Switzerland and Hong Kong strengthen co-operation in financial markets (with photos)

The following is issued on behalf of the Hong Kong Monetary Authority:

     Swiss Federal Councillor Mr Ueli Maurer, and the Chief Executive of the Hong Kong Special Administrative Region, Mrs Carrie Lam, met in Bern, Switzerland, to strengthen bilateral cooperation in the area of financial markets and to exchange views on international financial and tax matters today (January 23, Bern time). Authorities and private sector representatives from Hong Kong and Switzerland signed three Memorandums of Understanding (MoU) during the meeting.

     During their meeting, Mr Maurer and Mrs Lam discussed topics including the further development of the two financial centres, the opportunities arising from the opening-up of the financial markets in Mainland of the People's Republic of China, developments in the financial technologies (fintech) sector and international tax issues. They also reaffirmed their commitment to further enhance bilateral collaboration to promote the healthy development of the financial services industry in and between Switzerland and Hong Kong.

     Hong Kong and Switzerland held an official financial dialogue for the first time in September 2017, during which the two places agreed to further formalise bilateral financial collaboration.  Three MoUs were signed today. The first MoU, signed by the Chief Executive of the Hong Kong Monetary Authority (HKMA), Mr Norman Chan, and the Head of the Swiss State Secretariat for International Financial Matters (SIF), Mr Jörg Gasser, 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 Swiss Financial Market Supervisory Authority (FINMA) also signed an MoU with the HKMA to enhance fintech collaboration with a view to facilitating financial innovation in the two places. A third MoU was signed by the Hong Kong Private Wealth Management Association and the Swiss Bankers Association to further collaborate to promote the development of private wealth management in Switzerland and Hong Kong.

     On the same day, HKMA and SIF, pursuant to the MoU and together with FINMA and the Swiss National Bank, will jointly host the second financial dialogue to exchange views on current policy issues of mutual interest.

Ends/Tuesday, January 23, 2018
Issued at HKT 20:13