Hong Kong’s Secretary for Financial Services and the Treasury, Mr. Hui Ching-yu, has urged two Canadian insurance companies with existing operations in Hong Kong to consider relocating their headquarters to the city.
In a statement released by the Hong Kong SAR government on Wednesday, it was revealed that Mr. Hui met with executives from Manulife Financial and Sun Life Financial to discuss the newly introduced Corporate Relocation Scheme.
Mr. Hui noted that an international insurance group had already announced plans to relocate its operations to Hong Kong on the first day the scheme took effect. He emphasized that this demonstrated the scheme’s potential to enhance business efficiency and solidify Hong Kong’s status as a leading global financial center.
He further highlighted that Hong Kong’s strong investment and trade infrastructure makes it an ideal base for global companies seeking insurance, reinsurance, and risk management services, offering substantial opportunities for insurers.
During his visit, Mr. Hui attended a business luncheon organized by the Hong Kong Economic and Trade Office in Toronto, Invest Hong Kong (Canada), and the National Club. He also met with Grant Vingoe, CEO of the Ontario Securities Commission, to discuss strategies for maintaining a strong, resilient capital market through international partnerships.
Additionally, Mr. Hui dined with members of the Hong Kong-Canada Business Association’s Toronto chapter to explore Hong Kong’s latest financial developments and future directions.
The statement also noted that Mr. Hui met with Mr. Luo Wei-dong, Consul General of the People’s Republic of China in Toronto. On Wednesday, Mr. Hui is scheduled to travel to Ottawa to meet with Canadian government officials in the financial sector.
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