'HK to diversify financial services to drive growth'
'HK to diversify financial services to drive growth'
Christopher Hui says the government is looking to boost growth in the family office sector, digital assets and artificial intelligence. Photo: RTHK
The Secretary for Financial Services and the Treasury, Christopher Hui, has highlighted government efforts to boost growth in three areas – family offices, digital assets, as well as the responsible use of artificial intelligence – as the SAR seeks to further diversify its financial services sector.
Speaking in an interview with RTHK marking three years of Chief Executive John Lee's administration as well as the 28th anniversary of the SAR's establishment, Hui said his bureau has released three policy statements and passed 33 pieces of legislation since taking office to help the city emerge from the Covid outbreak.
He noted that Hong Kong's financial markets have shown resilience over the past three years, attracting global funds and family offices to increase investment here to help fend off risks.
Hui said while 150 family offices have already set up shop here, another 180 have said they are interested in following suit, which would far exceed his bureau's goal of attracting a total of 200 by the end of the year.
'Among them, nine are with Middle Eastern backgrounds. Of course, there are also others with traditional market backgrounds," Hui said.
'But you can see that the appeal of Hong Kong as a family office hub is global," he said, noting that there's still ample room for growth of these offices that manage the wealth of ultra-high-net-worth families.
Hui also said other than incorporating greater financial technology into the city's financial services industry, another key focus of his bureau is to improve relevant settlement platforms to drive trading of commodities in the SAR, so as to further boost product diversity.
This came after the government took the leap in transforming the city into a premier bullion trading hub, while ramping up collaboration with the London Metal Exchange (LME) to become a key global metals centre.
Hui said seven local warehouse facilities have been approved by the LME so far to speed up such trades, which could in turn boost financial services growth in the future.
"For warehousing, it's not just about keeping them [the commodities] here. Sometimes, after [the commodities] are stored, some of their warehouse receipts can be used as collaterals for financing, which can lead to some derivative financial services.
'And even if their goods are stored in the warehouse, there will also be urgent insurance demands and so on. So, in fact, I think if our policies are well implemented, some corresponding institutions will naturally take these opportunities to develop their businesses.'
Hui also said the government will continue to improve the financial connectivity between the SAR and mainland markets.
Efforts include launching the offshore Treasury bond futures as well as real estate investment trusts (Reits) under the Stock Connect programmes.
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