HONG KONG - Hong Kong's New Capital Investment Entrant Scheme (New CIES) has received more than 700 applications since its launch on March 1, according to Joseph Chan Ho-lim, undersecretary for financial services and the treasury of the Hong Kong Special Administrative Region government.

The scheme has been widely welcomed by investors from various sectors and is expected to bring over HK$21 billion (about $2.69 billion) in investments to Hong Kong based on the applications received so far, Chan said Thursday at a meeting of the HKSAR's Legislative Council.

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In the area of fintech, as of this October, there are over 1,100 fintech companies in Hong Kong, representing an increase of about 15 percent over the past year. In the area of green finance, Hong Kong has led the Asian market in arranging the issuance of green and sustainable bonds over the past few years, accounting for 37 percent of the regional total last year, Chan told the lawmakers.

Chan said that the HKSAR government is also continuously strengthening ties with Belt and Road economies, actively seeking new investments and sources of capital. This includes promoting the listing of exchange-traded funds on the markets of Hong Kong SAR and Saudi Arabia, fostering two-way capital flows between the two sides.

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The HKSAR government will accelerate the consolidation of Hong Kong's leadership in the field of international sustainable finance, including launching a roadmap for the full adoption of the International Financial Reporting Standards-Sustainability Disclosure Standards (ISSB Standards) within this year, Chan said.

Furthermore, the HKSAR government will establish a task force within this month to promote the establishment of an international gold trading center, Chan added.