London Daily

Focus on the big picture.
Wednesday, Sep 03, 2025

0:00
0:00

Hong Kong seeks to revive global banking status with major summit

Hong Kong's central bank plans to hold a major conference in November it hopes will draw global banking bosses, sources said.
Hong Kong's central bank plans to hold a major conference in November it hopes will draw global banking bosses, sources said, as the financial hub seeks to welcome back international business following two gruelling years of closed borders.

For most chief executives of the world's major banks, the meeting would be their first visit to Hong Kong - historically a massive global conference venue - in at least three years, said the sources familiar with the matter.

The Chinese-controlled territory closed its borders in early 2020 for most non-residents to deal with the coronavirus pandemic and has maintained some of the tightest restrictions in the world, which have starved its economy of tourist and business arrivals.

Visitors to Hong Kong have to quarantine for seven days in hotels and face mandatory testing before and after arriving, as the city sticks to its near-zero COVID-19 strategy to curb all outbreaks as soon as they occur.

Those rules, combined with temporary measures this year that separated families and children in quarantine facilities, triggered an exodus of expatriate workers, especially in financial services, from the city.

Hong Kong Monetary Authority (HKMA) is working with foreign investment banks based in Hong Kong on the event, which is scheduled for early November and will run alongside the prestigious Rugby 7s tournament, said the sources.

The Rugby 7s are due to run Nov. 4 to 6, having been postponed a number of times since the start of the pandemic.

For the HKMA conference to attract global bankers, the mandatory seven-day hotel quarantine rules would need to be eased, said the sources, who declined to be named as they were not authorised to speak to the media.

After a two-year ban, borders were re-opened to non-residents this month, although their entry is subject to the seven-day hotel quarantine.

While exemptions allow top financial executives visiting Hong Kong to leave their hotels for meetings, very few have taken advantage of the programme because itineraries have to be lodged with regulators, the sources said.

Hong Kong authorities have to date given no public indication they intend to relax quarantine restrictions by November.

An HKMA spokesperson said that the authority was working on a "high level investment summit" and would release more details later.

"The HKMA has been maintaining regular dialogue with relevant government authorities to share with them financial industry's observations and suggestions with regard to Hong Kong's anti-epidemic measures," the spokesperson said.

"We shall defer to the relevant government authorities on border control matters."

Outgoing Hong Kong Chief Executive Carrie Lam said this week quarantine rules were unlikely to be altered before her term ends on June 30. John Lee, who takes over as CEO on July 1, has indicated he wants Hong Kong to remain a global financial hub.
Newsletter

Related Articles

0:00
0:00
Close
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Court of Appeal Allows Asylum Seekers to Remain at Essex Hotel Amid Local Tax Boycott Threats
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Pickles are the latest craze among Generation Z in the United States.
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
WhatsApp is rolling out a feature that looks a lot like Telegram.
Investigations Reveal Rise in ‘Sex-for-Rent’ Listings Across Canada Exploiting Vulnerable Tenants
Chinese and Indian Leaders Pursue Amity Amid Global Shifts
European Union Plans for Ukraine Deployment
ECB Warns Against Inflation Complacency
Concerns Over North Cyprus Casino Development
Shipping Companies Look Beyond Chinese Finance
Rural Exodus Fueling European Wildfires
China Hosts Major Security Meeting
Chinese Police Successfully Recover Family's Savings from Livestream Purchases
Germany Marks a Decade Since Migrant Wave with Divisions, Success Stories, and Political Shifts
Liverpool Defeat Arsenal 1–0 with Szoboszlai Free-Kick to Stay Top of Premier League
Prince Harry and King Charles to Meet in First Reunion After 20 Months
Chinese Stock Market Rally Fueled by Domestic Investors
Israeli Airstrike in Yemen Kills Houthi Prime Minister
Ukrainian Nationalist Politician Andriy Parubiy Assassinated in Lviv
Corporate America Cuts Middle Management as Bosses Take On Triple the Workload
Parents Sue OpenAI After Teen’s Death, Alleging ChatGPT Encouraged Suicide
Amazon Faces Lawsuit Over 'Buy' Label on Digital Streaming Content
×