Hong Kong Bank of East Asia Appoints Jaye Chiu as Head of Private Banking, Private Banking Veteran with 19 Years of Private Banking & Investment Experience Including at UBS, HSBC, BNP Paribas, EFG & Bank of Montreal (BMO), Joined Bank of East Asia in 2020 as Head of Investment Products & Advisory
12th August 2024 | Hong Kong
Hong Kong Bank of East Asia with $110 billion assets has appointed Jaye Chiu as Head of Private Banking (August 2024). Jaye Chiu is a private banking veteran with 19 years of private banking & investment experience at UBS, HSBC, BNP Paribas, EFG & Bank of Montreal (BMO), holding roles including as Regional Head of Investment Management Private Banking Asia, Head of Investment, Senior Portfolio Manager, Regional Head of Profiled & Fund Discretionary Mandates Asia & Discretionary Portfolio Manager. Jaye Chiu joined Bank of East Asia in 2020 as Head of Investment Products & Advisory. In 2024 May, Bank of East Asia (BEA) Private Banking launched a one-stop wealth & investment service for applicants of Hong Kong 2-year residency program Capital Investment Entrant Scheme (CIES), providing CIES advisory services, priority account opening & fee waivers, 50% discount commission rates for financial products, special deposit interest rates & remittance fees. BEA Private Banking (CIES) – BEA Private Banking provides a full range of holistic services catering to CIES applicants including but not limited to CIES advisory services, Designated CIES account opening, Placement of permissible financial assets, On-going management of CIES account, Statutory reporting of CIES account to local authority, Professional advisory services on securities investment. BEA Private Banking also collaborates with strategic partners to provide comprehensive financial solutions to suit the needs of our valued clients.
“ Hong Kong Bank of East Asia Appoints Jaye Chiu as Head of Private Banking, Private Banking Veteran with 19 Years of Private Banking & Investment Experience Including at UBS, HSBC, BNP Paribas, EFG & Bank of Montreal (BMO), Joined Bank of East Asia in 2020 as Head of Investment Products & Advisory “
About The Bank of East Asia, Limited – Incorporated in Hong Kong in 1918, The Bank of East Asia, Limited (“BEA”) is a leading Hong Kong-based financial services group listed on The Stock Exchange of Hong Kong, with total consolidated assets of HK$860.4 billion (US$110.1billion) as of 31 December 2023. BEA provides a comprehensive range of wholesale banking, personal banking, wealth management and investment services to customers through an extensive network of about 130 outlets covering Hong Kong, the Chinese Mainland, Macau, Taiwan, Southeast Asia, the United Kingdom, and the United States.
Hong Kong Bank of East Asia with $110 Billion Assets Officially Opens New Harbour City SupremeGold Centre in Tsim Sha Tsui for SupremeGold & SupremeGold Private Customers, SupremeGold Welcome Rewards of HKD 3,200 for the first HKD 500,000 Invested in Funds, SupremeGold Private Welcome Rewards of HKD 25,000 for the First HKD 5 Million Invested in Funds
19th June 2024 – Hong Kong Bank of East Asia with $110 billion assets has officially (13/6/24) opened the new Harbour City SupremeGold Centre in Tsim Sha Tsui (Hong Kong) for SupremeGold & SupremeGold Private customers, and offering welcome rewards of up to HKD 3,200 for the first HKD 500,000 invested in funds. SupremeGold Private – SupremeGold Private welcome rewards of HKD 25,000 for the first HKD 5 million invested in fund. Bank of East Asia (13/6/24): “The Bank of East Asia, Limited (“BEA” or “the Bank”) has today officially opened its Harbour City SupremeGold Centre (“the Centre”). The Centre features an all-new design with enhanced facilities, providing a superior level of service to the Bank’s SupremeGold and SupremeGold Private customers throughout the region. The Centre has a clean, modern design, integrating natural elements with environmentally- conscious materials to create a refined and relaxing atmosphere. Aligned with BEA’s new brand commitment to help customers “Live Every Moment”, the new Centre aims to cater to the diverse needs of customers at different life stages. Well-equipped meeting rooms allow individual and family customers to meet with Relationship Managers in privacy, and learn more about the Bank’s comprehensive range of wealth management and cross-boundary financial services. Meanwhile, dedicated multi- purpose spaces are available for customer events and seminars, fostering greater communication and engagement. Besides optimising its branch network, the Bank has also invested in innovative fintech solutions to enhance service quality. The recently upgraded BEA Mobile app allows customers to easily manage their investment portfolios and handle everyday banking transactions. Following the launch of the new app, there has been a notable rise in usage, with 42% year-on-year growth in the number of mobile financial transactions in the first quarter.” Welcome Rewards – During the promotional period, customers who visit the Harbour City SupremeGold Centre and join SupremeGold can receive welcome rewards of up to HK$3,200 and other exclusive offers. SupremeGold Private – SupremeGold Private welcome rewards of HKD 25,000 for the first HKD 5 million invested in funds. Location – The Harbour City SupremeGold Centre is located at Shop 2309, 2/F, Gateway Arcade, Harbour City, 3 – 27 Canton Road, Tsim Sha Tsui, Kowloon. The Centre operates 7 days a week with the following opening hours: Monday to Saturday: 9am to 5pm; Sunday: 1pm to 5pm
“ Hong Kong Bank of East Asia with $110 Billion Assets Officially Opens New Harbour City SupremeGold Centre in Tsim Sha Tsui for SupremeGold & SupremeGold Private Customers, Welcome Rewards of HKD 3,200 for the first HKD 500,000 Invested in Funds “
Adrian Li, Co-Chief Executive of BEA: “This SupremeGold Centre is BEA’s new hub in Tsim Sha Tsui. Conveniently located in Harbour City, it offers a comfortable environment for customers from Hong Kong and the Chinese Mainland to discuss their wealth management needs with our financial experts. In the first quarter this year, we saw good growth in demand for cross-boundary services, with a 50% increase in the number of southbound clients and a 60% rise in related assets under management. We shall continue to enhance our omni-channel service platform to serve customers throughout the Greater Bay Area, enabling them to grow their wealth and live life to the full.”
About The Bank of East Asia, Limited – Incorporated in Hong Kong in 1918, The Bank of East Asia, Limited (“BEA”) is a leading Hong Kong-based financial services group listed on The Stock Exchange of Hong Kong, with total consolidated assets of HK$860.4 billion (US$110.1billion) as of 31 December 2023. BEA provides a comprehensive range of wholesale banking, personal banking, wealth management and investment services to customers through an extensive network of about 130 outlets covering Hong Kong, the Chinese Mainland, Macau, Taiwan, Southeast Asia, the United Kingdom, and the United States
Bank of East Asia Private Banking Launches One-Stop Wealth & Investment Service for Applicants of Hong Kong 2-Year Residency Program Capital Investment Entrant Scheme CIES, Providing CIES Advisory Services, Priority Account Opening & Fee Waivers, 50% Discount Commission Rates for Financial Products, Special Deposit Interest Rates & Remittance Fees
29th May 2024 – Bank of East Asia (BEA) Private Banking has launched a one-stop wealth & investment service for applicants of Hong Kong 2-year residency program Capital Investment Entrant Scheme (CIES), providing CIES advisory services, priority account opening & fee waivers, 50% discount commission rates for financial products, special deposit interest rates & remittance fees. BEA Private Banking (CIES) – BEA Private Banking provides a full range of holistic services catering to CIES applicants including but not limited to CIES advisory services, Designated CIES account opening, Placement of permissible financial assets, On-going management of CIES account, Statutory reporting of CIES account to local authority, Professional advisory services on securities investment. BEA Private Banking also collaborates with strategic partners to provide comprehensive financial solutions to suit the needs of our valued clients. In 2024 March, Hong Kong government announced the launch of Hong Kong 2-year residency program Capital Investment Entrant Scheme (CIES) on 1st March 2024, with $3.84 million (HKD 30 million) investment in approved assets – 1) 10% invested in Hong Kong managed portfolio for direct investments in companies, 2) 90% into hong kong approved equities, debts, deposits, funds, LPs (Limited Partners) in private funds, private equity & venture capital, commercial & industrial properties, 3) Program includes 2 year residency with maximum of 3 year renewable each application, 4) Can apply for permanent residency or unconditional status after 7 years, 5) Spouse & children below 18 can receive dependency pass. The Capital Investment Entrant Scheme (CIES) – Applicant must be minimum age 18 with at least net asset of $3.84 million (HKD 30 million), and invest at least $3.84 million (HKD 30 million) in approved assets with minimum 90% ($3.46 million / HKD 27 million) into approved assets: 1) Equities listed on Hong Kong Exchange (HKEX), 2) HKD or RMB Debt Securities listed on HKEX, or issued by Hong Kong or China Government, or Hong Kong listed companies, 3) HKD or RMB Deposits of at least 1 year (subject to limit of 10% of HKD 30 million which is HKD 3 million), 4) Funds (Collective investment schemes – Authorized Funds, REITS, Investment-linked Insurance, Open-ended fund companies, LPs in Private Funds, Private Equity & Venture Capital), 5) Commercial & Industrial Properties with limit of HKD 10 million (33.3% of HKD 30 million) and exclude residential, pre-completion properties, land. The remaining 10% (HKD 3 million / $380,000) will be invested in Hong Kong managed portfolio for direct investments in companies (CIES investment portfolio Capital Investment Entrant Scheme CIES managed by Hong Kong Investment Corporation Limited to support development of innovation and technology industries and other strategic industries that are beneficial to the long-term development of Hong Kong’s economy). More info below | View Hong Kong Permissible Investments
Fritz Chan, Head of BEA Private Banking: “Leveraging our professional service platform, BEA Private Banking has offered tailored services to hundreds of CIES applicants since the launch of the scheme. In addition to our experience and expertise, BEA Private Banking offers holistic financial services to our privileged clients through close collaborations with other members of the BEA Group. We are also planning to cooperate with third-party partners to further expand our suite of services.”
Hong Kong Launches 2-Year Residency Program Capital Investment Entrance Scheme on 1st March 2024 with $3.84 Million / HKD 30 Million Investment – 10% into Hong Kong Managed Portfolio for Direct Investments in Companies, 90% into Hong Kong Approved Equities, Debts, Deposits, Funds, LPs in Private Funds, Private Equity & Venture Capital, Commercial & Industrial Properties, Program Includes 2 Year Residency with 3 Year Renewable, Can Apply for Permanent Residency or Unconditional Status after 7 Years, Spouse & Children Below 18 Can Receive Dependency Pass
8th March 2024 – The Hong Kong government has announced the launch of Hong Kong 2-year residency program Capital Investment Entrant Scheme (CIES) on 1st March 2024, with $3.84 million (HKD 30 million) investment in approved assets – 1) 10% invested in Hong Kong managed portfolio for direct investments in companies, 2) 90% into hong kong approved equities, debts, deposits, funds, LPs (Limited Partners) in private funds, private equity & venture capital, commercial & industrial properties, 3) Program includes 2 year residency with maximum of 3 year renewable each application, 4) Can apply for permanent residency or unconditional status after 7 years, 5) Spouse & children below 18 can receive dependency pass. The Capital Investment Entrant Scheme (CIES) – Applicant must be minimum age 18 with at least net asset of $3.84 million (HKD 30 million), and invest at least $3.84 million (HKD 30 million) in approved assets with minimum 90% ($3.46 million / HKD 27 million) into approved assets: 1) Equities listed on Hong Kong Exchange (HKEX), 2) HKD or RMB Debt Securities listed on HKEX, or issued by Hong Kong or China Government, or Hong Kong listed companies, 3) HKD or RMB Deposits of at least 1 year (subject to limit of 10% of HKD 30 million which is HKD 3 million), 4) Funds (Collective investment schemes – Authorized Funds, REITS, Investment-linked Insurance, Open-ended fund companies, LPs in Private Funds, Private Equity & Venture Capital), 5) Commercial & Industrial Properties with limit of HKD 10 million (33.3% of HKD 30 million) and exclude residential, pre-completion properties, land. The remaining 10% (HKD 3 million / $380,000) will be invested in Hong Kong managed portfolio for direct investments in companies (CIES investment portfolio Capital Investment Entrant Scheme CIES managed by Hong Kong Investment Corporation Limited to support development of innovation and technology industries and other strategic industries that are beneficial to the long-term development of Hong Kong’s economy). More info below | View Hong Kong Permissible Investments
Hong Kong Launches 2-Year Residency Program Capital Investment Entrance Scheme in 2024 with $3.84 Million / HKD 30 Million Investment – 10% into Hong Kong Managed Portfolio for Direct Investments in Companies, 90% into Hong Kong Approved Equities, Debts, Deposits, Funds, LPs in Private Funds, Private Equity & Venture Capital, Commercial & Industrial Properties, Program Includes 2 Year Residency with 3 Year Renewable, Can Apply for Permanent Residency or Unconditional Status after 7 Years, Spouse & Children Below 18 Can Receive Dependency Pass
21st December 2023 – The Hong Kong government has announced the launch of Hong Kong 2-year residency program Capital Investment Entrant Scheme (CIES) in 2024 with $3.84 million (HKD 30 million) investment in approved assets – 1) 10% invested in Hong Kong managed portfolio for direct investments in companies, 2) 90% into hong kong approved equities, debts, deposits, funds, LPs (Limited Partners) in private funds, private equity & venture capital, commercial & industrial properties, 3) Program includes 2 year residency with maximum of 3 year renewable each application, 4) Can apply for permanent residency or unconditional status after 7 years, 5) Spouse & children below 18 can receive dependency pass. The Capital Investment Entrant Scheme (CIES) – Applicant must be minimum age 18 with at least net asset of $3.84 million (HKD 30 million), and invest at least $3.84 million (HKD 30 million) in approved assets with minimum 90% ($3.46 million / HKD 27 million) into approved assets: 1) Equities listed on Hong Kong Exchange (HKEX), 2) HKD or RMB Debt Securities listed on HKEX, or issued by Hong Kong or China Government, or Hong Kong listed companies, 3) HKD or RMB Deposits of at least 1 year (subject to limit of 10% of HKD 30 million which is HKD 3 million), 4) Funds (Collective investment schemes – Authorized Funds, REITS, Investment-linked Insurance, Open-ended fund companies, LPs in Private Funds, Private Equity & Venture Capital), 5) Commercial & Industrial Properties with limit of HKD 10 million (33.3% of HKD 30 million) and exclude residential, pre-completion properties, land. The remaining 10% (HKD 3 million / $380,000) will be invested in Hong Kong managed portfolio for direct investments in companies (CIES investment portfolio Capital Investment Entrant Scheme CIES managed by Hong Kong Investment Corporation Limited to support development of innovation and technology industries and other strategic industries that are beneficial to the long-term development of Hong Kong’s economy). The Hong Kong government will allow applications in mid-2024. More info below | View Hong Kong Permissible Investments
Hong Kong Secretary for Financial Services and the Treasury, Christopher Hui: “The Policy Statement on Developing Family Office Businesses in Hong Kong, issued by the Financial Services and the Treasury Bureau in March, identified the new CIES as one of the eight policy measures to promote the growth of family offices, with the aim of attracting asset owners to set up in Hong Kong and tap into the diverse investment opportunities in Hong Kong by deploying and managing their wealth. The new CIES would help strengthen the development of the asset and wealth management, financial and related professional service sectors in Hong Kong, and bring more business opportunities and high-quality job prospects to all segments of the industry’s service chain.”
Hong Kong Launches 2-Year Residency Program Capital Investment Entrance Scheme in 2024 with $3.84 Million / HKD 30 Million Investment
19th December 2023 – The Government announced today (December 19) the details of the new Capital Investment Entrant Scheme (CIES). Announcing the details of the new CIES at a press briefing, the Secretary for Financial Services and the Treasury, Mr Christopher Hui, noted the 2023-24 Budget set out that a new CIES would be introduced with a view to further enriching the talent pool and attracting more new capital to Hong Kong.
- The new CIES will accept applications from eligible persons aged 18 or above (including foreign nationals, Chinese nationals who have obtained permanent resident status in a foreign country, Macao Special Administrative Region residents and Chinese residents of Taiwan). An applicant must demonstrate that he/she has net assets of not less than HK$30 million to which he/she is absolutely beneficially entitled throughout the two years preceding the application. An applicant must make an investment of a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in the permissible financial assets and non-residential real estate (at Annex), and placing HK$3 million into a new CIES Investment Portfolio. The Portfolio will be set up and managed by the Hong Kong Investment Corporation Limited to make investments in companies/projects with a Hong Kong nexus, with a view to supporting the development of innovation and technology industries and other strategic industries that are beneficial to the long-term development of Hong Kong’s economy.
- A successful applicant may bring his/her dependants (including spouse and unmarried dependent children aged under 18 years) to Hong Kong. Permission to stay will normally be granted to the applicant and his/her dependants for not more than two years. Upon expiry of the two-year period, they may apply for an extension of stay for not more than three years, and may subsequently apply for further extensions of stay for not more than three years upon the expiry of each three-year period. They may, upon a period of continuous ordinary residence in Hong Kong of not less than seven years, apply to become Hong Kong permanent residents in accordance with the law. If an applicant is unable to fulfil the continuous ordinary residence requirement, while continuously satisfying the financial requirements under the new CIES for not less than seven years, he/she may apply for an unconditional stay in Hong Kong. If the application is approved, the applicant will be free to dispose of the invested assets.
- As announced in “The Chief Executive’s 2023 Policy Address”, a mechanism will be introduced for suspension of payment of Buyer’s Stamp Duty and New Residential Stamp Duty for incoming talent’s acquisition of residential property in Hong Kong (Suspension Mechanism). The Government will make legislative amendments for the Suspension Mechanism to cover the successful applicants under the new CIES.
Under the new CIES, Invest Hong Kong will be responsible for assessing whether the applications fulfil the net asset and investment requirements, and the Immigration Department will be responsible for assessing the applications for visa/entry permits, extensions of stay, etc.
The Government aims to officially launch the new CIES and invite applications in mid-2024.
Hong Kong to Launch Investment Migration Residence Program via Capital Investment Entrance Scheme with Investments in Local Asset Market Excluding Properties with Top Private Bankers & Wealth Managers Forecasting Strong Asset Inflow into Hong Kong in Next 5 Years, Old Scheme Launched in 2003 Required $1.2 Million Investment Including Properties & Suspended in 2014 Due to Rising Property Prices
7th October 2023 – Hong Kong will soon be launching the Hong Kong investment migration residence program via Capital Investment Entrance Scheme with investments in local asset market excluding properties with top private bankers & wealth managers forecasting strong asset inflow into Hong Kong in next 5 years. In February 2023, Hong Kong announced the plan (2023 Budget) to launch a Hong Kong residence program via a new Capital Investment Entrance Scheme with a Hong Kong residency requiring investments in local asset market excluding properties. The old scheme launched in 2003 required $1.2 million (HKD 10 million) investment in Hong Kong including properties, but was suspended in 2014 due to rising property prices. Hong Kong Financial Secretary, the Hon Paul MP Chan on Hong Kong Capital Investment Entrant Scheme: “With a view to further enriching the talent pool and attracting more new capital to Hong Kong, we will introduce a new Capital Investment Entrant Scheme. Applicants shall make investment at a certain amount in the local asset market, excluding property. Upon approval, they may reside and pursue development in Hong Kong. Details of the Scheme will be announced later.” See below on Hong Kong 2023 Budget on Hong Kong as an International Financial Centre, Asset & Wealth Management Centre, Family Office, Bonds & Securities Market, Renminbi, Fintech. More info below | View Hong Kong 2023 Budget Speech here
Hong Kong to Launch Residence Program via Capital Investment Entrance Scheme with Investments in Local Asset Market Excluding Properties, Old Scheme Launched in 2003 Required $1.2 Million Investment Including Properties & Suspended in 2014 Due to Rising Property Prices
25th February 2023 – Hong Kong has announced plans (2023 Budget) to launch a Hong Kong residence program via a new Capital Investment Entrance Scheme with a Hong Kong residency requiring investments in local asset market excluding properties. The old scheme launched in 2003 required $1.2 million (HKD 10 million) investment in Hong Kong including properties, but was suspended in 2014 due to rising property prices. Hong Kong Financial Secretary, the Hon Paul MP Chan on Hong Kong Capital Investment Entrant Scheme: “With a view to further enriching the talent pool and attracting more new capital to Hong Kong, we will introduce a new Capital Investment Entrant Scheme. Applicants shall make investment at a certain amount in the local asset market, excluding property. Upon approval, they may reside and pursue development in Hong Kong. Details of the Scheme will be announced later.” See below on Hong Kong 2023 Budget on Hong Kong as an International Financial Centre, Asset & Wealth Management Centre, Family Office, Bonds & Securities Market, Renminbi, Fintech. View Hong Kong 2023 Budget Speech here
2023 Hong Kong Budget: International Financial Centre
Hong Kong Financial Secretary, the Hon Paul MP Chan Speech on 2023 Budget
Capital Investment Entrant Scheme
68. With a view to further enriching the talent pool and attracting more new capital to Hong Kong, we will introduce a new Capital Investment Entrant Scheme. Applicants shall make investment at a certain amount in the local asset market, excluding property. Upon approval, they may reside and pursue development in Hong Kong. Details of the Scheme will be announced later.
International Financial Centre
81. By leveraging its advantages to serve the country’s needs, Hong Kong has developed into a globally recognised international financial centre. As our country is going full steam ahead to a higher- level opening up and advancing towards higher quality development, channelling funds for effective allocation through the capital market is essential for the development of our country’s real economy, which will in turn provide enormous opportunities for Hong Kong.
82. Despite the impact of geopolitical risks, our country’s steady economic growth, coupled with its adherence to the development principle of reciprocity and mutual benefits, has prompted a large number of enterprises and investors to zero in on the investment benefits to be brought by our country’s long-term development. This has made Hong Kong’s advantages to become more prominent.
83. As a leading offshore RMB hub, Hong Kong will continue to take the lead in RMB fund management and investment in the international market, and contribute to the internationalisation of RMB.
84. As Hong Kong heads towards high-quality development as an international financial centre, it has to attach importance to issues about both development and security. We have been identifying potential risks early and managing them properly, and firmly upholding the bottom-line of ensuring “financial security”, on which our steady economic, financial and social development depends.
Widen Mutual Access between the Mainland and Hong Kong
85. Relevant institutions in the two places have been collaborating closely to expand the mutual market access schemes, with a view to implementing the related measures promptly. In the future, we will continue to explore with the Mainland various proposals on expansion of mutual market access and enhancement arrangements, such as enhancing the Cross-boundary Wealth Management Connect Scheme in the GBA, the Bond Connect, as well as further expanding the scope of eligible securities under the Stock Connect. We will also contemplate the idea of providing more risk management products for investors outside of the Mainland, including to issue Mainland government bond futures in Hong Kong, thereby injecting new impetus into Hong Kong’s capital market in a sustainable manner.
Offshore Renminbi Business Centre
86. As our country is the world’s biggest trading nation, the usage volume of cross-boundary and offshore RMB will continue to increase. As stated in the report to the 20th National Congress of the Communist Party of China, our country will promote the internationalisation of RMB in an orderly way.
87. Hong Kong has always been the world’s largest offshore RMB hub with deposits of nearly RMB 1 trillion in total as at the end of 2022. Approximately 75 per cent of offshore RMB settlements across the globe are conducted in Hong Kong. Experience from the Shanghai- Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect as well as the Bond Connect fully shows that where risks are controllable, Hong Kong can assist the Mainland in opening up the financial market in an orderly manner and attracting offshore capital for investment in offshore RMB assets. Under the mutual access channels, RMB counter is being explored under the Stock Connect, while HKD and RMB settlement is also offered in the international carbon market launched by the HKEX.
88. In January this year, the Legislative Council (LegCo) passed a bill to exempt the stamp duty payable for certain transactions by dual-counter market makers (DCMMs). To boost the issuance and trading of RMB securities in Hong Kong, the HKEX will introduce a DCMM regime in the first half of this year to promote the liquidity of RMB-denominated stocks and price efficiency as well as to tie in with the setting up of RMB trading counters by issuers.
Securities Market
89. After consulting the market, the HKEX will introduce a listing regime for advanced technology companies in the first quarter of this year to expand the listing channel for issuers. The HKEX will also put forward specific reform recommendations on GEM within this year after carefully considering the views of various market players on the financing needs of SMEs and start-ups, and consult stakeholders.
90. Besides, the HKEX will explore ways to further enhance the listing rules with the Securities and Futures Commission (SFC) in order to strike a balance between market development and regulatory needs, including relevant arrangement concerning share buy-backs by issuers. If the above recommendation is supported by the market, we will make necessary amendments to the Companies Ordinance.
91. The HKEX will also study a series of proposals on the optimisation of the trading mechanism, which include exploring arrangements for maintaining operation of the market under inclement weathers and reviewing the Self-Trade Prevention function as well as the relevant restrictions, so as to facilitate transactions of investors and dovetail with the market trend.
Bond Market
92. As the leading bond hub in Asia, Hong Kong has been the largest centre for arranging international bond issuance in the region for six consecutive years. The Government will continue to upgrade our infrastructure and implement support measures as well as work with regulators to promote the strengths of our capital market to issuers and investors in the Mainland and abroad.
93. Hong Kong is also an offshore RMB bond issuance centre. Last year, the People’s Government of Hainan Province and the Shenzhen Municipal People’s Government each issued offshore RMB bonds worth RMB 5 billion in Hong Kong respectively. In January this year, we issued offshore RMB bonds again under the Government Green Bond Programme (GGBP) and, in response to investors’ demand, doubled the RMB tranches in size to RMB 10 billion. The issuance was well received by Mainland and overseas financial institutions. We will continue to encourage more Mainland local governments at different levels as well as Mainland and overseas public and private institutions to issue offshore RMB bonds in Hong Kong.
94. In addition, we just issued the inaugural one-year tokenised green bonds last week, making use of tokenisation technology in the process of bond issuance, including coupon payment, secondary trading and maturity redemption, etc. Institutional investors were the targets of this pilot issuance which explores the compatibility of Hong Kong’s existing legal framework and financial infrastructure with tokenised issuance. We will consolidate the experience gained, review the development potential and prospects of tokenised bond issuance in Hong Kong, and consider policy initiatives to promote the wider use of tokenisation technology in our capital market.
Asset & Wealth Management Centre
95. The asset and wealth management industry is an essential part of Hong Kong’s financial industry as well as an important component contributing to our status as an international financial centre under the 14th Five-Year Plan. In 2021, the assets under management in Hong Kong amounted to over $35 trillion, with a total of 54 000 practitioners in the sector. We will actively take forward a series of measures to further strengthen Hong Kong’s status as the asset and wealth management hub in Asia.
Family Office
96. Regarding family office business, we introduced legislative amendments into LegCo last December to provide profits tax exemption for qualifying transactions of family-owned investment holding vehicles managed by single family offices in Hong Kong. Upon LegCo’s passage of the proposal, the tax concession arrangements will be applicable to any years of assessment on or after 1 April 2022.
97. Furthermore, we will allocate $100 million to InvestHK over the next three years for attracting more family offices to Hong Kong. The Financial Services and the Treasury Bureau has set up a steering group to oversee key projects including the “Wealth for Good in Hong Kong” Summit in end-March, as well as providing dedicated training for relevant wealth management talents.
98. Over the years, we have been striving to enhance the ecosystem of our asset management industry. We have also provided targeted, tangible support to local asset managers. For example, in recent years, the Exchange Fund has established alternative asset portfolios with dedicated allocation to smaller local managers. As a next step, such portfolios will cover also private equity funds managed by smaller local managers and those seeking to expand their Hong Kong operations in order to support their continued growth here. In addition, the Exchange Fund will identify and increase allocation to funds that focus on sustainable investment to help consolidate Hong Kong’s position as the region’s leading sustainable finance platform.
99. Meanwhile, we will work with regulators to refine the regulatory measures and tax arrangements for the asset and wealth management sector. On wealth management, regulators will on a risk- based principle and subject to appropriate protection for investors, streamline the suitability assessment and disclosure process for sophisticated or ultra-high net worth individual clients. Moreover, the Government will review the existing tax concession measures applicable to funds and carried interest.
Financial Technology Development
100. We will continue to take forward the application testing and preparatory work for various financial technology (Fintech) infrastructure projects, including “e-HKD” and “e-CNY” as cross- boundary payment facilities. In addition, the HKMA is currently working with the Bank of Thailand to explore the use of Hong Kong’s Faster Payment System and Thailand’s PromptPay by visitors from the two places for local payment, providing them with another safe, fast and effective payment option.
101. The Commercial Data Interchange (CDI) was launched in October 2022, with over 1 000 loans totalling more than $1.9 billion having been granted to SMEs by participating banks as at end of 2022. It is expected that the CDI will be linked to the Consented Data Exchange Gateway developed by the Office of the Government Chief Information Officer at the end of this year, thus allowing financial institutions to obtain relevant data after receipt of their clients’ authorisation, thereby enhancing the efficiency of providing financial services.
Non-traditional risk transfer instruments
102. Hong Kong is a global risk management centre, and some Mainland enterprises have established captive insurers to leverage on the professional managers and services in Hong Kong for enhancing their integrated corporate risk management capabilities. In recent years, we implemented a dedicated regulatory regime for insurance-linked securities (ILS) and launched the Pilot ILS Grant Scheme, facilitating the issuance of several catastrophe bonds in Hong Kong and promoting diversified development of the insurance market. I propose a two-year extension of the Pilot ILS Grant Scheme to continue attracting more issuing institutions and nurturing talent, with a view to supporting industry development and assisting our country in expansion of channels for risk diversification and management.
Financial Inclusiveness
103. The Government will continue to adopt a multi-pronged approach in developing the retail bond market. I plan to issue no less than $50 billion of Silver Bond and $15 billion of retail green bonds in the next financial year, so as to facilitate market development and at the same time offer members of the public investment options with steady returns.
104. At present, there are over four million MPF scheme members. Society at large has clear aspirations for MPF funds that offer stable returns at low fees. I have instructed the HKMA and the Mandatory Provident Fund Schemes Authority to conduct a study on this. To start off, I plan to earmark a certain proportion of the future issuances of Government green bonds and infrastructure bonds for priority investment by MPF funds, thereby providing MPF scheme members an additional investment option.
Sign Up / Register
Caproasia Users
- Manage $20 million to $3 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2024 Investment Day
- March 2024 - Hong Kong
- March 2024 - Singapore
- July 2024 - Hong Kong
- July 2024 - Singapore
- Sept 2024 - Hong Kong
- Sept 2024 - Singapore
- Oct 2024 - Hong Kong
- Nov 2024 - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
