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South Africa eyes bolstering financial cooperation with HKSAR

By Gaby Lin

19 March 2024
Mojalefa Mogono (center), Consul General of the Republic of South Africa in HKSAR, speaks during a symposium on South Africa’s financial development at the Hong Kong Metropolitan University, in Hong Kong, on March 18, 2024. (photo supplied)

HONG KONG – South Africa intends to enhance its financial cooperation with the Hong Kong Special Administrative Region, and maximize efforts to showcase the various lucrative opportunities awaiting investors, its top envoy in the city said on Monday.

Mojalefa Mogono, Consul General of South Africa in HKSAR, shared the dynamic advantages that his country offers, including a modern and stable investment environment with a fast-growing fintech sector, at a symposium at the Hong Kong Metropolitan University.

With the rise of digital payments in South Africa, the country has made great advances in financial inclusion and the fintech sector, offering people more access to cashless transactions and other financial services while also further stimulating investment, according to Mogono.

“South Africa is rewriting the narrative of financial empowerment and accessibility,” Mogono said at the event, titled “Exploring South Africa and its Fintech Developments”.

“Fintech solutions have not only bridged the gap between the traditional banking services and the unbanked population, but also opened doors to the financial improvement for millions of individuals across the country.”

Asked about the fintech ties between South Africa, a major economic gateway to the African continent, and Hong Kong, an international financial hub, Mogono told China Daily that the two sides have significant potential for collaboration in several key areas like regulatory cooperation.

Another potential area of collaborative, he said, is the establishment of a knowledge-sharing framework.

“Knowledge-sharing initiatives hold great promise. Fostering exchanges between professionals as well as industrial events, and the confidence focused on fintech would significantly contribute to innovation and deep understanding of each other’s financial ecosystem.”

Praising Hong Kong’s leading position in green finance, Mogono expressed South Africa’s willingness to collaborate to benefit from Hong Kong’s experience and expertise. “The knowledge and resources could be instrumental in facilitating South Africa's shift towards a more sustained, sustainable future.”

Mogono also said that businesses in Hong Kong are “less exposed” to South Africa’s advantages, including tax incentives and a transparent common law legal system which can provide a stable and secure environment for financial investment.

Describing South Africa as a “diversified rainbow country”, the diplomat said it will maximize its efforts on showcasing its vibrant culture and increase economic exchanges with the city.

“I’ve been hoping so much that people can learn about South Africa. That could be very impactful to change from economic to cultural exchanges. We’ve got everything in South Africa that I think Hong Kong people will fall in love with,” he added.

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