An aerial photo shows the Hong Kong Observation Wheel in Hong Kong on March 14, 2022. (PETER PARKS / AFP)

The Greater Bay Area Wealth Management Connect will take Hong Kong’s fund-management and offshore renminbi businesses to another level entirely in the long run, the city’s finance chief said on Friday. 

Paul Chan Mo-po made the statement in a video speech delivered at the Offshore China Fund Awards 2021. 

ALSO READ: Innovative wealth pilot major hit in GBA

The vision to develop Hong Kong into an international asset- and wealth-management center is being realized through the industry's top-class professionalism and the continuing support of the governments in special administrative region and other cities in the Guangdong-Hong Kong-Macao Greater Bay Area, together with mainland regulators, he said. 

Beyond the stars, the industry in general has performed in excellence, despite the continuing challenges of the COVID-19 pandemic.

Paul Chan, Financial Secretary, HKSAR 

The GBA wealth management connect – the most recent initiative – got going last September.  

“As of last December, more than 21,000 individual investors had participated, acquiring financial products totaling RMB240 million,” said Chan. 

The Offshore China Fund Awards honors last year's elite performers in the mainland's fund-management sector – business professionals who have excelled in meeting, and surpassing, changing market needs. In all, 36 awards will be given out, he said. 

“Beyond the stars, the industry in general has performed in excellence, despite the continuing challenges of the COVID-19 pandemic.” 

At the end of 2020, the sector's funding totaled nearly HK$35 trillion, up a cheering 21 percent year-on-year, according to the financial secretary. 

READ MORE: HK to build up offshore renminbi assets market

Saying that the government also welcomes family offices to establish a presence in Hong Kong, capitalizing on the city’s singular advantages, he said: “In my Budget announced last month, I proposed tax concessions for investment vehicles managed by single family offices.”  

Chan expressed his hope to submit the proposal to the Legislative Council later this year.