In May this year, the Central Government reaffirmed its commitment to the development of the GBA with the release of a new guideline for the financial services sector. This document consists of a list of 30 Articles on topics including cross-border investment, boosting innovation, and improving the connectivity of financial markets. To learn more, the Chamber invited three experts to share their views at a webinar on 3 August. 

Florence Yip, Asia Pacific Tax Leader of Financial Services, Asset & Wealth Management, PwC Hong Kong, said that the guideline is expected to further foster the real economic development of the GBA and deepen the mutually beneficial financial integration within the region. Dixon Wong, Head of Financial Services, Invest Hong Kong, noted that the GBA is a key wealth-creating region in Asia. There are about 80,000 ultra-high-net-worth families in Greater China and around one-fifth of these are located in the GBA, providing a potentially deep source of clients for Hong Kong financial services firms. 

Esmond Lee, CEO, Euroclear Bank Hong Kong Branch, discussed the new Wealth Management Connect scheme, which was launched in late June and will enable cross-border investment in approved products. He said that the new scheme is likely to attract much more funds from the Mainland to Hong Kong and therefore will further boost the growth of the city’s financial services industry.