Financial technology still has advantages

The new measures in the Bay Area have benefited a lot

“Hong Kong Director" will be able to serve the “national needs".

Liang Zhiren, director of the Hong Kong SAR Government’s Beijing office, said in Beijing on the 7th that although Hong Kong has been affected by violent conflicts in recent months, Hong Kong’s unique advantages in finance, technology and other aspects are still intact. The latest series of financial policies announced by the Guangdong, Hong Kong, Macao and Dawan District Construction Leading Group will support the Hong Kong bond market, insurance institutions and the financial industry to achieve more development. I am convinced that Hong Kong will be able to grasp the current opportunities with its deep roots and institutional advantages. We will work with the Mainland to develop the economy and continue to serve the “national needs" with the “Hong Kong Director".

Liang Zhiren, speaking at the 2019 China Financial Innovation and Development Forum and the 3rd Asia-Pacific Economic and Cultural Forum in Beijing on the 7th, pointed out that financial infrastructure is an important part of the development of Guangdong, Hong Kong and Macau. Hong Kong is an international financial centre that provides an excellent business environment for companies and financial institutions from the Mainland and overseas. When developing overseas markets such as the “Belt and Road”, mainland enterprises can use Hong Kong’s capital circulation and professional services to finance overseas business and solve the problem of “going out” investment and financing.

Offshore trade business cooperation looks pretty

Hong Kong is currently the world’s largest offshore renminbi payment settlement center, handling approximately 70% of the world’s offshore renminbi payment transactions, and has the world’s largest offshore pool of funds, providing a wide range of offshore renminbi investment products. Liang Zhiren said that when mainland enterprises plan to expand their overseas business, Hong Kong can provide related offshore RMB settlement, financing and fund management services.

Mr Leung said that with the implementation of the “bond-to-bond", “Shenzhen-Hong Kong Stock Connect", “Shanghai-Hong Kong Stock Connect" and mutual recognition arrangements between the Mainland and Hong Kong funds, the selection of RMB investment products in the market has greatly increased. New pipelines were opened for use and circulation between onshore and offshore markets. At the same time, the mainland financial market is gradually opening up to the outside world in a risk-controlled environment, facilitating international investors to participate in the mainland capital market. “I am also very pleased that the Dawan District Construction Leading Group has agreed to explore the establishment of a cross-border wealth management mechanism in the Greater Bay Area. In the future, it will open up a broader market and business space for the two industries."

In addition to the financial industry, technology and financial enterprises in the Mainland and Hong Kong can also jointly develop financial technology. For example, Mr Leung said that since the beginning of this year, the Hong Kong Monetary Authority has issued eight virtual banking licenses, seven of which have Mainland technology companies as important shareholders, and partnered with Hong Kong-funded banks or large enterprises to operate joint ventures.

Exploring the sales of Hong Kong insurance products in the Bay Area

Liang Zhiren, who served as the chief administrative officer of the Hong Kong Insurance Regulatory Bureau, said that the demand for insurance was strong among the people in the Greater Bay Area. The SAR Government is discussing with the Mainland’s supervisory authorities to allow Hong Kong insurance companies to set up insurance after-sales service centres in the Greater Bay Area. It also explores the sale of Hong Kong’s medical insurance and auto insurance products in the Greater Bay Area. In addition, the shipping insurance, catastrophe insurance and insurance-linked securities markets also have great room for development in the Greater Bay Area.

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