Asia update - December 2019

11 December 2019

Here is the latest update from Asia Representatives Wendy Weng & Dorothy Kwok

In our last update, we discussed the Guernsey Finance BD Update in October, at which we had a speaker from HSBC and a potential client for the captive insurance industry.

During Wendy and Dorothy’s time in Guernsey, they met with industry and brought potential clients to meet with banks and law firms. Wendy is now following up with an on-island firm about a potential Chinese client – a top law firm in Beijing. Further success from introductions came as Wendy connected a Guernsey fund manager with three family offices and one lawyer during a visit to Shanghai. At least one of the family offices is engaging further.

Wendy also referred a potential trust client to Credit Suisse in Hong Kong, who work closely with their Guernsey office, and a potential loan bridge client to an on-island mortgage loans company.

Charles Scott of Alternative Risk Management is a regular visitor to China and his latest trip saw him and Wendy visit a client in Yunnan. This client submitted an application to the GFSC in November to set up a Protected Cell Company covering tourist insurance for the first cell. The second and third cells are under discussion. Another client is in the process of discussing reinsurance and setting up a cell in Guernsey to cover healthcare insurance in China.

Wendy is also liaising with Guernsey Association of Trustees Chairman to help arrange a presentation by Wisdom Hon, a Senior Associate from Ogier’s Hong Kong office, to members of Guernsey’s trust industry, in January. It will be a private market overview. She is also working on law firm exchange programme with GF Chief Executive Dominic Wheatley and it is hoped this programme could start in Q1 2020.

Wendy and Dorothy were in charge of logistics and setting up meetings with banks, law firms and trustees for when International BD Director James Crawford led roadshows to Singapore and Hong Kong during November, which included the STEP Asia Annual Conference. Although a planned event with STEP Hong Kong was cancelled due to the well-publicised protests, Wendy and Dorothy are working on rescheduling for April – there is great interest from the Hong Kong market as registration for the initial event was full within three days.

You may also have seen Dorothy in the Guernsey Press recently after she was interviewed about the current situation in Hong Kong.

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