terms of categories, High Tariff A Hotels (upscale, upper upscale and luxury) lagged the market with occupancy in the high 70% range versus 87% for High Tariff B Hotels and 88% for Medium Tariff Hotels, reflecting the trend of more budgetconscious inbound visitors. ADR for the respective categories were HKD 2,409, HKD1,124 and HKD758.
Rates and occupancy peaked during major events and holiday periods, but perhaps not meeting operators’ initial expectations, especially for full-service hotels, as the city looked to balance the effect of the inbound numbers with the outbound trend. The reduced inbound spending and outbound trend have further impacted non-room revenue, with banquet and food and beverage numbers significantly off for most operators. For example, over the Easter holiday at the end of March, the city witnessed an outflow of almost 2 million people, whilst inbound visitors reached 1.2 million.
At the end of March 2024, the city boasted 324 hotels with 90,501 keys, up from 321 hotels in 2023. Hong Kong was graced with the grand reopening of Lanson Place Causeway Bay following the stunning renovation led by Parisian hotel designer Pierre-Yves Rochon, with several new hotel openings planned for later this year and 2025.
In addition to the main hotel segment, statistics on the guesthouse accommodation sector reveal the city had 1,312 guesthouses with 11,264 rooms at the end of the quarter - although these numbers are respectively 14% and 12% below the 2019 levels reflecting a loss of nearly 1,500 guesthouse rooms over the period.
Hotel Performance – a global perspective
It is important to look at Hong Kong’s hotel performance on an international level. If we look at the sector as whole, the city continues to be a relatively strong performing hotel market in a global context. However, certain segments, especially at the pure luxury end, still lag other major global gateway cities in terms of rate and occupancy and in terms of the pre-pandemic levels they were accustomed to.
Hong Kong has hosted some great events and conferences over the last few months, with more planned. Art Basel and Art Central at the end of March were a success. There have been local and international music festivals like Jungle Island Music Festival on Lantau, and trade fairs continue to fill up the space at the city’s exhibition centres.
There is a need to be bolder, to look at the city’s overall offering and positioning, and to aim higher for Hong Kong to become a magnet for global talent, mega events and higher-spending international visitors. The hard part is monetising that to reflect positively across the whole hospitality sector and boost consumption and spending whilst delivering a memorable experience for travellers.
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