Guernsey Finance hires Hong Kong rep to support Asia presence
Guernsey Finance has appointed Dorothy Kwok as a new permanent representative in Hong Kong.
Kwok has eight years of experience in the trust and corporate services industry, most recently with a company which was bought by global trust business Equiom, which also has a Guernsey office. Her work with Equiom and another Jersey-based trust company brought her into contact with Channel Islands structures and she spent time working in Jersey.
“Guernsey’s financial services are well respected in Hong Kong,” Kwok said. “I am looking forward to playing my part in ensuring that our offering is known more widely, and that Guernsey is recognised for its expertise.”
Guernsey Finance opened an office in Hong Kong at the end of 2016, linking up with the regulator, the Guernsey Financial Services Commission.
“Our presence in Hong Kong has given us more visibility to the Hong Kong network of intermediaries and has better informed them about the opportunity to work with Guernsey service providers," said Kate Clouston, deputy chief executive at Guernsey Finance.
“The GFSC has received more than 100 technical inquiries across all sectors over the past 15 months and it has certainly been helpful to have their presence to support our work. Our work in China is well-established and we continue to look for opportunities coming directly from the Chinese mainland, while recognising that Hong Kong is considered a gateway to China and that a significant amount of China-related business comes through there.”
GFSC's senior regulatory advisor for Hong Kong, Jacob Cherry, gave a high-level summary of market developments since the first quarter of 2017.
“Asian corporates are beginning to appreciate Guernsey’s providence as a specialist centre of excellence that is joined-up and nimble enough that cross-sectoral collaboration within the finance industry is common,” said Cherry. “There is developing interest from various sectors in the quality tailored financial solutions for which Guernsey is known.
Cherry continued: “Hong Kong introducers have observed that market demand for more sophisticated financial solutions continues to grow slowly but surely among Asian private clients. Guernsey’s bespoke offering of services contrasts with the commoditised products that Asian clients are more accustomed to, which reinforces the necessity for Guernsey stakeholders to continue to proactively build trust in these markets.”