SFST promotes Hong Kong's opportunities and privileges in Thailand (with photos)
21.10.2022

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, today (October 21) continued his visit to Thailand. He acquainted finance executives and businesspeople in the country with special opportunities offered by Hong Kong, particularly in terms of family wealth management and fintech. Speaking at the Executive Roundtable Luncheon: Transferring Wealth to the Next Generation and Hong Kong Family Office, Mr Hui said one of the key priorities in "The Chief Executive's 2022 Policy Address" is to reinforce Hong Kong's position as an international financial centre. Among those major initiatives, Mr Hui highlighted that the family office is a key growth segment of the asset and wealth management industry, and Hong Kong will become the prime choice in future wealth management for ultra-high-net-worth individuals in Thailand. "Last year, Hong Kong managed over HK$1,700 billion of relevant assets, including those for private trust clients. We will introduce a bill within this year to offer tax concessions for eligible family offices with the target of attracting no less than 200 family offices to establish or expand their operations in Hong Kong by the end of 2025. "Hong Kong will continue to enhance her strengths as the largest offshore Renminbi (RMB) centre. We will promote the launch of more RMB-denominated investment tools and the provision of stable and highly efficient treasury services such as foreign exchange, exchange rate risk and interest rate risk management tools in the market," he noted. About Hong Kong's vibrant fintech scene, Mr Hui cited the presence of more than 600 fintech companies, and that Hong Kong will vigorously promote fintech by encouraging more fintech services and products to undergo proof-of-concept trials, taking forward cross-boundary fintech projects and nurturing fintech talents. Noting the close trade relationship with Thailand, Mr Hui spoke at the Thai-Hong Kong Trade Association 30th Anniversary Gala Dinner, saying that the country is Hong Kong's valuable trading partner. "In 2021, Thailand was our 10th largest trading partner in merchandise trade and ranked fourth in ASEAN," he said. While Hong Kong also marks the 25th anniversary of the establishment of the Hong Kong Special Administrative Region this year, Mr Hui noted that the exemplary achievements over the years demonstrate the unique advantages of "one country, two systems", underpinned by an open and free market, a simple and low tax regime, as well as a fine tradition of the rule of law and an independent judiciary, etc. Moreover, Mr Hui today met with the Thai Venture Capital Association, during which he noted that in 2020, Hong Kong launched the limited partnership fund regime providing benefits and efficiency to fund management including venture capital (VC). Coupled with the city's world-class start-up ecosystem, Mr Hui welcomed the setting up of VC and startups from Thailand. At the meeting with the Thai Fintech Association, Mr Hui introduced that Hong Kong is an international fintech hub characterised by a diverse, resilient, and dynamic landscape. Providing a stable, world-class regulatory regime, Hong Kong welcomes Thai fintech companies when they are ready to expand overseas. Mr Hui also met representatives of Thailand's largest conglomerate that comprises multiple business entities operating in over 20 economies, including ASEAN, Mainland China and Hong Kong. He explained Hong Kong's distinct advantages for multinational firms to establish their presence or expand business. Earlier today, Mr Hui met with the Ambassador Extraordinary and Plenipotentiary of the People's Republic of China to the Kingdom of Thailand, Mr Han Zhiqiang. He briefed Mr Han on the major directions of the development of Hong Kong's financial industry, adding that with the unique advantage of being closely connected with the world market under strong support from the motherland, Hong Kong will strive to promote a good relationship with Thailand and tell the good Hong Kong's stories in Thailand and ASEAN. Mr Hui will return to Hong Kong tomorrow (October 22).