【Securities Regulatory】Wong Tin-yau: Trust is Hong Kong's Precious Asset, Accountants are "Guardians of Trust" and Cannot Be Replaced by AI

Recent market misconduct has been frequently observed. Hong Kong Securities and Futures Commission Chairman Julian Ho stated that trust is the cornerstone of the market and Hong Kong’s most valuable asset. “None of this is possible without trust,” he emphasized. Trust begins with understanding market rules. He urged industry practitioners to ask themselves, “What is the significance of my work to the current market?” Only when professionalism is genuinely applied to the market can it become a pillar of stability.

At an accounting industry event, he pointed out that Hong Kong’s status as an international financial center is not a given but is built on a market that is fair, efficient, transparent, and aligned with global standards. This achievement is the result of accumulated efforts. He stressed that market standards, regulations, and ethical principles are non-negotiable.

“Trust is built slowly over decades, yet can be lost in a moment.”

He indicated that regulation alone cannot establish a world-class financial center. The accounting industry must serve as the core of the ecosystem. Every audit signature and board recommendation is a professional safeguard for Hong Kong’s future.

Accountants as Guardians of Trust

He believes that geopolitical changes, technological innovation, sustainable finance, and digital asset development are reshaping global markets and bringing new risks and opportunities. As “guardians of trust,” accountants play an increasingly critical role.

“You are not just recording history—you are shaping how the world understands Hong Kong’s financial story.”

He explained that financial reporting, audit opinions, and risk assessments are the “universal language” of international business. Accountants are not merely “checking boxes,” but using their professional judgment to help clients achieve sustainable growth. When accountants employ this language with integrity and professional skepticism, they enable global sovereign funds and investors to see Hong Kong’s opportunities clearly.

Critical Thinking as an Irreplaceable Competency in the AI Era

Market concerns about whether artificial intelligence (AI) will replace accountants. Julian Ho pointed out that while data analysis and AI can improve efficiency, they cannot bear the responsibilities of ethical decision-making and independence. Critical thinking, ethical discernment, and the courage to speak out against misconduct are core competencies that make accountants irreplaceable in the AI age.

He also mentioned that in a rapidly changing era, lifelong learning should not only be for earning CPD credits but also for transforming knowledge into action.