Guernsey Finance, on behalf of Guernsey's financial services
sector, has signed a Memorandum of Understanding (MoU) with the
Shanghai Family Office Union (SFOU).
The agreement was signed by Kate Clouston, Director of
International Business Development at Guernsey Finance, and Antoine
Kuo, Chairman of the SFOU, at a co-hosted wealth management event
in Shanghai last month.
The MoU sets out a statement of intent to support business
development initiatives between Guernsey and the SFOU, provision of
office and meeting room space in Shanghai, organisation of events,
employee exchange programmes and registration services.
"We are thrilled to have a partner in Shanghai with whom we
can work to develop ties and increase business exchanges in the
private wealth space," said Ms Clouston.
"Guernsey industry experts now have the opportunity to help
Chinese firms understand international regulatory and compliance
standards and procedures, and the Union will in turn act as a
conduit to a vast and growing network in mainland China. The MoU
also shows a broadening of the relationship between Guernsey and
China which has continued to build since we first established our
Shanghai office in 2007."
Mr Kuo, speaking after the signing ceremony, said: "The MoU
we signed today is to share the financial services industry's
resources to promote the depth of cooperation between the Shanghai
Family Office Union and Guernsey to provide professional, high
quality standards of service for both sets of customers."
The Shanghai wealth management event, which took place at the
Fairmont Peace Hotel, attracted an audience of more than 100
finance professionals from the region. Guernsey Finance China
Representative Wendy Weng gave a presentation on Guernsey trusts
and foundations and the differences between them, while Ms
Clouston, speaking in Mandarin, provided an introduction on
Guernsey as a jurisdiction and its relationship with China.
The signing of the MoU marked the culmination of an Asia trip by
a Guernsey Finance delegation, accompanied by members of the
Island's finance sector, which incorporated visits to Hong
Kong, Kuala Lumpur, Singapore, Beijing and Shanghai.
In addition to meetings with financial services firms and
regulatory officials across these locations, the Guernsey
delegation attended the Asian Venture Capital Journal's Private
Equity and Venture Forum in Hong Kong, the Singapore Trustees
Association Conference and the STEP Asia Conference in
Guernsey Finance announced at the beginning of December that it
will open a representative office in Hong Kong in the first quarter
of 2016. The office will be the promotional agency's second
overseas outpost, in addition to its Shanghai office.
Mrs Weng, who is based in Shanghai, will use the office at Three
Pacific Place in Admiralty as a base from which to carry out
further promotional activities concentrated on the wider South East
Asia market and it will also be utilised by the Guernsey Financial
Services Commission to provide regulatory advice to those in the
region who might be considering Guernsey-specific ventures.
Mrs Weng said: "We have made real progress in increasing
awareness of the Guernsey brand during this recent trip and added
to the number of very good contacts we have not only in China, but
Asia overall. Our event in Shanghai was incredibly well received as
the use of trusts and foundations is an increasingly popular area
for Asian practitioners."
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