“We are looking into the details of the applications received, and expect to take some time to process them in the light of latest local and global pandemic situations, to ensure relevant control measures are sufficient to mitigate the risk of case importation,” the FSTB spokeswoman said.

In May, Hong Kong’s government expanded the scope of a quarantine waiver programme that allowed fully vaccinated senior executives from the financial industry and 500 of the largest listed companies on the Hong Kong stock exchange to conduct business in the city upon arrival or their return, subject to certain guidelines and protocols on movement. Right now, most travellers, including fully vaccinated visitors, have to spend at least two weeks in hotel quarantine if they travel from high-risk areas such as the United States or the United Kingdom.

Bank executives had been advised to postpone trips planned for June as the government continued to formulate its policies, Bloomberg reported today, citing an unidentified person familiar with the matter. The scheme had previously been limited to travellers from mainland China, the first major global economy to enter and emerge from coronavirus lockdown.

Multiple sources confirmed to the South China Morning Post on Wednesday that the exemption scheme - for bankers and other senior executives - remained on track. One government source said the scheme is very popular, and regulators continue to accept applications for waivers, but it will take some time for approvals to be processed.

The government must pick up the pace of its work as executives need to travel to get deals done, said Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers, the industry body of local brokers. Current rules allow companies in designated sectors to apply for up to four senior executives or directors to travel a month.

“The government could close the border for high risk areas, but should allow those from the lower risk area and fully vaccinated [travellers] to receive the exemptions,” Chan said.

One fund manager, who asked not to be identified, said many of his colleagues and peers have applied to the Securities and Futures Commission (SFC) to be exempted from the mandatory quarantine, but none have received approval. A private banker, who also asked not to be identified, said the waiver scheme was too restrictive, and was unhelpful in attracting international business travel to Hong Kong.

The period to process applications has lengthened as Hong Kong’s government considers whether to tighten guidelines for those travellers to minimise any risks of local transmissions from overseas visitors, a person familiar with the government’s thinking said.

The approvals process requires sign-off and multiple boxes to be ticked by the FSTB, the Hong Kong Monetary Authority (HKMA), the SFC and the Insurance Authority, so they cannot be approved in a matter of days, the person said.

Bankers and other business executives described the process as being akin to a Sisyphean task, from the lack of clarity by regulators to restrictions on what counts as an acceptable business meeting.

One fund manager said they were advised to withdraw their application after repeated back-and-forth discussions with regulators about their travel plans, their accommodations, their hour-by-hour schedule and who they planned to meet. The person’s flights and hotel accommodations had to be confirmed before the regulators would even consider their application.

At the same time, the city authorities are considering tweaks to their process. One change under consideration is for applicants to undergo additional testing including antibody tests after they arrive in Hong Kong, so to ensure there are enough control measures to mitigate the risk of virus importation, according to another person who is familiar with the matter.

Spokespeople at the HKMA, the Hong Kong Exchanges and Clearing Limited (HKEX) and the SFC declined to comment.

“Hong Kong is an international financial centre, so it is important to let international executives come to the city,” said the HKEX’s chairwoman Laura Cha Shih May-lung during the China Conference organised by South China Morning Post on Tuesday, emphasising the importance of business travel. “While the regulators and executives can have dialogue virtually, it is different from meeting in person.”

Additional reporting by Peggy Sito and Tony Cheung