Hong Kong Business News

Secretary for Financial Services & the Treasury Christopher Hui yesterday began a visit to Switzerland, where he is promoting Hong Kong's status as an international centre for asset, wealth and risk management.

In Zurich, Mr Hui met Swiss Re Group’s Chief Executive Officer, Corporate Solutions Ivan Gonzalez, and Chairman of the Board of Zurich Insurance Group Michel M Liès, giving them an update on initiatives announced in the 2024 Policy Address to strengthen Hong Kong’s position as a global risk management centre.

These initiatives include reviewing the risk-based capital regime implemented in July and examining capital requirements for infrastructure investment in order to enrich insurance companies’ asset allocations for risk diversification and drive investment in infrastructure. The Hong Kong Special Administrative Region Government will also continue to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong.

Mr Hui also had a lunch meeting with the Swiss-Hong Kong Business Association, a member of the Federation of Hong Kong Business Associations. He briefed the association on investment opportunities in Hong Kong's asset and wealth management sectors, stressing that the city welcomes investors and family offices from around the world.

At another gathering, with leaders of a multinational financial service provider, Mr Hui spoke of the enhancements proposed in the Policy Address to strengthen Hong Kong’s status as an asset and wealth management hub.

The industry is to be consulted on increasing the types of transactions, by funds and family offices, that are eligible for tax concessions. It is proposed that emission derivatives and allowances, virtual assets, insurance-linked securities, loans and private credit investments, and more, be made eligible.

Mr Hui added that the Hong Kong Special Administrative Region Government's issuance of green bonds is attracting strong interest from local and international investors, with $220 billion in government green bonds having been issued so far.

The treasury chief also met the Swiss National Bank’s Head of Bilateral Cooperation of Lena Lee Andresen to discuss issues of mutual concern such as global trends in monetary policy.

In addition, Mr Hui visited the headquarters of Gategroup, a market-leading inflight caterer with a global presence and operations in Hong Kong, and met its Chief Financial Officer Urs Schwendinger.

Highlighting that Hong Kong is an international aviation hub and that development of its Airport City is ongoing, he invited Gategroup to expand its operations in the SAR.

Mr Hui’s visit to Switzerland will continue today in Geneva. 

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