Guernsey Finance heads to Asia to highlight progress in the region

03 September 2018

Guernsey’s growing business relationship with China and the wider Asia-Pacific region will be highlighted at three events in September.

Guernsey Finance hosts a China Update this week in Guernsey, before events in Hong Kong and Shanghai towards the end of the month.

Deputy Chief Executive Kate Clouston said that the promotional agency, which has a permanent presence in mainland China and in Hong Kong, and the island’s finance sector, was making good progress in the region, particularly with insurance business in China and funds activity out of Hong Kong.

“Guernsey is perfectly suited to help people who are motivated by a ‘flight to quality’,” she said.

“Guernsey practitioners have significant international experience and in-depth knowledge and the island is a world-leader in pragmatic regulation of the highest quality.

“A well-regulated environment is not always a business-friendly environment, but Guernsey strikes the right balance between oversight and flexibility.”

Miss Clouston said that doing business in China was all about building relationships, and local firms looking to operate in the region would have to be prepared for significant investment of human and financial capital.

“It is a challenge, a work in progress, a supreme learning experience and a fascinating lesson in cultural differences. But more than anything, it is a tremendous opportunity to bring badly-needed services and expertise to a market whose demand is growing significantly day by day.”

“It is a challenge, a work in progress, a supreme learning experience and a fascinating lesson in cultural differences. But more than anything, it is a tremendous opportunity to bring badly-needed services and expertise to a market whose demand is growing significantly day by day.”
Kate Clouston, Deputy Chief Executive, Guernsey Finance 

The importance of relationships has been demonstrated by the signing of Memorandums of Understanding with Chinese authorities across all sectors. “Nothing happens in China without the government’s blessing, and for this reason it is essential to seek these agreements to smooth the way for local partnerships to develop,” she said. “They represent another step towards the removal of barriers between two very different cultures.”

A Guernsey audience will learn more about developments in the Chinese market at the “China Update” event at the Old Government House Hotel on Thursday 6 September, which will feature Guernsey Finance’s Chinese and Hong Kong representatives Wendy Weng and Dorothy Kwok, and guest speakers Charles Scott, from insurance manager Alternative Risk Management, who has been one of the leaders in developing insurance business from China, and Sue Anne Tay, Director of China and RMB Internationalisation at HSBC, which is sponsoring the event.

The Guernsey message moves on to Hong Kong, for a funds-focused alternative asset masterclass presented in association with Trident Trust, on Friday 21 September, and then an insurance masterclass in Shanghai, sponsored by ARM, on Wednesday 26 September, where Mr Scott will again be speaking, alongside Chinese insurance experts.