The head of Hong Kong’s de facto central bank believes the growth of fintech and Chinese companies going global will attract more banks to set up operations in the city. Currently, 15 out of the 29 largest banks globally have regional headquarters in Hong Kong, offering opportunities for expansion.

Chief Executive John Lee Ka-chiu introduced measures to encourage more mainland and international banks to establish regional bases in Hong Kong. This move aims to help banks provide comprehensive cross-border financial solutions and leverage their presence in markets like Southeast Asia and the Middle East.

The development of fintech and data sharing among banks in Hong Kong has enabled lenders to assist clients in expanding into new markets. The city’s international financial center status allows lenders to raise funds for clients to expand across ASEAN and other regions, attracting more enterprises looking to globalize.

Attracting more lenders to Hong Kong is seen as a way to strengthen the city’s financial status. Measures unveiled in the policy address, such as broadening product offerings and enhancing global connectivity, aim to make Hong Kong an international hub for financial, trade, shipping, and aviation, reinforcing its role as a global business and innovation center.

The policy address’s measures to boost Hong Kong as an international financial hub have received positive feedback from business leaders. The policies are expected to diversify the economy and solidify Hong Kong’s position as a global hub for business, innovation, and talent, attracting foreign and Chinese listings and facilitating capital raising and trade flows management.

Read more at Yahoo Finance: Fintech evolution paves the way for global banks to set up in Hong Kong: HKMA