93 HSBC is enticing Asia’s ultra-rich to establish family offices in Hong Kong by offering a suite of digital and wealth planning services. This move follows strong interest from high-net-worth individuals and families in mainland China, Asean, and the Middle East, attracted by government incentives and promotions. Hong Kong’s appeal lies in its conducive environment for diversifying investment portfolios, succession planning, and philanthropy efforts, supported by a substantial talent pool. The government’s Capital Investment Entrant Scheme, launched on March 1, further accelerates residency for investors committing at least HK$30 million, excluding residential property. Chief Executive John Lee Ka-chiu aims to attract 200 new large family offices to Hong Kong by 2025, complementing the existing 400 firms. HSBC’s private banking business in Asia, driven by ultra-high-net-worth customers, witnessed an 18% surge in invested assets, reaching US$166 billion by the end of 2023. Yim, a seasoned private banker, leads HSBC’s efforts, emphasizing the importance of diversification amid fluctuating stock markets in Hong Kong and mainland China. Despite market challenges, HSBC provides comprehensive banking services, including corporate and retail banking, catering to clients’ diverse needs beyond investment. You Might Be Interested In ExtonGlobal Revolutionizes Decision-Making with Seamless AI Integration Central Bank of Nigeria Restricts Banks from International Money Transfer Operations Nvidia Soars Despite Downgrade on High Valuation Dollar Edges Down, Ether’s 2-Month High Fuels Crypto Rally FundGuard Secures $100 Million in Series C Funding Led by Key1 Capital Alibaba’s Move to Raise Capital Through Convertible Bond Sale