New CEO of Hong Kong $8B fund

The spotlight is on the HK$62B ($8B) fund, set to propel the Greater Bay Area's business sector into new heights.

Clara Chan, currently an executive director at the Hong Kong Monetary Authority, is reportedly to be named as CEO of the Hong Kong Investment Corp. according to Bloomberg.

Here's what you need to know:

• What's the fund for? The fund is a brainchild of Chief Executive John Lee, designed to utilize fiscal reserves to invigorate the economy. Its primary focus is on fortifying relationships with mainland Chinese cities in close proximity to Hong Kong.

• What will Clara's role be? Should she be confirmed, Clara will oversee eight general partners and invest in a diverse range of sectors. The sectors include tech, healthcare, logistics, finance, and consumer products.

• How does HKIC fit into the picture? The Hong Kong Investment Corporation (HKIC) may be smaller than Singapore's $287B Temasek fund, but it's a formidable entity. It manages numerous portfolios and funds, and companies are already queuing up to pitch their innovative and tech-focused ideas.

• Who is Clara Chan? With a decade-long experience in the Hong Kong Monetary Authority, Clara has overseen areas such as macro-financial surveillance and market operations. She's also a barrister by training, and she holds active engagement in fintech and stable coin activities.