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Everbright Sun Hung Kai, Manulife and Prudential expanding in Macau amid Beijing’s moves to diversify gambling hub’s economy
- Everbright Sun Hung Kai’s upgraded wealth management platform resulted in 50 per cent sales growth last year
- Insurers Prudential and Manulife are also expanding in the former Portuguese colony to tap business from mainlanders in the Greater Bay Area
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Hong Kong-based finance companies want to expand in Macau, as they look to take advantage of policies introduced by Beijing to diversify the casino hub into a financial services centre.
Everbright Sun Hung Kai, one of two licensed financial intermediaries in Macau, upgraded its wealth management platform to offer about 1,000 funds from 14 international fund houses in the former Portuguese colony, according to Jeff Kong, acting head of branch operations.
“We are planning to make bond products available for Macau investors as our near- term plan for Macau,” Kong said, noting that its recent expansion had resulted in a 50 per cent year on year increase in sales of wealth management products in 2021.
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Kong said he expects the company’s Macau operations to thrive as its mainland parent, Everbright Securities, has a big footprint in the Greater Bay Area, which includes Hong Kong, Macau and nine cities in China’s Guangdong province.
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Macau’s financial services sector got its breakthrough Wealth Management Connect scheme in September, the first time the city has been included in a cross border trading scheme with the mainland. The scheme allows Chinese residents of Bay Area cities to buy investment products via banks in Hong Kong and Macau, and vice versa.
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