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Explainer | HSBC, Standard Chartered, Citigroup and BlackRock are all expected to send top executives to Hong Kong’s financial summit. Here is why
- The in-person meeting will be the biggest gathering of financial executives in the city since the Covid-19 pandemic was first reported in 2020
- All attendees will need to quarantine under the current rules and will need to arrive by October 28 at the latest to attend the meet on November 1 and 2
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The top executives of banks and financial firms are expected in Hong Kong for a two-day summit being hosted by the Hong Kong Monetary Authority (HKMA), the city’s de facto central bank, in November.
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The executives from HSBC, Standard Chartered, Citigroup, UBS and others, are expected to endorse Hong Kong as an international financial centre. The meeting – along with the Hong Kong Sevens rugby tournament the same week – is aimed at signalling that Hong Kong is ready to reconnect with the wider world following about three years of strict quarantine requirements, even though it has not scrapped these rules.
“We are making good progress in implementing the initiative announced by the financial secretary in this year’s budget to organise a high-level investment summit,” an HKMA spokeswoman said. “We are in discussions with relevant stakeholders about appropriate arrangements to facilitate the hosting of the event.”
What is the summit and why is it important?
First flagged by Financial Secretary Paul Chan Mo-po in March, the in-person meeting will be the biggest gathering of financial executives in the city since the Covid-19 pandemic was first reported in 2020. The idea is that decision makers at top banks and financial firms worldwide come to Hong Kong and promote it as still being a great place to do business in.
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