Financial Services

Financial firms plan to increase Hong Kong hires

South Korea-based Mirae Asset announced in April that its brokerage in Hong Kong would be shut down to save costs amid poor market conditions. Photo: May Tse

In a recent poll, 38 per cent of 1,100 senior executives from banks and financial institutions based in seven economies, including Britain, the United States, Canada and Hong Kong, said they would add to their permanent headcount in Hong Kong this year.

Friday, 7 June, 2013, 3:46am

BVI tax haven picks Hong Kong for drive into Asia

The British Virgin Islands, known for its resorts as well as financial services, sees Hong Kong as ideal for its Asian hub. Photo: SCMP

The British Virgin Islands, a Caribbean tax haven, is to open an office in Hong Kong, amid mounting pressure on the city itself to be more transparent as offshore havens open up their financial secrets.

16 May 2013 - 4:15am

Wealth management bid bound to fail

To establish a new qualification which appears to run the very real risk of giving credibility to those who do not deserve it, simply exposes the consumer to greater, not reduced, risk. Photo: AP

Last month the Hong Kong Institute of Bankers, Treasury Markets Association and Hong Kong Securities and Investment Institute published a consultation paper. It seeks to help Hong Kong gain a larger share of the private wealth management (PWM) business in Asia-Pacific, by establishing a new qualification and a PWM association, to improve standards of training, qualification and the integrity of PWM practitioners.

21 Apr 2013 - 4:56am

Beijing is key to city's fund success

Mainland funds may in future be sold in Hong Kong if an agreement is reached, giving the local industry a massive shot in the arm. Photo: Robert Ng

Proposals designed to make Hong Kong a "world fund factory" have won industry backing, but fund managers say that persuading Beijing to allow local funds to be sold to mainland investors remains the key.

18 Apr 2013 - 5:33am 1 comment

'Help wanted' as London's banks tighten compliance

Candidates for jobs in corporate governance are on the salary escalator amid a recent flurry of hiring activity. Photo: Bloomberg

Job vacancies at financial services companies in London jumped 25 per cent in the first quarter of this year as firms bolstered their compliance and risk-management divisions in order to placate regulators, a new survey shows.

12 Apr 2013 - 6:13am

The plight of Wenzhou's reform project could determine the nation's future

Wenzhou launched 78 projects to reform its financial organisations, service sector, regulatory system and capital market. Photo: Bloomberg

Wenzhou has been implementing financial reform for just one year, but its progress is attracting attention. The State Council decided last year to set up this pilot region for comprehensive financial reform, with the aim of accumulating experience for the country.

4 Apr 2013 - 3:17am

A critical review of the financial development council's study

Jeanne Lee Sai-yin (left); Executive Councillor Laura Cha meet the media after the first meeting of Hong Kong's new Financial Services Development Council in government headquarters in Tamar. Photo: David Wong

During their brainstorming, the [financial services development] council defined five areas of study, according to the council chairwoman. These include finding opportunities in the mainland, promoting the financial services industry overseas, training talent, further developing the financial sector and encouraging new and innovative businesses.

SCMP, January 23

27 Jan 2013 - 1:51am 1 comment

Financial services firms holding back on hiring, says headhunter

May Tung, managing director of financial services at DHR International, says many companies are still cutting budgets. Photo: Warton Li

Global economic uncertainties and anticipation of tougher regulation in Hong Kong have prevented the financial services sector from aggressively hiring this year, says a leading headhunter.

21 Jan 2013 - 5:12am

Central office rents to decline further over woes in banking sector

Financial services firms are increasingly moving away from Central.

Office rental in Central, the most expensive worldwide, is set to extend its biggest decline since the global credit crisis, the world's two biggest property agents say.

11 Jan 2013 - 3:56am

Western China set for economic development: report

Vast development potential in western China. Photo: AFP

Western China, where the economy is expected to grow faster than in the developed eastern areas, is likely to attract more overseas investors to its agriculture, education and financial service sectors in the next few years, economists said.

19 Dec 2012 - 2:45am

The pitfalls of investing in ILAS

Insurance commissioner Annie Choi. Photo: Warton Li

In 2010, Li (who asked that her full name not be revealed) started a new job with a higher salary. Her wealth planner, who worked for a global bank, advised Li to invest in a pension plan sold by a major insurance firm.

She agreed to the idea and committed to pay US$4,200 a month into a five-year pension investment.

17 Dec 2012 - 5:31am

Hong Kong on track to become top financial centre

Hong Kong skyline from Stubbs Road. Photo: Felix Wong

Hong Kong is expected to overtake London by 2015 and surpass New York by 2016 to become the world’s biggest financial centre, reflecting a massive shift in the financial world.

13 Dec 2012 - 6:49pm 1 comment

Loss of Chinese banks will dent London's ambitions

The headquarter of Bank of China (UK) at 1 Lothbury Street in London. Photo: Enoch Yiu

Britain's Financial Services Authority has this week tightened its controls on overseas banks seeking to take deposits in London. Instead of allowing them to open branches, the watchdog is trying to pressure them to set up subsidiaries that are locally regulated but have their own access to capital and cash.

12 Dec 2012 - 2:35am

Microcredit schemes struggling to aid China's rural poor

Zhang Xiulan with her pigs in Yixian county, Hebei. Loans from microcredit provider Project Happiness helped her expand to 300 animals within two years. Photo: Josephine Ma

The first investments by a long-awaited fund dedicated to helping the poor through financial services has helped shed light on the huge hurdles still facing microcredit organisations in rural China.

10 Dec 2012 - 5:30am

Hong Kong puts financial professionals to the test

Hong Kong Securities and Investment Institute chairman Anthony Muh says about 30,000 people are expected to sit the institute's exams this year. Photo: Jonathan Wong

Turn the clock back a few decades and the criterion for anyone entering the securities industry was to have an uncle or other relative working at a brokerage firm.

1 Dec 2012 - 3:07am