Regulators and representatives from Hong Kong signed three memoranda of understanding with Switzerland.
The first MoU between Hong Kong Monetary Authority (HKMA) and the Swiss State Secretariat for International Financial Matters “serves as the basis for regular financial dialogue and sets out the parties’ willingness to strengthen financial markets cooperation, including in the area of RMB internationalisation, wealth management, infrastructure financing and international financial matters”, the HKMA said.
A second agreement signed by the HKMA and the Swiss Financial Market Supervisory Authority is designed to “enhance fintech collaboration with a view to facilitating financial innovation”.
The third memorandum was signed by the Hong Kong Private Wealth Management Association and the Swiss Bankers Association (SBA) to “further collaborate to promote the development of private wealth management in Switzerland and Hong Kong”.
“Hong Kong and Switzerland count amongst the most important financial centres in the world,” said SBA chair Herbert Scheidt. “We very much welcome a closer collaboration which will allow for an exchange of best practices and expert knowledge as well as for a common forward-thinking of trends and developments in both financial centres. A sharing of views and experiences between our financial centres cannot be but beneficial for both of us.”
The three documents were signed during a meeting in Bern, Switzerland, between Hong Kong chief executive Carrie Lam and Swiss federal councillor Ueli Maurer.
The meeting, with a focus on strengthening cooperation in the area of financial markets, covered topics including further development of the two financial centres, opportunities arising from the opening-up of the financial markets in the Chinese mainland, developments in fintech sector and international tax issues.
