Hong Kong is a treasure trove of international wealth, HSBC co-chief executive David Liao says

HSBC's (0005) co-chief executive of Asia and the Middle East David Liao Yi-chien described Hong Kong as a treasure trove of international wealth, saying the city's financial industry serves far more than over 7 million local citizens, while catering to substantial capital from the mainland, Middle East, Europe and the United States.

Hong Kong is the largest global wealth management center, while its fundraising amount in the initial public offering market for the first half also ranked second globally, he said, adding that these achievements mark only the start, with significant potential for future growth.

He pointed out that as a leading offshore yuan business hub, Hong Kong processes about 75 percent of global offshore yuan payments and settlements.

In terms of gold trading, HSBC plans to expand its physical gold storage capabilities to 200 tons in Hong Kong to support the government's broader 1,000-ton storage hub vision, Liao noted.

For the privatization of the Hang Seng Bank, Liao said this marked one of the biggest mergers in the Hong Kong banking sector, representing HSBC's confidence in the city.

Besides, the group will integrate digital assets and digital currency into Hong Kong's financial system and actively plan for the establishment of an artificial intelligence research institute in the city, he said.
  
As HSBC earlier lifted Hong Kong's full-year economic growth forecast to 4.5 percent, Liao noted that the bank holds a positive view on Hong Kong's macroeconomic outlook, adding that the city's "one country, two systems" framework can enhance stability in Asian economic growth amid a reshaping global geopolitical landscape.

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