Past Events

Date Events

Payment Gateways in the Digital Era

Arnold Chan, General Manager of Hong Kong & Southeast Asia, Airwallex, gave members an interesting update on payment gateway developments in the digital era. Speaking at the Americas Committee meeting on 8 June, Chan said that a key advantage of payment gateways is that it allows merchants to avoid falling into currency conversion traps when trading across borders, which can reduce ecommerce retailers’ gross margins by as much as 10%. Payment gateways and online backs can also make it easier for businesses to quickly set up accounts so that they can start trading as soon as possible. Another advantage is that around 50% of online transactions today are conducted with electronic wallets, like Alipay. If online retailers only accept credit card payment, he said they could be losing sales on a significant proportion of online transactions.

HKGCC CEO George Leung

HKGCC Talent Shorage Survey

The Chamber organized a press conference on 6 June to release the findings of the Talent Shorage Survey, which showed that almost three-quarters of all businesses in Hong Kong were suffering from the ongoing talent shortage. A total of 74% of respondents reported that they were wrestling with a shortage of talent, 61% of whom said they had been facing talent shortages for 1 to 3 years. The survey also revealed that the biggest shortfall in talent was for junior-mid-level management at 59%. At the other end of the scale, the job level least affected was senior management, with just 1% of respondents reporting a lack of talent.
Hong Kong saw an outflow of talent during the pandemic with the workforce shrinking by 210,000 between the start of 2019 and the end of 2022, with 94,100 people exiting the workforce in 2022 alone. When asked what were the top three reasons staff resigned, respondents said desire for higher pay (79%), emigration (70%), and desire for a better work-life balance (51%). The full survey results can be downloaded here.

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