Insurance brokerage firm Voyager Risk Solutions has signed an agreement with the Hong Kong Cruise and Yacht Industry Association (HKCYIA) to support its initiatives to promote the yacht industry in the Greater Bay area.

According to Travel Daily Media, the two entities signed a memorandum of understanding (MOU) to develop full scale professional solutions for the development of HKCYIA’s upcoming superyacht management services centre.

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The move was made in light of the rising demand for superyacht management services in Hong Kong. In 2017, the Hong Kong government decided in principle to relax its restrictions on private yachts visiting the region.

The MOU was signed in a ceremony officiated by Kara Yeung, executive director of HKCYIA, and witnessed by Tommy Ho, chief executive officer of Voyager Risk Solutions.

At the ceremony, Yeung told Travel Daily Media that the service centre is the first of its kind in Asia and will be a milestone development for the industry.