Hong Kong’s Secretary for Financial Services and the Treasury Christopher Hui (third right) meets Thai Venture Capital Association representatives in Thailand, Oct 21, 2022. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)

HONG KONG – Secretary for financial services and the treasury of the Hong Kong Special Administrative Region has acquainted finance executives and businesspeople in Thailand with the special opportunities offered by Hong Kong as he continued his visit to the country.

Speaking at an executive roundtable luncheon titled “Transferring Wealth to the Next Generation & Hong Kong Family Office”, Christopher Hui said one of the key priorities in the Chief Executive’s Policy Address this year is to reinforce Hong Kong's position as an international financial center.

Among the major initiatives, Hui pointed out 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.

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Hong Kong managed over HK$1.7 trillion of relevant assets, including those for private trust clients last year, he pointed out.

Providing a stable, world-class regulatory regime, Hong Kong welcomes Thai fintech companies when they are ready to expand overseas.

Christopher Hui, Secretary for Financial Services and the Treasury, HKSAR

The government will introduce a bill within this year to offer tax concessions for eligible family offices with the target of attracting at least 200 family offices to establish or expand their operations in Hong Kong by the end of 2025, said Hui.

Stressing that the SAR will continue to enhance its strengths as the largest offshore renminbi center, he said the government 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, according to a government press release.

Remarking on Hong Kong's vibrant fintech scene, he cited the presence of more than 600 fintech companies, adding that the city 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 talent.

“We would take this opportunity to demonstrate to the world that Hong Kong is blessed with immense opportunities, secured by the National 14th Five-Year Plan and development of the Guangdong-Hong Kong-Macao Greater Bay Area.”

Referring to the close trade relationship with Thailand, the treasury chief said at the Thai-Hong Kong Trade Association 30th Anniversary Gala Dinner that the country is Hong Kong's valuable trading partner. In 2021, Thailand was Hong Kong’s 10th largest trading partner in merchandise trade and ranked fourth in the Association of Southeast Asian Nations.

With the 25th anniversary of Hong Kong’s return to the motherland, Hui highlighted 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.

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During a meeting with Thai Venture Capital Association representatives, he said 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 startup ecosystem, he welcomed the setting up of VC and startups from Thailand.

Secretary for Financial Services and the Treasury Christopher Hui addresses the Thai-Hong Kong Trade Association 30th Anniversary Gala Dinner in Thailand, Oct 21, 2022. (PHOTO / INFORMATION SERVICES DEPARTMENT, HKSAR)

At a meeting with the Thai Fintech Association, Hui highlighted that Hong Kong is an international fintech hub characterized 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.”

Hui also met representatives of Thailand's largest conglomerate and explained Hong Kong's distinct advantages for multinational firms to establish their presence or expand business.