Hong Kong's Financial Chief Promotes Wealth Management Hub During Zurich Visit

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland

The Secretary for Financial Services and the Treasury, Mr Christopher Hui, started his visit to Zurich, Switzerland, yesterday (November 4, Zurich time) to promote Hong Kong's status as an international asset and wealth management and risk management centre.

Mr Hui in the morning met with the Chief Executive Officer, Corporate Solutions, Swiss Re Group, Mr Ivan Gonzalez, and the Chairman of the Board of Zurich Insurance Group, Mr Michel M Liès, respectively. During the exchanges with these two world-leading insurance services and risk-solution providers, Mr Hui updated them on Hong Kong's latest initiatives as announced in "The Chief Executive's 2024 Policy Address (Policy Address)" to further strengthen Hong Kong's position as a global risk management centre. The initiatives include reviewing the risk-based capital regime implemented in July 2024 and examining the capital requirements for infrastructure investment to enrich insurance companies' asset allocations for risk diversification, and drive investment in infrastructure; as well as continuing to invite Mainland and overseas enterprises to establish captive insurers in Hong Kong.

Hong Kong is currently home to around 160 insurance companies. It has the largest concentration of insurance companies and the highest insurance density in Asia.

Mr Hui had a lunch meeting with the Swiss-Hong Kong Business Association (SHKBA), one of the members of the Federation of Hong Kong Business Associations. Mr Hui shared with SHKBA members the huge scale and diversified investment opportunities of Hong Kong's asset and wealth management business, adding that the city welcomes investors and family offices around the world.

At another gathering with leaders of a multinational financial service provider, Mr Hui briefed them on the enhancements proposed in the Policy Address that further strengthen Hong Kong's status as an asset and wealth management hub. Hong Kong will consult the industry on increasing the types of transactions eligible for tax concessions for funds and single family offices to cover emission derivatives/emission allowances, insurance-linked securities, loans and private credit investments, virtual assets, etc. He also updated participants that the Government's issuance of green bonds has been attracting strong interest from local and international investors. So far a total of HK$220 billion in government green bonds have been successfully issued, including a diverse array of bonds - retail, institutional, and tokenised - across multiple currencies and tenors.

On the same day, Mr Hui met with the Head of Bilateral Cooperation, Swiss National Bank, Ms Lena Lee Andresen, to discuss issues of mutual concern such as the global trend of monetary policies.

Mr Hui also visited the headquarters of Gategroup, and met with their Chief Financial Officer, Mr Urs Schwendinger. Gategroup is a market-leading inflight caterer with a global presence, including Hong Kong. Noting that Hong Kong is an international aviation hub with continuous development of the Airport City, Mr Hui welcomed Gategroup to further expand their business in the city.

Mr Hui will depart for Geneva in the morning of November 5 (Zurich time) to continue his visit in Switzerland.

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

SFST promotes Hong Kong's status as international asset and wealth management and risk management centre in Switzerland Source: HKSAR Government Press Releases

Satellite payload items selected by Security Bureau and disciplined services on display at Hong Kong Space Museum from tomorrow

The Security Bureau (SB), together with the disciplined services and auxiliary forces under it, will hold a six-day exhibition at the Hong Kong Space Museum foyer starting tomorrow (November 6). The exhibition will showcase the cultural and creative items which were carefully selected to be carried by the country's Shijian-19 satellite during its recent space mission, with a view to enhancing the sense of national pride among members of the public and deepening their understanding of the disciplined and auxiliary services.

The Secretary for Security, Mr Tang Ping-keung, earlier officiated at the unboxing ceremony held at the Central Government Offices, during which he presented the items and space payload certificates to the heads of the respective services. Mr Tang said it was an honour to be invited to participate in the national space programme involving the country's first reusable and returnable test satellite, which successfully accomplished its return mission. This marks a significant breakthrough in key technologies in aerospace, demonstrating the nation's remarkable progress in the area of space exploration. The payloads also symbolised the spirit of the disciplined services in embracing the pursuit of dreams and innovation while dedicating themselves to safeguarding Hong Kong.

The cultural and creative items and promotional materials selected by the SB include a national security-themed comic, which is a testimony to the importance the SB has attached to safeguarding national security. As one of the main characters of the comic, Security Bear was also given special equipment to join the journey to space, further promoting national security education and helping children understand the importance of national security from a young age in a fun way. Given the promotion of the Sha Tau Kok Frontier Closed Area tourism is also a key initiative of the SB, and a series of promotional items featuring the cultural characteristics of Sha Tau Kok were chosen for the space journey.

Other meaningful items were selected by the disciplined and auxiliary services, including the mascots of different services, such as Little Grape from the Hong Kong Police Force (HKPF) and Mini Bean from the Junior Police Call; a teddy bear from Customs Yes of the Customs and Excise Department (C&ED); Captain Gor from the Rehabilitation Pioneer Leaders of the Correctional Services Department (CSD); AMSER from the Auxiliary Medical Service (AMS), as well as other items such as samples of a passport and identity card of the Hong Kong Special Administrative Region, a publication of the Fire Services Department (FSD) , an album, a flag and framed items.

The Shijian-19 satellite was launched on September 27 and returned safely on October 11. The payload items of the disciplined and auxiliary services came from the HKPF, the C&ED, the Immigration Department, the CSD, the FSD, the Government Flying Service, the AMS, the Civil Aid Service and the Hong Kong Auxiliary Police Force.

Satellite payload items selected by Security Bureau and disciplined services on display at Hong Kong Space Museum from tomorrow Source: HKSAR Government Press Releases