Selby Jennings Hong Kong

China & Hong Kong Take Strides Towards Financial Relationship

LogoChina has taken another step towards the integration of the country's financial system with global markets that could see billions of dollars flow into Hong Kong. The Wealth Connect Programme would allow investors to invest up to RMB 150 billion each way between Hong Kong and mainland China. The plan is expected to be a watershed moment in China's financial liberalisation, since it would make it much simpler for a portion of the country's vast wealth to be invested beyond its boundaries. It would allow residents of the Greater Bay Area, which includes cities such as Guangzhou and Shenzhen, to invest in Hong Kong.

Investment Management Developments in Hong Kong

LogoManagers in Hong Kong have the opportunity to benefit from the burgeoning wealth in China that has come into fruition from the expansion of the asset management industry on the mainland. Following the implementation of Limited Partnership Fund Ordinance (LPF), fund managers are diversifying their holdings. Many are considering launching a number of funds under a single umbrella structure. Establishing a private equity fund in Hong Kong can be more worthwhile for Chinese managers and boost investor confidence.

The Wealth Connect Programme in Asia

LogoChinese efforts to integrate its financial system on a global scale have taken another step towards a conclusion with The Wealth Connect programme. The programme allows for investments of RMB 150 billion ($ 23 billion) to be made in either direction between Hong Kong and mainland China, with an individual limit of RMB 1 million ($ 155,000). It will open the door to more investment in Hong Kong from China, including the Greater Bay Area, which is home to more than 70 million people.

Digital Currency in Hong Kong

LogoDigital currency is a hot topic in Hong Kong right now - and all across the globe. Since 2019, the Hong Kong Monetary Authority (HKMA) has been working with Thai and Chinese central banks to make it easier to use digital currencies for cross border trade. A recent statement from HKMA, together with the Bank of Thailand, the Central Bank of the United Arab Emirates and the Digital Currency Institute of the People's Bank of China revealed that the digital currency project for cross border payments - which was initiated from Hong Kong and Thailand - had now reached Phase II.

Fintech Jobs Across Hong Kong - 2021

LogoThere is no doubt that 2020 was a challenging year for the financial services sector in Hong Kong. Like many other jurisdictions the region was hard hit by the pandemic. However, there are now plenty of green shoots of recovery across the industry and specialisms such as fintech jobs have continued to thrive even through pandemic conditions. Many positive signs exist for 2021. For example, Chinese intentions to open the domestic Chinese financial services sector to foreign investment have been made clear by the wholly foreign-owned enterprise rules (WFOE), which will enable foreign investors to tap into growing investor demand. The Wealth Plan from the People's Bank of China is another clear sign of recovery in the region and is especially promising for Hong Kong. Innovative banking is also gaining ground in Hong Kong, from fintech jobs to virtual banks and there have even been record trading volumes in many of the world' largest banks, all indicating a promising 2021 to come.

Investor Relations Recruiters Across Hong Kong

LogoThe past 12 months have had plenty of lessons for investor relations recruiters - in particular, that change is constant. This is especially apparent from trends that are emerging in areas such as corporate and investment banking. An increasingly competitive and swiftly changing landscape represents one of these trends, with the launch of Hong Kong's first virtual bank a prime example of just how fast the industry here is moving to get ahead.

Banking and Financial Services Careers Throughout Hong Kong - 2021

LogoFinancial crimes are on the up and financial institutions are reacting to this by expanding their teams in both anti-money laundering (AML) and counterterrorism funding financing (CTF). Looking ahead, as we approach year-end, organisations have already started the planning process when it comes to hiring business-critical talent. Plus, thanks to renewed budgets there is set to be a rise when it comes to on-boarding any prior headcounts that they were previously placed on hold. As the leading specialist recruiter for banking and financial services careers in Hong Kong, Selby Jennings have indicated that the first half of 2021 will make way for a mini-boom in the talent landscape.

Hedge Fund Careers Throughout Hong Kong – 2021

LogoThe promise of numerous successful vaccines as well as effective therapeutics being available to the mass market in early 2021 has generated an increase across hedge fund sectors. There is expected to be a significant spike in hiring for this sector because of pandemic related market volatility. This is especially true for hedge funds, which resort to impenetrable and complex strategies when it comes to their quest for gains.

Financial Services Careers Throughout Asia

LogoThe Hong Kong General Chamber of Commerce (HKGCC), recently unveiled its 2021 economic forecast – envisaging real GDP growth of around 3.5%. Moreover, throughout Hong Kong and, more broadly North Asia additional opportunities are also on the horizon. Mainland China has given clear signals indicating its interest in opening a key financial services sector to foreign investment. One example of this is China's wholly foreign owned enterprise (WFOE) rules, allowing foreign investors to further capitalise on growing investor demand. But what does this mean for financial services careers in Hong Kong? As leading recruitment specialists within this field, Selby Jennings predict that this WFOE will yield results across several international banks within Hong Kong which will seize on the opportunity to take either a majority share or a wholly owned stake in their onshore China securities and asset management businesses.

Corporate and Investment Banking Careers in Hong Kong

LogoOne key takeaway from 2020 is that change is and continues to be the new constant, and when it comes to countries such as Hong Kong, this type of change should help create the birth of a new global power centre. As we look ahead into 2021 and beyond Hong Kong looks perfectly placed to become an international business and financial hub with high-speed communications, free flowing information and capital, and a low and simple tax system. From wealth management to fintech, a raft of new initiatives are all set to strengthen Hong Kong's role as an international financial centre.