Practitioners from Guernsey’s fiduciary sector are reporting that business opportunities for them in the Asian market are better than ever following the island’s latest delegation to the region.
A team of officials and industry leaders from Guernsey’s finance industry have recently returned from a three-centre visit to Singapore, Hong Kong and Shanghai.
Peter Niven, chief executive of Guernsey Finance, the promotional agency for the Island’s finance industry, says: “The delegation was extremely valuable. Not only have we made progress establishing the Guernsey brand in Singapore and Hong Kong but in Shanghai particularly we really made significant strides at reinforcing our growing presence in the market.”
It was in Shanghai that Guernsey’s Chief Minister Lyndon Trott was a keynote speaker at the opening of the sixth China International Finance Forum, highlighting to delegates that Guernsey is an international finance centre which meets the highest standards of transparency and regulation.
The delegation’s time in the city also included the official opening of the new premises for the Guernsey representative office, where the Chief Minister and Dr Fang Xinghai, director general, Shanghai Municipal Financial Services Office, unveiled a plaque to mark the occasion.
The delegation kicked off with Guernsey as lead sponsor and exhibitor at the Step Asia conference in Singapore. Jonathan Hooley, chairman of the Channel Islands Stock Exchange, spoke on “the new global framework for wealth structuring” and participated in a panel session that looked at the contribution offshore centres make to higher tax jurisdictions.
The delegation then moved on to Hong Kong where there was a half-day conference showcasing why Guernsey’s expertise in offshore investment funds makes it an ideal gateway for Asia to access European capital markets. The Guernsey team also met with the Hong Kong Stock Exchange and the Hong Kong Investment Fund Association before heading to Shanghai.