Guernsey's knowledge and diversification of risk praised at Hong Kong event

22/09/2017 News Team

Guernsey’s working knowledge of China and Hong Kong ‘outstrips’ other jurisdictions, attendees of a panel discussion at ‘Ganbei Guernsey’ celebrating one year of the island’s presence in Hong Kong heard.

Held at the Hong Kong Bankers Club, the event highlighted the ‘benefits and solutions’ provided by Guernsey structures for their businesses or clients. Managing director of film production insurance specialists HLCG and panel member, Joseph Yeung, said: “Guernsey knows China and Hong Kong in a way other jurisdictions do not.”

“It’s very important to potential clients for jurisdictions to have a presence on the ground in Hong Kong and China, and Guernsey ticks that box,” he added. “The personal service and quality of service is at its best in Guernsey and it is a place where you can diversify risk.

“I also know that any structure I set up there, I won’t have to worry about because Guernsey has high standards of regulation that stand up to scrutiny.”

Chairman of CitiTrust and keynote speaker at Ganbei Guernsey, Stewart Aldcroft, said Guernsey’s regulation is ‘world class’.

“People don’t always like what regulators do but they are there for a reason – to protect us – and we should be grateful for that. There is a fantastic future ahead for Guernsey and Hong Kong through their regulatory bodies, promotional bodies and industry.”

Guernsey Finance deputy chief executive Kate Clouston said Mr Aldcroft’s speech “really gave a comprehensive overview of the financial services industry over the last 30 years, future opportunities, and the ways Hong Kong and Guernsey can remain strong financial centres working together through a meaningful partnership”.

She concluded: “Our panel of Guernsey clients and a service provider highlighted the fact that Guernsey understands China and Hong Kong, and consistently provides a very high level of service. There are a multitude of ways Guernsey services and products can diversify portfolios and manage risk.”

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