Hong Kong's Unique Role in Enhancing Financial Connectivity in the Greater Bay Area
The Financial Services Development Council (FSDC) recently released a report on "Hong Kong's Unique Role in Enhancing Financial Connectivity in the GBA.” At a Chamber webinar on 9 October, the Chamber invited a panel of experts to share their insights into how Hong Kong can benefit from and capture the new business opportunities arising from the latest developments.
Rocky Tung, Head (Policy Research) at FSDC, introduced the key findings of the report and its recommendation on subjects such as financial infrastructure, remote account opening, cross-boundary mortgages and insurance, and the Wealth Management Connect Scheme.
Jimmy Jim, Head of Global Markets, ICBC (Asia), said that the policies issued by the Central Government in May specifically regarding the financial services sector would bring new opportunities for RMB business, bonds, and fintech in the Greater Bay Area.
Edward Lau, Deputy Chief Financial Officer, New World Development, said that the authorities should consider further cooperation with financial institutions in Hong Kong to cope with the growing demand for housing in the GBA.
Josephine Kwan, Partner, PwC Hong Kong, said that talent, data and funds will be the most important success factors in the GBA. She also noted that a PwC survey had underlined the importance of companies adopting a “GBA mindset” as the region continues to open up.