Improvements in Offering Financial Services

Hong Kong has many unexploited opportunities in the finance and banking sector. The city houses many local and international firms that would like to have a market share of the fast growing Chinese economy and such enterprises competing globally. The town is known for its developed financial infrastructure, effective functional regulatory bodies and capital. Hong Kong has attracted the financial professionals with the highest level of professionalism and talent and a number of service providers from all over the world.
In 1980s, many companies moved to Hong Kong in search for cheap manufacturing labor, which led to Hong Kong in increasing capital formation and asset management assurance in which, banking sector has made great contributions to convert Hong Kong into the regional hub for entire Asia pacific. They thrived due to government’s support to the sector via use of trusted legal systems, low taxation in the sector and providing security through intellectual property for business.
The succeeding financial sector with a strong base in non-banking financial sector has seen Hong Kong ranked as the best in two consecutive years. Such financial services include the IPO, insurance, SMEs and cooperative credits facility. You will be surprised to know a fact that Hong Kong has surpassed USA and UK by far according to the World Economic Forum’s annual Financial Development.
Hong Kong houses over 70 of the 100 top world banks, as a world banking town where, the city’s 6.2% population works for the banking industry and translates to be about 226,400 individuals employed.
Hong Kong acts as an offshore market for the burgeoning renminbi (RMB) centre. Hong Kong commands both local and international settlements of RMB trade and also serves as the regional hub for the Asia pacific. This has been proved by the data collected in 2012 and declared the city as the most competitive in the offshore platform business in RMB. RMB trade settlement is responsible to back the data and manages them by the help of banks in Hong Kong totaling to RMB 2,633 billion Yuan, accounting for 90% of the China’s mainland external trading that is settled for the same period (RMB 2,937 billion Yuan).
Sustainable Growth in Fund Management
Hong Kong uses international financial management systems with assets under management rising up to HK$5,764 billion in the year 2011. As per the latest survey conducted by Securities and Futures Commission (SFC), the growth has been robust and determined to be increased from US$9.1 billion in 2004 to US$87.1 billion in the third quota of 2012.