Announcement of Approved International Trade Administration Trade Mission

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Published

May 29, 2024

Issuing agencies

Commerce DepartmentInternational Trade Administration

Abstract

The United States Department of Commerce, International Trade Administration (ITA), is announcing one upcoming trade mission that will be recruited, organized, and implemented by ITA. This mission is:

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<title>Federal Register, Volume 89 Issue 104 (Wednesday, May 29, 2024)</title>
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[Federal Register Volume 89, Number 104 (Wednesday, May 29, 2024)]
[Notices]
[Pages 46366-46370]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-11691]

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DEPARTMENT OF COMMERCE

International Trade Administration

Announcement of Approved International Trade Administration Trade
Mission

AGENCY: International Trade Administration, Department of Commerce.

SUMMARY: The United States Department of Commerce, International Trade
Administration (ITA), is announcing one upcoming trade mission that
will be recruited, organized, and implemented by ITA. This mission is:

Financial Technologies Business Development Trade Mission to Hong Kong
and Thailand, October 28-November 1, 2024

A summary of the mission is found below. Application information
and more detailed mission information, including the commercial setting
and sector information, can be found at the trade mission website:
<a href="https://www.trade.gov/trade-missions">https://www.trade.gov/trade-missions</a>.
For this mission, recruitment will be conducted in an open and
public manner, including publication in the Federal Register, posting
on the Commerce Department trade mission calendar (<a href="https://www.trade.gov/trade-missions">https://www.trade.gov/trade-missions</a>-schedule) and other internet websites,
press releases to general and trade media, direct mail, broadcast fax,
notices by industry trade associations and other multiplier groups, and
publicity at industry meetings, symposia, conferences, and trade shows.

FOR FURTHER INFORMATION CONTACT: Jeffrey Odum, Trade Events Task Force,
International Trade Administration, U.S. Department of Commerce, 1401
Constitution Avenue NW, Washington, DC 20230; telephone (202) 482-6397
or email <a href="/cdn-cgi/l/email-protection#7f351a19190d1a0651301b0a123f0b0d1e1b1a51181009">[email&#160;protected]</a>.

SUPPLEMENTARY INFORMATION:

The Following Conditions for Participation Will Be Used for the Mission

Applicants must submit a completed and signed mission application
and

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supplemental application materials, including adequate information on
their products and/or services, primary market objectives, and goals
for participation that is adequate to allow the Department of Commerce
to evaluate their application. If the Department of Commerce receives
an incomplete application, the Department may either: reject the
application, request additional information/clarification, or take the
lack of information into account when evaluating the application. If
the requisite minimum number of participants is not selected for a
particular mission by the recruitment deadline, the mission may be
canceled.
Each applicant must also certify that the products and services it
seeks to export through the mission are either produced in the United
States, or, if not, are marketed under the name of a U.S. firm and have
at least fifty-one percent U.S. content by value. In the case of a
trade association or organization, the applicant must certify that, for
each firm or service provider to be represented by the association/
organization, the products and/or services the represented firm or
service provider seeks to export are either produced in the United
States or, if not, marketed under the name of a U.S. firm and have at
least fifty-one percent U.S. content by value.
A trade association/organization applicant must certify to the
above for all of the companies it seeks to represent on the mission.
In addition, each applicant must:
<bullet> Certify that the products and services that it wishes to
market through the mission would be in compliance with U.S. export
controls and regulations;
<bullet> Certify that it has identified any matter pending before
any bureau or office in the Department of Commerce;
<bullet> Certify that it has identified any pending litigation
(including any administrative proceedings) to which it is a party that
involves the Department of Commerce; and
<bullet> Sign and submit an agreement that it and its affiliates
(1) have not and will not engage in the bribery of foreign officials in
connection with a company's/participant's involvement in this mission,
and (2) maintain and enforce a policy that prohibits the bribery of
foreign officials.
In the case of a trade association/organization, the applicant must
certify that each firm or service provider to be represented by the
association/organization can make the above certifications.

The Following Selection Criteria Will Be Used for the Mission

Targeted mission participants are U.S. firms, services providers,
and trade associations/organizations providing or promoting U.S.
products and services that have an interest in entering or expanding
their business in the mission's destination country. The following
criteria will be evaluated in selecting participants:
<bullet> Suitability of the applicant's (or in the case of a trade
association/organization, represented firm's or service provider's)
products or services to these markets;
<bullet> The applicant's (or in the case of a trade association/
organization, represented firm's or service provider's) potential for
business in the markets, including the likelihood of exports resulting
from the mission; and
<bullet> Consistency of the applicant's (or in the case of a trade
association/organization, represented firm's or service provider's)
goals and objectives with the stated scope of the mission.
Balance of company size and location may also be considered during
the review process. Referrals from a political party or partisan
political group or any information, including on the application,
containing references to political contributions or other partisan
political activities will be excluded from the application and will not
be considered during the selection process. The sender will be notified
of these exclusions.

Definition of Small- and Medium-Sized Enterprise

For purposes of assessing participation fees, an applicant is a
small or medium-sized enterprise (SME) if it qualifies as a ``small
business'' under the Small Business Administration's (SBA) size
standards (<a href="https://www.sba.gov/document/support--table-size-standards">https://www.sba.gov/document/support--table-size-standards</a>),
which vary by North American Industry Classification System (NAICS)
Code. The SBA Size Standards Tool (<a href="https://www.sba.gov/size-standards">https://www.sba.gov/size-standards</a>)
can help you determine the qualifications that apply to your company.
Mission List: (additional information about trade missions can be
found at <a href="https://www.trade.gov/trade-missions">https://www.trade.gov/trade-missions</a>).

Financial Technologies Business Development Trade Mission to Hong Kong
and Thailand, October 28-November 1, 2024

Summary

The United States Department of Commerce, International Trade
Administration (ITA), is organizing a Financial Technologies (Fintech)
Business Development Mission to Hong Kong and Thailand from October 28-
November 1, 2024.
The purpose of the fintech mission is to expand opportunities for
U.S. companies to explore the immense potential that Hong Kong and
Thailand offer in terms of access to capital, market size and talent
pool. Delegates will gain invaluable insights into the local market
landscape and establish relationships with local banks, financial
institutions, and investors.
This business development mission is aimed at promoting and
expanding the international presence of U.S. financial technology
companies and to foster bilateral partnerships between U.S. fintech
companies and financial institutions in Hong Kong and Thailand. These
collaborations can stimulate innovation in the global fintech landscape
and strengthen the global presence of U.S. companies. This mission will
also be part of delivering and advancing U.S. technology, standards,
and commercial interests in this vital region of the world.
ITA will organize a tailored program for U.S. companies exploring
opportunities in Hong Kong and Thai markets and will leverage strong
connections with U.S. interagency partners to lead discussions on
trade, financing, and technical aspects of doing business in these two
markets. Mission participants will have the opportunity to meet with
potential buyers and partners, financial institutions, government
officials, investors and associations. Mission participants will
participate in Hong Kong Fintech Week on the first stop, followed by a
visit to Bangkok. Both stops will include ITA-hosted networking events,
pre-screened business-to-business matchmaking meetings, roundtable
discussions with U.S. and foreign government and industry leaders, and
optional company site visits.
Mission participants will receive assistance to secure meetings,
gain greater exposure to Hong Kong and Thai markets, and benefit from
the guidance and insights of ITA's commercial team and the support and
expertise of interagency partners including the U.S. Department of
State and the U.S. Department of the Treasury.
Hong Kong
Hong Kong is a Special Administrative Region (SAR) of the People's
Republic of China (PRC) with a population of 7.4 million. There are
numerous business opportunities given Hong Kong's finance and marketing

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talent base, sophisticated infrastructure, and access to mainland
China's manufacturing centers. According to Invest Hong Kong (Hong
Kong's official inbound investment agency), 78 of the world's top 100
banks call Hong Kong home. With over 163 licensed banks and 8 virtual
banks, Hong Kong has large financial infrastructure. There are no
controls over capital movement, no capital gains, and no tax on
dividends. Hong Kong hosts the largest pool of RMB liquidity outside
Mainland China. Hong Kong also serves as a springboard for foreign
firms seeking access to Mainland China and for Chinese companies going
global.
The Hong Kong government aims to push Hong Kong's status as a
financial center, with fintech as a key subsector. As Hong Kong is home
to over 3,900 startups, roughly 800 fintech companies, and ten unicorn
companies, it claims a spot among the leading global cities for
fostering swift startup growth. In June 2021, the Hong Kong Monetary
Authority (HKMA) rolled out a ``Fintech 2025'' strategy for driving
fintech development in Hong Kong. Blockchain technology advancements
and the increasing use of big data analytics are among the top fintech
trends in Hong Kong in 2024.
As a show of support for the sector, each year Invest Hong Kong
organizes Hong Kong FinTech Week, one of the largest and most
influential fintech events in Asia. It gathers regulators, fintech
leaders and innovators around the world to in a dynamic conference and
large exhibition setting, enabling attendees to connect with the Hong
Kong and regional fintech industry. Hong Kong FinTech Week in 2023
attracted a record high of 35,000 attendees, over 5.5 million views
online from over 100 economies, featured over 800 speakers and over 700
exhibitors.
To encourage inbound fintech activity into Hong Kong, Invest Hong
Kong also organizes two attractive programs at no cost: the Global Fast
Track Program, which is a hybrid program for startups to connect with
investors and corporates, and a Global Scaleup Competition for eligible
tech companies that are selected to pitch in front of judges at Hong
Kong Fintech Week. In fact, a U.S. fintech company nearly won last
year's competition. Moreover, the Fintech Association of Hong Kong has
a vibrant board and very active membership that is enthusiastic about
welcoming inbound U.S. fintech and related companies.
Because the U.S. Commercial Service in Hong Kong has a long history
of attending Hong Kong Fintech Week, we are in a strong position to
help many U.S. companies connect with the deep and sophisticated
ecosystem of this growing industry. There will be no additional cost to
the participants of this Trade Mission to attend Hong Kong Fintech
Week.
Thailand
Thailand, located in the heart of ASEAN, is an upper middle-income
country and the second-largest economy in ASEAN after Indonesia. Its
gross domestic product (GDP) in 2022 was US$ 526 billion, growing 2.6
percent from the previous year.
In Thailand, the public sector plays a significant role in
developing fintech initiatives. Engagement with the Thai government is
critical, as it seeks to make Bangkok a regional financial hub. In
recent years, the fintech sector has been developing and evolving
rapidly, driven by new government initiatives, advancements in
technology, and changing consumer behavior. The adoption of new
technologies is transforming traditional financial institutions and
creating new opportunities for development in the sector.
Since the pandemic in 2020, Thailand has swiftly embraced digital
transformation in both its public and private sectors. This shift has
been encouraged by government support aiming to establish Thailand as a
regional fintech hub. As a result, Thailand's fintech sector has
experienced incredible growth driven by technology adoption across
industries. For example, Thailand has seen a surge in digital
transactions. E-wallets and mobile payment platforms have gained
widespread acceptance among Thai society. There are nearly 300 fintech
companies in Thailand, which has an active Thailand Fintech Association
comprised of members in a wide variety of categories in fintech.
The Thai fintech ecosystem also has a growing list of
organizations, agencies, and companies that support the growth in the
sector. As another initiative from the government, in 2023, the BOT
released the consultation document on a virtual bank licensing
framework, which is the groundwork for introducing virtual banks as new
financial service providers. The central bank plans to finalize the
licensing regulation and announce the list of approved applications in
2024. During the initial phase, the three licenses will be awarded.

Proposed Timetable
[* Note: The final schedule and potential site visits will depend on the availability of host government and
business officials, specific goals of mission participants, and ground transportation.]
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Sunday...................................... <bullet> Trade Mission Participants Arrive in Hong Kong by Sunday
October 27.................................. <bullet> Optional: no-host evening gathering in Central, Hong Kong
Monday...................................... Full Day in Hong Kong
October 28.................................. <bullet> Hong Kong Interagency Briefing by U.S. Consulate in HK
<bullet> B2B matchmaking meetings at Hong Kong FinTech Week
facilitated by the U.S. Commercial Service
<bullet> Networking receptions organized by private sector
partners
Tuesday..................................... Full Day in Hong Kong
October 29.................................. <bullet> Visit Hong Kong FinTech Week
<bullet> B2B matchmaking meetings facilitated by the U.S.
Commercial Service
<bullet> Networking reception organized by U.S. Consulate
Wednesday................................... Half Day in Hong Kong/Travel to Thailand
October 30.................................. <bullet> Site visits to government and influential private sector
offices involved in fintech in Hong Kong *
<bullet> Roundtable with Fintech Association of Hong Kong or
AmCham Hong Kong members *
<bullet> Travel from Hong Kong to Thailand (Bangkok)
* Optional site visits; some companies may have their own meetings
arranged
Thursday.................................... Full Day in Bangkok, Thailand
October 31.................................. <bullet> Limited Country Team Briefing
<bullet> Meeting with the executive at the Ministry of Finance
<bullet> Meeting with the National Cyber Security Agency
<bullet> Meeting with the Bank of Thailand
Friday...................................... Full Day in Bangkok, Thailand

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November 1.................................. <bullet> B2B Meetings
<bullet> Fintech Association of Thailand
<bullet> Thai Banks Association
<bullet> Association of Thai Securities Companies
<bullet> AMCHAM/US ABC
Mission Concludes
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Participation Requirements

All parties interested in participating in the trade mission must
complete and submit an application package for consideration by the
DOC. All applicants will be evaluated on their ability to meet certain
conditions and best satisfy the selection criteria as outlined below. A
minimum of 10 and maximum of 15 firms participate in the mission from
the applicant pool, subject to space availability.

Fees and Expenses

After a firm or trade association has been selected to participate
in the mission, a payment to the Department of Commerce in the form of
a participation fee is required. The participation fee for the Business
Development Mission will be $2,900 for small or medium-sized
enterprises (SME); and $4,500 for large firms or trade associations.
The fee for each additional firm representative (large firm or SME/
trade organization) is $750. The participation fee includes the cost
for participants of this Trade Mission to attend mission related
activities at Hong Kong Fintech Week in Hong Kong. Expenses for travel,
lodging, meals, and incidentals will be the responsibility of each
mission participant. Interpreter and driver services can be arranged
for additional cost. Delegation members will be able to take advantage
of U.S. Embassy rates for hotel rooms.
If and when an applicant is selected to participate in a particular
mission, a payment to the Department of Commerce in the amount of the
designated participation fee below is required. Upon notification of
acceptance to participate, those selected have 5 business days to
submit payment or the acceptance may be revoked.
Participants selected for a trade mission will be expected to pay
for the cost of personal expenses, including, but not limited to,
international travel, lodging, meals, transportation, communication,
and incidentals, unless otherwise noted. Participants will, however, be
able to take advantage of U.S. Government rates for hotel rooms. In the
event that a mission is canceled, no personal expenses paid in
anticipation of a mission will be reimbursed. However, participation
fees for a canceled mission will be reimbursed to the extent they have
not already been expended in anticipation of the mission.
If a visa is required to travel on a particular mission, applying
for and obtaining such a visa will be the responsibility of the mission
participant. Government fees and processing expenses to obtain such a
visa are not included in the participation fee. However, the Department
of Commerce will provide instructions to each participant on the
procedures required to obtain business visas.
Trade Mission members participate in trade missions and undertake
mission-related travel at their own risk. The nature of the security
situation in a given foreign market at a given time cannot be
guaranteed. The U.S. Government does not make any representations or
guarantees as to the safety or security of participants. The U.S.
Department of State issues U.S. Government international travel alerts
and warnings for U.S. citizens available at <a href="https://travel.state.gov/content/passports/en/alertswarnings.html">https://travel.state.gov/content/passports/en/alertswarnings.html</a>. Any question regarding
insurance coverage must be resolved by the participant and its insurer
of choice.
Travel and in-person activities are contingent upon the safety and
health conditions in the United States and the mission countries.
Should safety or health conditions not be appropriate for travel and/or
in-person activities, the Department will consider postponing the event
or offering a virtual program in lieu of an in-person agenda. In the
event of a postponement, the Department will notify the public, and
applicants previously selected to participate in this mission will need
to confirm their availability but need not reapply. Should the decision
be made to organize a virtual program, the Department will adjust fees,
accordingly, prepare an agenda for virtual activities, and notify the
previously selected applicants with the option to opt-in to the new
virtual program.
Travel and in-person activities are contingent upon the safety and
health conditions in the United States and the mission countries.
Should safety or health conditions not be appropriate for travel and/or
in-person activities, the Department will consider postponing the event
or offering a virtual program in lieu of an in-person agenda. In the
event of a postponement, the Department will notify the public, and
applicants previously selected to participate in this mission will need
to confirm their availability but need not reapply. Should the decision
be made to organize a virtual program, the Department will adjust fees,
accordingly, prepare an agenda for virtual activities, and notify the
previous selected applicants with the option to opt-in to the new
virtual program.

Timeframe for Recruitment and Applications

Mission recruitment will be conducted in an open and public manner,
including publication in the Federal Register, posting on the Commerce
Department trade mission calendar (<a href="http://export.gov/trademissions">http://export.gov/trademissions</a>) and
other internet websites, press releases to general and trade media,
direct mail, notices by industry trade associations and other
multiplier groups, and publicity at industry meetings, symposia,
conferences, and trade shows. Recruitment for the mission will begin
immediately and conclude no later than July 31, 2024. The U.S.
Department of Commerce will review applications and inform applicants
of selection decisions on a rolling basis. Applications received after
July 31, 2024, will be considered only if space and scheduling
constraints permit.

Contacts

Peter Sexton--Recruitment Lead, U.S. Commercial Service, U.S. Export
Assistance Center--New York, NY, 212-809-2647, <a href="/cdn-cgi/l/email-protection#6f3f0a1b0a1d413c0a171b00012f1b1d0e0b0a41080019">[email&#160;protected]</a>
Gemal Brangman--Project Lead, Global Trade Programs, Washington, DC,

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202-482-3773, <a href="/cdn-cgi/l/email-protection#d493b1b9b5b8fa96a6b5bab3b9b5ba94a0a6b5b0b1fab3bba2">[email&#160;protected]</a>
Geoffrey Parish, U.S. Commercial Service, U.S. Consulate-General--Hong
Kong & Macau, <a href="/cdn-cgi/l/email-protection#793e1c161f1f0b1c005729180b100a11390d0b181d1c571e160f">[email&#160;protected]</a>
Paul Frost, U.S. Commercial Service, U.S. Consulate-General--Hong Kong
& Macau, <a href="/cdn-cgi/l/email-protection#267647534a08605449555266525447424308414950">[email&#160;protected]</a>
Nicole Yan, U.S. Commercial Service, U.S. Consulate-General--Hong Kong
& Macau, <a href="/cdn-cgi/l/email-protection#4907202a26252c67102827093d3b282d2c672e263f">[email&#160;protected]</a>
Catherine Spillman, U.S. Commercial Service, U.S. Embassy--Bangkok,
Thailand, <a href="/cdn-cgi/l/email-protection#0d4e6c7965687f646368235e7d646161606c634d797f6c6968236a627b">[email&#160;protected]</a>
Charles Phillips, U.S. Commercial Service, U.S. Embassy--Bangkok,
Thailand, <a href="/cdn-cgi/l/email-protection#67240f06150b021449370f0e0b0b0e171427131506030249000811">[email&#160;protected]</a>
Oraphan Boonyalug, U.S. Commercial Service, U.S. Embassy--Bangkok,
Thailand, <a href="/cdn-cgi/l/email-protection#d09fa2b1a0b8b1befe92bfbfbea9b1bca5b790a4a2b1b4b5feb7bfa6">[email&#160;protected]</a>

Gemal Brangman,
Director, Global Trade Programs.
[FR Doc. 2024-11691 Filed 5-28-24; 8:45 am]
BILLING CODE 3510-DR-P

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