PWMA and SBA Sign MoU: Closer Collaboration to Develop the Private Wealth Management industry
Mrs. Amy Lo, Chairman of the Executive Committee of the PWMA, and Mr Herbert J. Scheidt, Chairman of the SBA, representing their respective associations, signed the MoU in Bern today. The signing ceremony was witnessed by Mrs Carrie Lam, the Chief Executive of Hong Kong Special Administrative Region (HKSAR), and Federal Councillor Ueli Maurer, Head of the Federal Department of Finance (FDF).
Being small jurisdictions with internationally interconnected financial centres, Hong Kong and Switzerland share particularities, such as having bridging roles between important markets such as China or the European Union. While Hong Kong is strengthening its role as a bridge towards Mainland China and the Western hemisphere, Switzerland plays an important role in linking Europe and Asia, with a special focus on China. The signing of a free trade agreement between China and Switzerland as well as the establishment of a hub for Renminbi business in Europe in Switzerland underline this important role.
Both parties have also agreed to explore an exchange programme for private wealth management practitioners of their respective members to foster a greater in-depth understanding of private banking practices in the other location. A working group is to be set up to confirm details of the programme.
Mrs. Amy Lo said, “Today marks the beginning of a closer cooperation between the two industry associations from two major financial hubs in multiple areas, from an open exchange of views on the latest financial trends including RMB internationalisation, Fintech, to sharing of best practices and talent training. Hong Kong is the second most important trading partner in Asia with Switzerland. This represents a natural step forward in facilitating closer ties between private entities in the two markets. Concerted efforts of the two associations will further foster sustainable growth and development of the Hong Kong and Swiss private wealth management industry, helping financial institutions capitalize opportunities driven by the tremendous wealth creation in Asia and other parts of the world.”
Mr Herbert J. Scheidt stated, „Hong Kong and Switzerland count amongst the most important financial centres in the world. We very much welcome a closer collaboration which will allow for an exchange of best practices and expert knowledge as well as for a common forward-thinking of trends and developments in both financial centres. A sharing of views and experiences between our financial centres cannot be but beneficial for both of us.”