Startups, fund managers rush to tap oil money as China bolsters Middle East ties

A few days after Hong Kong scrapped its long-standing COVID-19 mask mandate on March 1, Kenneth Lai flew back to the city from a four-day business trip in the Middle East with a new mission to share with his team.

The founder of Payment Asia, a Hong Kong-based electronic payments solution provider catering to both Asia’s SMEs and multinational companies, had charted a plan to take his business to the Middle East by the second quarter of 2023 by setting up an office in Dubai.

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