Laurence Li, new chief of finance industry advisory body, pledges to push innovation, investor protection

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Laurence Li Lu-jen is the new chairman of the Financial Services Development Council. Photo: SCMP

Published: 7:01am, 7 Jul 2018Updated: 7:01am, 7 Jul 2018

Laurence Li Lu-jen, the new chairman of the Financial Services Development Council, said promoting innovation and technology in the financial market and improving investor protection will be on the top of his agenda.

Confirming a Post report from earlier this week, the government on Friday appointed Li, 47, as chairman of the industry advisory body from July 11 to January 16, 2019. The barrister will continue as chairman for another two years after the FSDC is incorporated as a company.

The finance and banking specialist replaces founding chairwoman Laura Cha Shih May-lung, who in April became the first woman to chair bourse operator Hong Kong Exchanges and Clearing (HKEX).

Li was the deputy director of Chief Executive Carrie Lam Cheng Yuet-ngor’s election campaign. He was tipped to join Lam’s cabinet either as a minister or Executive Council member, but is said to have turned down her invitation to focus on his legal career.

“Innovation would be on top of my priority,” Li told the Post in a telephone interview. “The FSDC members will work harder on more reports and other projects to promote innovation and new technology in the local financial market.”

Getting more new technology and innovation firms to list in Hong Kong was a major suggestion of the FSDC in 2014. That debate led to HKEX in April introducing the largest listing reform in 25 years to allow dual-class shareholding technology companies and biotech firms without revenue to list.

“Besides getting more innovative companies to have IPOs in Hong Kong, we would also like to explore ways to adopt new technology for investor protection,” Li said.