Hong Kong to remain as international financial centre

City’s status remains stable despite disruption caused by the pandemic and social unrest

Hong Kong to remain as international financial centre

Insurance News

By Gabriel Olano

Amid concerns of civil unrest and the effects of the COVID-19 pandemic, Hong Kong SAR’s status as an international financial centre (IFC) remains stable according to the Hong Kong Monetary Authority (HKMA).

A report by Global Times, citing a blog post by HKMA chief executive Eddie Yue, said Hong Kong has been recording net inflow of capital. Assets under management by private banks in the city increased by 19% in 2019 and Hong Kong remained the number one private wealth management centre in Asia, and number two globally.

Furthermore, the finance and insurance sectors in Hong Kong grew year-on-year by 0.7% and 1.4%, respectively, despite the economic impacts of the pandemic.

“The HKMA team has the determination, capability, and commitment to do our part in safeguarding Hong Kong's financial stability and our IFC status. We are confident because this would be in the best interest of not just Hong Kong but also the wider global financial community,” Yue said.

In an earlier report the Hong Kong Insurance Authority said that despite an “eventful” 2020, the city’s insurance industry was able to achieve significant successes, such as consolidating regulation of insurance intermediaries and creating consensus among insurers regarding a risk-based capital regime.

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