Secretary for Financial Services and the Treasury Christopher Hui Ching-yu urged two Canada-based insurance companies with business in Hong Kong to redomicile as he continued his visit to Toronto, Canada.
Hui met separately with the top executives of Manulife (0945) and Sun Life, during which he introduced them to the newly enacted legislation on re-domiciliation of companies, according to a government statement on Wednesday.
The secretary mentioned that on the first day the company re-domiciliation regime came into effect last Friday, an international insurance group immediately announced its plan to re-domicile its company to Hong Kong.
Hui pointed out that this news was the best testament to the regime's effectiveness in enhancing companies' operational efficiency, thereby consolidating Hong Kong's position as a leading international financial center.
Hong Kong has a strong foundation in investment and trade, Hui noted, making it an ideal location for global enterprises to access insurance, reinsurance and risk management services, as well as to establish captive insurers. There are vast opportunities for insurance companies in Hong Kong, Hui said.
Hui also attended a business luncheon organized by the Hong Kong Economic and Trade Office (Toronto), Invest Hong Kong (Canada) and the National Club.
Hui later met with the chief executive of the Ontario Securities Commission, Grant Vingoe, and OSC representatives. Both parties agreed that in today's shifting global landscape, collaboration with trusted allies would ensure capital markets remain robust and resilient, the statement said.
Hui also had a dinner meeting with the president of the Hong Kong-Canada Business Association (Toronto Chapter), Joseph Chaung, and board members to brief them on the latest developments and future direction of Hong Kong's financial market.
He also paid a courtesy call to the Consul-General of the People's Republic of China in Toronto, Luo Weidong, the SAR government said in a press release.
The secretary will travel to Ottawa to meet with government financial officials on Wednesday.
STAFF REPORTER
