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Closer collaboration to develop the private wealth management industry
The Private Wealth Management Association and the Swiss Bankers Association signed a Memorandum of Understanding in order to strenghten the collaboration between Hong Kong and Switzerland, as well as the development of the private wealth management industry.
Amy Lo, Chairman of the Executive Committee of the Private Wealth Management Association (PWMA), and Herbert J. Scheidt, Chairman of the Swiss Bankers Association (SBA), representing their respective associations, signed the MoU in Bern. The signing ceremony was witnessed by Carrie Lam, the Chief Executive of Hong Kong Special Administrative Region, and Federal Councillor Ueli Maurer, Head of the Federal Department of Finance.
Being small jurisdictions with internationally interconnected financial centres, Hong Kong and Switzerland share particularities, such as having bridging roles between important markets such as China or the European Union. While Hong Kong is strengthening its role as a bridge towards Mainland China and the Western hemisphere, Switzerland plays an important role in linking Europe and Asia, with a special focus on China. The signing of a free trade agreement between China and Switzerland as well as the establishment of a hub for Renminbi business in Europe in Switzerland underline this important role.
Both parties have also agreed to explore an exchange programme for private wealth management practitioners of their respective members to foster a greater in-depth understanding of private banking practices in the other location. A working group is to be set up to confirm details of the programme.
