Compliance & Regulation

Hong Kong PWMA and SBA Sign MoU

Closer collaboration to develop the private wealth management industry

Collaboration and idea exchanges between Hong Kong and Switzerland on the development of the private wealth management industry and other related issues of mutual interest will be strengthened following the signing of a MoU between the PWMA and the Swiss Bankers Association (SBA) today in Bern, Switzerland.

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.