HKMA's Clara Chan to head HKIC's USD8bn fund

Hong Kong is set to appoint Clara Chan as the CEO of the newly formed HKD62 billion (USD8 billion) fund, the Hong Kong Investment Corp. (HKIC). This fund aims to invest in businesses within the Greater Bay Area, optimising fiscal reserves to boost the economy and fortify ties with neighbouring Chinese mainland cities. Chan, an executive director at the Hong Kong Monetary Authority, will be responsible for guiding strategic investments across sectors like tech, health care, and finance. The HKIC, while distinct from the city's USD513bn Exchange Fund, has been compared to Singapore's sizable Temasek fund. Having joined the HKMA in 2010, Chan's expansive expertise includes market operations, macro-financial surveillance, and fintech initiatives.