[Federal Register Volume 89, Number 104 (Wednesday, May 29, 2024)]
[Notices]
[Pages 46366-46370]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[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: 
https://www.trade.gov/trade-missions.
    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 (https://www.trade.gov/trade-missions-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 [email protected].

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:
     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;
     Certify that it has identified any matter pending before 
any bureau or office in the Department of Commerce;
     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
     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:
     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;
     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
     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 (https://www.sba.gov/document/support--table-size-standards), 
which vary by North American Industry Classification System (NAICS) 
Code. The SBA Size Standards Tool (https://www.sba.gov/size-standards) 
can help you determine the qualifications that apply to your company.
    Mission List: (additional information about trade missions can be 
found at https://www.trade.gov/trade-missions).

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......................................   Trade Mission Participants Arrive in Hong Kong by Sunday
October 27..................................   Optional: no-host evening gathering in Central, Hong Kong
Monday......................................  Full Day in Hong Kong
October 28..................................   Hong Kong Interagency Briefing by U.S. Consulate in HK
                                               B2B matchmaking meetings at Hong Kong FinTech Week
                                               facilitated by the U.S. Commercial Service
                                               Networking receptions organized by private sector
                                               partners
Tuesday.....................................  Full Day in Hong Kong
October 29..................................   Visit Hong Kong FinTech Week
                                               B2B matchmaking meetings facilitated by the U.S.
                                               Commercial Service
                                               Networking reception organized by U.S. Consulate
Wednesday...................................  Half Day in Hong Kong/Travel to Thailand
October 30..................................   Site visits to government and influential private sector
                                               offices involved in fintech in Hong Kong *
                                               Roundtable with Fintech Association of Hong Kong or
                                               AmCham Hong Kong members *
                                               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..................................   Limited Country Team Briefing
                                               Meeting with the executive at the Ministry of Finance
                                               Meeting with the National Cyber Security Agency
                                               Meeting with the Bank of Thailand
Friday......................................  Full Day in Bangkok, Thailand

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November 1..................................   B2B Meetings
                                               Fintech Association of Thailand
                                               Thai Banks Association
                                               Association of Thai Securities Companies
                                               AMCHAM/US ABC
                                              Mission Concludes
----------------------------------------------------------------------------------------------------------------

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 https://travel.state.gov/content/passports/en/alertswarnings.html. 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 (http://export.gov/trademissions) 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, [email protected]
Gemal Brangman--Project Lead, Global Trade Programs, Washington, DC,

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202-482-3773, [email protected]
Geoffrey Parish, U.S. Commercial Service, U.S. Consulate-General--Hong 
Kong & Macau, [email protected]
Paul Frost, U.S. Commercial Service, U.S. Consulate-General--Hong Kong 
& Macau, [email protected]
Nicole Yan, U.S. Commercial Service, U.S. Consulate-General--Hong Kong 
& Macau, [email protected]
Catherine Spillman, U.S. Commercial Service, U.S. Embassy--Bangkok, 
Thailand, [email protected]
Charles Phillips, U.S. Commercial Service, U.S. Embassy--Bangkok, 
Thailand, [email protected]
Oraphan Boonyalug, U.S. Commercial Service, U.S. Embassy--Bangkok, 
Thailand, [email protected]

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