Hong Kong bankers plan working group to develop business ties in emerging markets
The working group will do roadshows and update industry players on new policies and regulatory measures in Hong Kong, association says
The Hong Kong Association of Banks (HKAB) plans to form a working group this quarter to draw up measures to attract more emerging-market customers to the financial hub and support the city’s role as an offshore yuan centre.
The association plans to communicate with industry bodies and other stakeholders, especially in Southeast Asia and the Middle East, to help them build or grow their market presence in Hong Kong, chairwoman Mary Huen Wai-yi said in a media briefing.
“The working group will do roadshows and update industry players on new policies and regulatory measures in Hong Kong as a way to engage new customers,” she said. The idea is to “promote Hong Kong as a platform for trade transactions, family offices and wealth management,” she added.
HKAB members have joined the government and market regulators on many trade or business missions to several Southeast Asian and Middle East markets in recent years, Huen said. The missions were part of steps taken by Chief Executive John Lee Ka-chiu to pursue new markets and reduce the city’s exposure to geopolitical risks amid US-China trade tensions.
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The emerging-market working group will be established as Beijing strives to deepen financial-market inter-connectivity and enhance Hong Kong’s position as the biggest offshore yuan hub with a new 100 billion yuan (US$13.6 billion/HK$106 billion) liquidity facility to spur yuan-settled trade.
