Hong Kong promotes its business opportunities in Thailand

Hong Kong Treasury and Financial Services Secretary Christopher Hui paid a visit to Thailand where made it known finance executives and entrepreneurs in the country the special opportunities that Hong Kong offers, especially with regard to family wealth management and financial technologies.

Speaking at the Executive Roundtable Luncheon: Transfer of wealth to the next generation and Hong Kong Family OfficeHui said that one of the top priorities of the “Chief Executive’s 2022 Policy Speech” is to strengthen Hong Kong’s position as an international financial center.

Among these great initiatives, Hui highlighted that the family office is a key growth segment in the wealth and asset management sector, and that Hong Kong will become the leading choice in future wealth management for ultra-high net worth individuals in Thailand.

Last year, Hong Kong managed more than HK$1.7 trillion (over US$200,000) in relevant assets, including those of private trust clients.

“We will introduce a bill within this year to offer tax concessions to eligible family offices with the aim of attracting no fewer than 200 family offices to establish or expand operations in Hong Kong by the end of 2025,” Hui said.

“Hong Kong will continue to build on its strengths as the largest offshore Renminbi (RMB) hub. We will promote the launch of more RMB-denominated investment tools and the provision of stable and highly efficient treasury services, such as foreign exchange, foreign exchange risk and interest rate risk management tools in the market,” he noted.

Turning to Hong Kong’s vibrant fintech scene, Hui cited the presence of more than 600 fintech companies, and that Hong Kong will vigorously promote fintech by encouraging more fintech services and products to be tested. of concept, driving cross-border fintech projects and nurturing fintech talents.

Highlighting the close trade relationship with Thailand, the Hong Kong secretary spoke at the Thai-Hong Kong Trade Association 30th Anniversary Gala Dinner, saying that the country is a valued trade partner of Hong Kong.

“In 2021, Thailand was our 10th largest trading partner in merchandise trade and ranked fourth in ASEAN,” he said.

While Hong Kong also marks the 25th anniversary of the establishment of the Hong Kong Special Administrative Region this year, Hui noted that the exemplary achievements over the years demonstrate the unique advantages of one country, two systemsunderpinned 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.”

Meanwhile, Hui met with the Thai Venture Capital Association, during which he pointed out that in 2020, Hong Kong launched the limited company fund regime, which brings benefits and efficiency to fund management, including venture capital (VC).

Along with the city’s world-class startup ecosystem, Hui welcomed the establishment of Thailand’s venture capital and start-up firms.

At the meeting with the Thai Fintech Association, Hui introduced that Hong Kong is an international fintech hub characterized by a diverse, resilient and dynamic landscape. Offering a world-class and stable regulatory regime, Hong Kong welcomes Thai fintech companies when they want to expand abroad.

Hui also met with representatives of Thailand’s largest conglomerate, which comprises multiple business entities operating in more than 20 economies, including ASEAN, mainland China and Hong Kong. He explained the clear advantages of Hong Kong for multinational companies to establish their presence or expand their business.