Hong Kong's banking deposits have expanded to US$2.4 trillion (HK$18.7 trillion), underscoring continued investor confidence in the city’s financial system, Financial Secretary Paul Chan Mo-po said at a summit.
Speaking at the PWMA Wealth Management Summit, Chan said Hong Kong-domiciled Securities and Futures Commission-authorised funds recorded net inflows of US$43 billion in the first eight months, marking the city's robust asset and wealth management sector.
Since the GBA Cross-boundary Wealth Management Connect was enhanced in February last year, cumulative cross-boundary fund flows increased eight-fold to over 126 billion yuan (HK$137.5 billion) up to September this year, he noted.
He added that the GBA Cross-boundary Wealth Management Connect will further expand to include more investors and more products, and even greater geographic coverage.
Separately, the city's stock market saw more international investors join, with 40 percent of initial public offering funds raised this year involving cornerstone investors from Southeast Asia and the Middle East, particularly Saudi Arabia and the United Arab Emirates, Chan said.
Beyond ASEAN and the Middle East, he pointed out that Hong Kong is also deepening ties with North Asia, revealing that two ETFs tracking Hong Kong stocks have recently been listed on the Saudi Exchange, and similar strategies could be applied to South Korea to broaden investment options.
