Hong Kong Securities Regulatory Commission: Family offices are actively expanding business in Hong Kong AI is expected to transform the financial services industry

Zhitong Finance App learned that while attending the Private Wealth Management Association Summit, Chairman of the Hong Kong Securities Regulatory Commission, Huang Tianyou, said that the family office is actively expanding its business in Hong Kong, including investment management, succession planning, etc. Alternative investments are becoming an increasingly important portfolio allocation, and the rise of digital assets has also become an important market for diversified allocations.

He pointed out that Hong Kong's competitive advantage lies in technology, capital and connectivity, trust in markets, institutions and regulatory frameworks, and trust that Hong Kong will continue to connect with capital and opportunity, which cannot be replicated in other regions.

Huang Tianyou said that Hong Kong has become the world's largest multinational wealth management center, with an asset management scale of about 2.9 trillion US dollars. Facing drastic changes in technology and geopolitics, global investors are setting their sights on the European and American markets, but Asia is also beginning to see far-reaching developments.

He added that more than half of Hong Kong's private wealth management scale comes from the mainland. He believes Hong Kong's geographical location helps maintain close ties with the mainland's major regions. Coupled with a sound market infrastructure and a regulatory framework that balances innovation and compliance, Hong Kong has a unique advantage to seize opportunities.

He mentioned that the expectations of the next generation of clients for wealth management have changed, including technology applications, investment choices, and interaction with asset managers. He believes artificial intelligence will transform the financial services industry. He pointed out that artificial intelligence can help improve work efficiency, expand capacity and create opportunities, apply knowledge on a large scale, automate routine processes, and move employees to higher-value jobs, but in the end, humans are still required to make decisions, ask questions, take responsibility for decisions, and reap benefits. The authorities are also ready to help the industry make better use of technology through balanced regulation, promotion of responsible innovation, and cooperation with the industry.