By Alina Aeby, Founder / President of Silicon Valley Proptech Association

The much-anticipated Asia Financial Forum (AFF) recently drew to a close in Hong Kong, spanning from January 24 to 25. This annual event brings together influential figures from government, finance, and the business community to engage in groundbreaking discussions on the global economy with a distinct Asian perspective. The event is a joined effort of HKSAR (Hong Kong Special Administrative Region) Government and HKTDC (Hong Kong Trade Department Council).

Silicon Valley Proptech was honored to participate at AFF at the invitation of HKTDC (Hong Kong Trade Department Council) Los Angeles office and had the opportunity to present a few portfolio Proptech and Fintech projects, and meeting with global equity funds, VC’s and lending institutions.

AFF 2024 witnessed the convergence of over 3,600 participants hailing from more than 50 countries and regions. A pivotal aspect of the forum was the Deal-Making component, facilitating one-to-one meetings between sources of funds and sources of deals. This unique feature allowed participants to engage with potential business partners from around the world. The Forum arranged over 700 one-on-one meetings, successfully connecting investors with project owners and exploring opportunities in various industries: fintech, environment, energy & clean tech, food & agriculture, healthcare tech, deep tech, infrastructure & real estate, and more.

Complementing the event were attractions like the Fintech Showcase and the InnoVenture Salon, which featured the FintechHK Startup Salon and other specialized forum’s segments. These areas served as platforms for a diverse array of financial innovations, advanced solutions, and revolutionary business ideas, fostering business collaboration and empowering entrepreneurs and startups.

The AFF facilitated the signing of financial and taxation cooperation agreements, such as the Comprehensive Avoidance of Double Taxation Agreement between Hong Kong and Croatia and Memorandum of Understanding between the Financial Services Development Council and Financial Sector Development Program of Saudi Arabia.

Beyond the individual showcases, the Asia Financial Forum provided a unique opportunity to grasp regional and global investment trends, criteria, concerns, and opportunities. The consensus of the event was the belief that global cooperation is essential for addressing worldwide challenges and achieving Sustainable Development Goals (SDGs). The discussions highlighted the pivotal role of global finance structuring and accessibility in making a substantial socio-economic impact on a global scale, considering the uneven growth across the markets.

Delegates from central and multilateral development banks, convening at the Asian Financial Forum (AFF), have emphasized the need for increased international collaboration in anticipation of a gentle economic descent. However, they sounded a note of caution regarding potential threats to the global economy stemming from persistent inflation, geopolitical tensions, and the ongoing downturn in China’s property sector.

Other concerns are the geopolitical fragmentation in Asia Pacific, the economic recovery slowdown, a tightened monetary environment, and the reshaping of supply chain, to name a few.

Speaking of monetary environment, a special panel was dedicated to discussions about the Renminbi global ascension and the international markets demand. The experts weighting in were Prof Douglas W Diamond, Nobel Laureate in Economic Sciences in 2022 and Merton H Miller, Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business, and they were moderated by Raymund Chao, the Chairman of PwC Asia Pacific and China.

The IMF has forecast that the global economy would slow down to 3.0 per cent in 2023 and 2.9 per cent in 2024 from 3.5 per cent in 2022,well below the average of 3.8 per cent in the past two decades.

Images from the event: