Citi Hong Kong and Macau Drive Wealth Management and Fintech Growth in Greater Bay Area (GBA)

Opportunities in Wealth Management and Fintech

Citi Hong Kong and Macau are at the forefront of a transformative wealth management boom within the Greater Bay Area (GBA). With significant initiatives targeting both local and global affluent individuals, the government aims to enhance the city's financial ecosystem.

Government Initiatives and Investments

Acting Financial Secretary Michael Wong Wai-lun underscored the city’s strategic actions to rejuvenate its financial services landscape during a recent banking conference. These measures are yielding substantial results, as Hong Kong ascends to the third position globally according to the Global Financial Centres Index.

• Over 550 applications for the revamped Capital Investment Entrant Scheme (CIES) indicate robust interest, potentially attracting HK$16.5 billion in investments.
• The city boasts a staggering HK$31 trillion in investment assets under management as of last year.

Regional Impact and Connectivity

The GBA, home to approximately 86 million residents and boasting a GDP of 1.4 trillion yuan (US$199.7 billion), presents unparalleled financial connectivity. Michael Wong noted that residents and businesses would greatly benefit from enhanced digital and financial links.

Banking Sector Response

Executives from major banks are targeting growth through these emerging opportunities, particularly in cross-border financial services and technology. Citigroup’s Aveline San pointed out the increasing interest from mid-sized companies in Latin America and Southeast Asia, driven by supply chain shifts.

1. The rise of personal wealth in Hong Kong presents lucrative prospects.
2. As digitalisation accelerates, new technologies such as generative AI are set to redefine banking operations.

With wealth creation projected to reach US$100 trillion globally over the next decade, banks are positioning themselves for success in this evolving market landscape.