Secretary for Financial Services & the Treasury Christopher Hui today acquainted finance executives and businesspeople in Thailand with the special opportunities offered by Hong Kong as he continued his visit to the country.

Speaking at the Executive Roundtable Luncheon: Transferring Wealth to the Next Generation & Hong Kong Family Office, Mr Hui said one of the key priorities in the Policy Address this year is to reinforce Hong Kong's position as an international financial centre.

Among the major initiatives, Mr Hui pointed out that the family office is a key growth segment of the asset and wealth management industry, and Hong Kong will become the prime choice in future wealth management for ultra-high-net-worth individuals in Thailand.

He noted that Hong Kong managed over $1.7 trillion of relevant assets, including those for private trust clients last year. The Government will introduce a bill within this year to offer tax concessions for eligible family offices with the target of attracting at least 200 family offices to establish or expand their operations in Hong Kong by the end of 2025.

Mr Hui added that Hong Kong will continue to enhance its strengths as the largest offshore renminbi (RMB) centre. The Government will promote the launch of more RMB-denominated investment tools and the provision of stable and highly efficient treasury services such as foreign exchange, exchange rate risk and interest rate risk management tools in the market.

Remarking on Hong Kong's vibrant fintech scene, he cited the presence of more than 600 fintech companies, adding that Hong Kong will vigorously promote fintech by encouraging more fintech services and products to undergo proof-of-concept trials, taking forward cross-boundary fintech projects and nurturing fintech talent.

With mention of the close trade relationship with Thailand, the treasury chief spoke at the Thai-Hong Kong Trade Association 30th Anniversary Gala Dinner, saying that the country is Hong Kong's valuable trading partner. In 2021, Thailand was Hong Kong’s 10th largest trading partner in merchandise trade and ranked fourth in the Association of Southeast Asian Nations.

With the 25th anniversary of the establishment of the Hong Kong Special Administrative Region this year, Mr Hui highlighted that the exemplary achievements over the years demonstrate the unique advantages of "one country, two systems", underpinned 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.

During a meeting with Thai Venture Capital Association representatives, he noted that in 2020, Hong Kong launched the limited partnership fund regime providing benefits and efficiency to fund management including venture capital (VC). Coupled with the city's world-class startup ecosystem, Mr Hui welcomed the setting up of VC and startups from Thailand.

At a meeting with the Thai Fintech Association, Mr Hui highlighted that Hong Kong is an international fintech hub characterised by a diverse, resilient, and dynamic landscape.

“Providing a stable, world-class regulatory regime, Hong Kong welcomes Thai fintech companies when they are ready to expand overseas.”

Mr Hui also met representatives of Thailand's largest conglomerate and explained Hong Kong's distinct advantages for multinational firms to establish their presence or expand business.