The development of fintech and the strong desire of mainland Chinese companies to go global are conducive to Chinese and international banks setting set up operations in Hong Kong, according to the head of the city’s de facto central bank.
“While many international and mainland banks already use Hong Kong as a base to develop their regional business, we believe there is still enough room for growth for lenders to use Hong Kong as a platform to help their clients go global,” said Eddie Yue Wai-man, chief executive of the Hong Kong Monetary Authority (HKMA), on Thursday.
Currently, 15 out of the 29 largest banks globally have their regional headquarters in Hong Kong, according to the HKMA.
Attracting more mainland and international banks to set up regional headquarters in Hong Kong was one of the key measures unveiled by Chief Executive John Lee Ka-chiu in his policy address on Wednesday.
Lee said establishing regional bases in Hong Kong could help banks leverage their presence in markets like Southeast Asia and the Middle East to provide comprehensive cross-border financial solutions.
Yue said the development of fintech and client data sharing among banks in Hong Kong in recent years had enabled Hong Kong-based lenders to help their clients easily expand into other markets, even where they did not have a significant presence.
