How Euroclear is driving global financial innovation in Hong Kong
A long-time collaborator with InvestHK, the financial market infrastructure provider is actively supporting the city’s global hub status
According to The Global Financial Centres Index 38, Hong Kong ranks third among the world’s leading financial centres this year, behind New York and London. These top-tier hubs form the backbone of global finance, linking investors, banks and markets through systems that allow capital to move safely and efficiently.
Hong Kong’s position among them rests not only in its open market and strategic location, but also in the strength of its financial infrastructure. Behind the city’s stock and bond markets are institutions that ensure trades settle accurately and securely, as the invisible machinery that keeps global finance moving.
Connecting Hong Kong to global markets
Euroclear serves as one of the key cogs in this machinery. A financial market infrastructure provider headquartered in Belgium, it is one of only two international central securities depositories (ICSDs) operating in the world, forming part of the critical infrastructure that supports global financial markets.
As an ICSD, Euroclear acts like a digital vault and settlement system for cross-border securities trading, forming part of the framework of modern investment banking. If a bank in Asia buys a bond issued by the French government, Euroclear can handle the custody and settlement – that is just one example of how global market infrastructure operates behind the scenes. For companies like Euroclear, Hong Kong’s strong regulatory framework and international connectivity make it a vital base to have in Asia.
“Hong Kong has always been one of the strategic hubs for investors as the gateway to China,” says Philippe Laurensy, Euroclear’s Asia-Pacific CEO. “We see huge opportunities here, including new collaborations that connect international issuers and investors with regional markets.”
Since opening its Hong Kong office in 2008 with just a handful of staff, Euroclear has grown to 180 local employees. Laurensy says that reflects not only the company’s long-term confidence in the city, but also Hong Kong’s ability to support highly specialised international firms.
“Asia is a cornerstone of Euroclear’s global strategy,” Laurensy adds. “Our growth in Hong Kong reflects deeper collaboration across the region, stronger connectivity with markets and our ability to partner with local players and initiatives.”
Connecting investors and innovation
As Hong Kong accelerates its push into digital finance, Euroclear has emerged as a key partner in advancing the city’s financial infrastructure.
One of the company’s contributions has been in helping the Hong Kong Monetary Authority (HKMA) broaden its investor base by allowing international investors to access Hong Kong’s digital green bonds, in what is the world’s first multicurrency digital bond offering. Worth around HK$6 billion (US$772.3 million) and issued in Hong Kong dollars, Chinese yuan, US dollars and euros, the Hong Kong government launched these bonds in February 2024.
“By collaborating with the local market, Hong Kong bonds have become easily accessible to investors in over 100 countries,” Laurensy says. “This demonstrates the value that strong financial market infrastructures bring through interoperability.”
While the digital green bond project demonstrates how technology can enhance existing markets, Project Ensemble looks further ahead. Led by the HKMA, this initiative develops common standards for the tokenisation of assets, which is the process to turn traditional securities like bonds into secure digital versions that can be traded more efficiently.
As a member of Project Ensemble’s Architecture Community, Euroclear is helping HKMA set technical standards for the city’s tokenisation ecosystem, sharing its expertise in blockchain-style technology and developing a common classification framework for digital assets.
Laurensy describes tokenisation as a long-term shift in how markets will operate. “It is not about one specific technology,” he says. “It is about working to a wider plan of solving industry pain points and unlocking pockets of value.”
Built through partnerships
Euroclear’s long-term collaboration with InvestHK – the Hong Kong government agency responsible for attracting business from mainland China and overseas, and then supporting them as they set up operations in the city – has been instrumental to its success. When Euroclear first established its Hong Kong office 17 years ago, InvestHK was there to help.
“InvestHK has supported us at every stage,” Laurensy says. “When we were setting up, they provided market- and industry-specific information, assisted with company registration and licensing, and helped us build our network.”
This collaboration continues today. Euroclear recently took part in the 2025 edition of Hong Kong FinTech Week, one of the city’s largest financial innovation events that is organised by InvestHK along with the Financial Services and the Treasury Bureau. Laurensy joined other industry leaders at the event, which was held from November 3 to 7, to discuss how global capital markets are transforming.
Meanwhile, Euroclear plans to continue deepening its presence in Hong Kong, maintaining its focus on digital finance and tokenisation while also strengthening links with government and industry partners. The company’s long-term commitment reflects the city’s enduring role as a bridge between global investors and Asia’s fast-growing markets.