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IS HONG KONG STILL A GLOBAL HUB FOR WEALTH MANAGEMENT?

Hong Kong is famous for its towering skyscrapers and equally impressive, centuries-old temples, but there’s more to Hong Kong that makes it popular. Hong Kong is also home to a well-established private wealth management industry with extensive experience in serving high-net-worth individuals (HNWIs) from China and other Asian countries. As such, Hong Kong has long held its status as a global hub for wealth management. 

“Despite a challenging period for global economic growth, and for Hong Kong due to US-China trade tensions, Hong Kong’s resilience as an international financial centre and gateway to Mainland China remains unshaken. It is also well-placed to strengthen its position as a preferred place for wealth management, thanks to the launch of Wealth Management Connect,” says James Turner, Director at company formation specialists, Turner Little.

Wealth Management Connect

On 29th June 2020, the People’s Bank of China, the Hong Kong Monetary Authority, and the Monetary Authority of Macau jointly announced the launch of a cross-boundary Wealth Management Connect pilot scheme in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). The purpose of the two-way scheme is to allow Hong Kong and Macau residents to invest in wealth management products distributed by mainland banks in the GBA and visa-versa. 

With a population of more than 70 million, the GBA represents a significant growth opportunity for financial institutions. The launch of Wealth Management Connect will offer greater product diversity for GBA resident and a broader investment base for financial institutions. 

In the long term, it is hoped that Wealth Management Connect will also foster the growth of financial experience and knowledge of a future generation of investors. Cross-boundary collaboration between regulators and financial institutions will also result in forming a unique and dynamic financial ecosystem for the GBA, driving innovation, and attracting more international financial institutions to set up or expand their presence in Hong Kong. These financial institutions will likely spur more competition in the region, raising the bar for product quality and robust risk management.  

If you’re looking for advice on managing your wealth overseas, our highly experienced wealth advisors at Turner Little, will take time to get to know you and understand your financial needs, no matter how complex. To find out how we can help you manage your wealth, get in touch with us today.

Turner Little and its affiliates do not provide tax, legal or accounting advice. Material on this page has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.