Asia update - August 2020

26 August 2020

Here is the latest update from Asia Representatives

Wendy Weng - China

A fund referred to a Guernsey law firm by WE ARE GUERNSEY China Representative Wendy Weng was set up last month. The fund is about $30–50 million and invests into high-tech start up companies in UK, US and China.

A new client is looking to set up an insurance company in Guernsey to write international high-end medical policies for expats working outside of China. They will work a Guernsey insurance manager to incorporate the insurance company having contact them directly, which is thanks to the efforts made in China over several years by that manager.

In other news, the Chinese national green development fund is a state-level government investment fund jointly established by the Ministry of finance, the Ministry of ecological environment and Shanghai Municipality, which was set up on 16 July. It mainly invests in the fields of environmental protection and pollution prevention, ecological restoration and land space greening, energy conservation and utilization, green transportation and clean energy. The Ministry of finance, 11 provinces and cities along the Yangtze River economic belt, some financial institutions and enterprises in related industries jointly contributed to the fund, with a fund scale of 88.5 billion RMB, of which 10 billion RMB was contributed by the central government.

Andy Robinson - Hong Kong

Preparations are well underway for our Hong Kong Masterclass on Green and Sustainable Finance. This will be a webinar, moderated by Dr Andy Sloan, with representatives from Guernsey's fund administration sector, the legal sector in Hong Kong, a Hong Kong fund manager and a representative from the Hong Kong Green Fund Association. This will be held on 30 September.

Andy Robinson has been in place as a consultant for Guernsey Finance for a month and is working on contacts in the industry to continue to raise the island's profile. He has been admitted to the Financial Markets Committee of the British Chamber of Commerce, which will enable us to gain good industry intelligence, as well as broaden our contact base.

The new National Security Law is now in force and the city is in partial lockdown, so these are challenging times for the finance industry. However, most of the meetings held seem to indicate positivity for the city’s future.

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