Outlining plans for his second five-year term, the Hong Kong Monetary Authority’s (HKMA) chief executive Norman Chan Tak-lam said the authority will put greater effort to promote the city’s fund and wealth management industry.
"In the next five years, the HKMA will put more emphasis on the asset and wealth management industry," Chan Tak-lam was quoted as saying by South China Morning Post (SCMP).
The comment comes as the number of millionaires swells in Asia-Pacific. According to Capgemini and RBC Wealth Management report the region would soon be home to more people with more than US$1 million to invest than North America.
"The challenge for Hong Kong lies in building its brand as a wealth management hub that stands for quality, reputation and confidence," Chan was further quoted as saying by the publication.
Chan also said his next five years would also focus on regulating local banks’ mainland lending.