Hong Kong financial services market grows 60% 

This was due to the recovery of the city’s overall economy.

Hong Kong’s foreign direct investment department Invest Hong Kong (InvestHK), assisted 40 companies in the financial sector in setting up or expanding their operations, a 60% increase compared to the same period last year.

Associate Director-General of Investment Promotion Charles Ng says that this was thanks to the ongoing recovery seen in the city’s overall economy, as well as favourable government policies.

Half of these companies are from Mainland China, followed by the US, the UK, Switzerland, Luxembourg, France, Malaysia, and five other economies.

A sizeable 14 amongst them provide asset management services which aligns with Hong Kong’s position as Asia’s leading asset and wealth management hub.

Ng noted an increasing trend amongst Mainland companies of using Hong Kong as a platform to expand their global reach. Complementing this, he said, firms from overseas markets continue to leverage Hong Kong to enter the Chinese market, particularly that of the Greater Bay Area.

“Through our international network, we are exploring strategies to help Mainland or overseas companies already established in Hong Kong tap into emerging markets, such as the Middle East and countries along the Belt & Road Initiative,” Ng said.