Patrick Yeung, CEO of HKGCC
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Americas Committee
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 banks 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. He explained that if online retailers only accept credit card payments, they could be losing sales on a significant proportion of online transactions.
At the same meeting, Evaristo Trevino Berlanga and Mark Michelson were re-elected as Chairman and Vice Chairman respectively, while Susana Munoz Enriquez was newly elected as Vice Chairman.
Asia & Africa Committee
Fostering Connections with Egypt
Jonathan Lamport, Chairman of the Asia & Africa Committee, attended a lunch reception on 29 May, held in honour of Waleid Gamal Eldien, Executive Chairman of the General Authority for the Suez Canal Economic Zone. In his keynote speech, Eldien highlighted Egypt’s huge growth potential and unique positioning as the gateway to Sub-Saharan Africa and the MENA region. He also shared about the investment opportunities in the Suez Canal Economic Zone, in particular the ports and logistics field.
Lunch Meeting with Dr Jerry Sambuaga
Dewan Saiful Alam, Vice Chairman of the Asia & Africa Committee, attended a lunch meeting on 20 June hosted by the Consulate General of Indonesia and Indonesia’s Ministry of Trade, where he met Dr Jerry Sambuaga, Indonesia’s Vice Minister of Trade. A panel of experts discussed the country’s latest developments – Indonesia’s economy performed well in 2022, achieving a year-on-year growth of 5.3%, and is seen as one of the bright spots amid global economic gloom.
Hong Kong-Korea Business Luncheon
The 19th Hong Kong/Korea Business Roundtable Keynote Luncheon was held on 20 June. Jonathan Lamport, Chairman of the Asia & Africa Committee, met with Korean companies looking to form new connections with Hong Kong partners.