Switzerland is deepening its cooperation with Hong Kong in financial matters.

On January 23, 2018, Federal Councillor Maurer received the Chief Executive of Hong Kong. The meeting took place with the aim of exchanging views on issues in the areas of international finance and tax matters. Furthermore, the intention was expressed and reaffirmed to deepen bilateral cooperation in the financial sector.

The Meeting

‍Federal Councillor Mauerer, the head of the Federal Department of Finance, and Hong Kong's Chief Executive Carrie Lam met on January 23, 2018, along with government and industry representatives in Bern. The topics discussed included the development of both financial centers, the opportunities arising from the opening of the financial markets of the People's Republic of China, further developments in the fintech industry, and international tax issues. Furthermore, the intention was expressed to further strengthen bilateral cooperation between Switzerland and Hong Kong, thereby ensuring a stable development of both financial sectors. As an expression of the intended deepened cooperation, three representatives from the industry and government signed three Memorandums of Understanding (MoU). The first serves as a basis for regular dialogue on financial issues. The second aims to promote cooperation in the fintech sectors as well as facilitate innovation in this area. The third MoU, which was signed by industry representatives, assists further cooperation in the development of asset management.

‍Commonalities between Switzerland and Hong Kong

‍Switzerland and Hong Kong (a Special Administrative Region of the People's Republic of China) have many similarities in the area of the financial industry. Both are relatively small territories with a similar number of inhabitants, yet they both have an extremely strong financial sector. Thus, both financial systems are among the global leaders. You can find more information here.

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